Valconca SPV (2018-2): 26 July 2018
The second Valconca deal within a month, where on this occasion the principal source of payment of interest and variable return, and of repayment of principal on the notes will be the collections and recoveries made in respect of monetary claims and connected rights arising out of mortgage loan and unsecured loans agreements entered into by the Originator (Banca Popolare Valconca S.C.p.A) and certain Debtors.
Eligibility criteria (includes): have been granted exclusively by Banca Popolare Valconca S.C.p.A. as lender; have been disbursed between 1 January 2002 (included) and 31 May 2018 (included) and in respect of which there is no obligation or possibility to effect further disbursements; are governed by Italian law; are secured by a mortgage of “economic” first ranking priority (ipoteca di primo grado economico) constituted over a real estate asset(s) situated in the territory of the Italian Republic; instalments are denominated and paid in Euro and the relevant mortgage loan does not contain provisions allowing conversion into a currency other than Euro; at least one instalment is past due and has been paid.
The portfolio consists of 1,675 loans, advanced to 1,382 borrowers, in 1,294 distinct borrower groups. Borrower concentration: top 1 – 1.69%, top 10 – 12.20%, top 20 – 20.15%. Industry concentration: Real Estate activities – 34.61%, Accommodation & Food services – 22.36%, Manufacturing – 15.30% and Wholesale & Retail trade 11.85%. Type of Loan (by current balances): mortgage – 77.62%, non-mortgage 22.38%. Interest Rate Type: floating – 96.24%, fixed – 2.06%, mixed – 1.69%. The WA seasoning is 5.07 years. Regional concentration: Emilia Romagna – 77.25% and Marche – 21.86%.
EU Risk Retention: Banca Popolare Valconca S.C.p.A., in its capacity as Originator, has undertaken that so long as the Notes are outstanding it will retain a material net economic interest of at least 5% in its contribution to the Securitisation in accordance with option (d) of Article 405, option (d) of Article 51 and option 2(d) of Article 254, an interest in the Junior Notes which is not less than 5% of the nominal value of the securitised exposures assigned by itself pursuant to the Receivables Purchase Agreement.
Compare/contrast: Valconca RMBS (2018-1) SPV, Voba Finance No 7 SRL, 2017 Popolare Bari SME SRL