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2018 Popolare Bari Mortgages S.r.l: 15 June 2018

A return to the securitisation market for Banca Popolare di Bari where the net proceeds of the offering of the notes will be mainly applied by the issuer to fund the purchase of two portfolios of monetary claims arising under residential mortgage loans originated by Banca Popolare di Bari S.c.p.a. and Cassa di Risparmio di Orvieto S.p.a, as well as by other entities before BPB acquiring them.

Eligibility criteria (includes): loans denominated in Euro; secured by mortgages on real estate assets designated for residential purposes that are located in Italy; granted to individuals resident in Italy; as at the Valuation Date, there are not more than two due and unpaid instalments; as at 31 May 2017, there is not any due and unpaid instalment; are fully disbursed; secured by a first economic mortgage priority.

As at the cut-off (30 April 2018) the portfolio consisted of 11,396 loans advanced to 11,239 borrowers, where the average current principal balance is Eur70,475 and the largest is for Eur4.2mln. Seller (by no. of loans / current principal balance): Banca Popolare di Bari 9,000 / 82.10%; Cassa di Risparmio di Orvieto 2,396 / 17.90%. Borrower concentration: top 1 – 0.52%, top 10 – 1.48%, top 20 – 2.22%. Amortisation type: French Amortisation – 99.92%, others – 0.08%. Loan purpose: Purchase – 82.90%, Refurbishment – 5.07%, Other – 10.92%. The WA CLTV is 48.23% (WA OLTV was 60.88%) and the WA seasoning is 5.23 years. Regional concentration: Puglia – 38.02%, Campania – 13,58%, Lazio – 11.82% and Abruzzo – 11.25%.

CRR 405: Each of the Originators has undertaken that it will retain at the origination and maintain (on an ongoing basis) a material net economic interest of at least 5% in the transaction in accordance with option (1)(d) of Article 405 of the CRR, option (1)(d) of Article 51 of the AIFM Regulation and option (2)(d) of Article 254 of the Solvency II Regulation. As at the Issue Date, such interest will be comprised of an interest in the first loss tranche (being the Junior Notes).

The Notes have not been and will not be registered under the United States Securities Act of 1933. The transaction is not intended to involve the retention by a sponsor for purposes of compliance with the final rules promulgated under Section 15G of the Securities Exchange Act of 1934, as amended, but rather it is intended to rely on an exemption provided for in Rule 20 of the U.S. Risk Retention Rules regarding non U.S. transactions.

Compare/contrast: 2017 Popolare Bari Mortgages S.r.l.