Fastnet Securities 15: 29 June 2018
This will be the second stand-alone transaction via the Fastnet name within a week where the Issuer will make payments on the notes from payments of principal and revenue on a portfolio comprising mortgage loans originated by Permanent TSB plc and secured over residential properties located in Ireland.
There are eight transactions in the series currently outstanding. The Prospectuses and the Investor Reports for all these transactions can be found via www.euroabs.com.
At the cut-off date (30 April 2018) the portfolio consists of 8,790 full valuation mortgage loans with an average mortgage loan balance of Eur176,584 and a largest current loan of Eur1.3mln. Borrower type: owner-occupied 75.82%. BTL 24.13% and second home 0.04%. Repayment terms (by total balances): repayment 78.26%, interest-only 21.71% and endowment 0.03%. Interest rate type: ECB Base Rate 80.05% Standard Variable Rate 19.33% and Fixed Rate 0.62%. The WA current (indexed) LTV is 82.79% and the WA seasoning is 144.87 months. Regional concentration (by total balances): Dublin 35.11%, Cork 9.15% and Kildare 6.77%.
Significant Investor: Permanent TSB will, on the closing date, purchase 100% of the Class A Notes and 100% of the Class Z Notes.
CRR 405: Permanent TSB will, until the maturity of the notes, in the capacity of originator, hold on the closing date following the issue and subscription of the Class Z notes and retain on an ongoing basis from the closing date a material net economic interest of not less than 5% of the nominal value of the securitised exposures (the Retained Amount) in accordance with Article 405(1) of Regulation (EU) No 575/2013, referred to as the Capital Requirements Regulation.
The transaction is not intended to involve the retention by a sponsor for purposes of compliance with the U.S. Risk Retention Rules, 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: Fastnet Securities 14, European Residential Loan Securitization 2018-1