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Medallion Series 2017-2: 03 December 2017

Another RMBS transaction under the Medallion name from originator The Commonwealth Bank of Australia, which has now issued two transactions in 2017.

The assets of the Series Trust will include the following: principal payments paid or payable on the mortgage loans at any time from and after the cut-off date; interest payments and fees payable on the mortgage loans before or after the cut-off date (other than the Accrued Interest Adjustment, which is to be paid on the first distribution date to Commonwealth Bank of Australia as Seller of the mortgage loans); rights under the mortgages in relation to the mortgage loans.

At the cut-off date (13 November 2017) the pool consisted of 9,674 loans with an average loan balance of A$273,925. Loan purpose (by current balances): owner-occupied 76.38%, investment 23.62%. Loan type: principal and interest 82.88%, interest only 17.12%. Mortgage insurer provider: no insurance – 80.09%, Genworth 19.91%. The WA current LTV is 59.20% and the WA seasoning is 30 months. Geographical concentration (by current balances): Metro-NSW 24.88%, Metro-Victoria 22.48%, Metro-Queensland 10.15%, Metro- WA 8.84% and Non Metro-Queensland 8.35%.

CRR/405: Commonwealth Bank of Australia (as the originator) will undertake to hold, in accordance with Article 405 of the CRR, a net economic interest in this securitisation transaction. As at the Closing Date, such interest will be comprised of an interest in randomly selected exposures equivalent to no less than 5% of the aggregate principal balance of the securitised exposures in accordance with Article 405 paragraph (1) sub-paragraph (c).

Compare/contrast: Medallion 2017-1