Hipototta No. 13 Plc: 14 January 2018
After an absence of almost 7 years, the Hipototta name returns to the securitisation market and, as per the earlier transactions, the source of funds for the payment of principal and interest on the instruments will be the right of the issuer to receive the interest and principal collections from a portfolio of Portuguese residential mortgages sold to it by Banco Santander Totta, S.A.
Each mortgage asset in the portfolio is a first lien mortgage loan secured by a mortgage over a residential property in Portugal. All of the loans are fully amortised with monthly or semi-annual instalments and at the cut-off date none were in arrears.
The pool (as at 27 November 2017) consists of 32,767 performing loans. The largest loan in the pool is for Eur1.341mln (representing 0.06% of total current balances) and the top 20 debtors represent 0.56% of total current balances. Index rate type (by current balances): 6m Euribor – 61.17%, 3m Euribor – 40.84%, 12m Euribor – 32.22%, 6m Euribor – 21.93%, and Fixed - 5.00%. The WA current LTV is 82.95% and WA seasoning is 32.16mnths. Regional concentration (by total current balances): Lisboa 33.03%, Porto 19.76%, Setubal 12.21% and Braga 5.44%.
CRR 405: The Originator will undertake to retain, on an ongoing basis, the Class C Notes and other tranches having the same or a more severe risk profile than those transferred or sold to investors and not maturing any earlier than those transferred or sold to investors, equalling in total not less than 5% of the Principal Amount Outstanding of each of the Notes (the EU Retained Interest) pursuant to item (a) of Article 405 of the CRR, Article 51 of the AIFMR, and Article 254(2) of the Solvency II Delegated Act.
Compare/contrast: Hipototta No.12, BBVA Portugal RMBS No. 1