Kobe RMBS SPV: 01 December 2018
The net proceeds of the offering of the notes will be applied by the Issuer to fund the purchase of two portfolios of monetary claims arising under residential mortgage loans originated by Banca Alpi Marittime Credito Cooperativo Carrù Società Cooperativa per Azioni (BAM) and Banca Cassa di Risparmio di Savigliano S.p.A. (CRS).
BAM is based in Carrù (province of Cuneo) and operates, other than in the province of Cuneo, in Torino and Loano, and offers its customers traditional banking products and services.
CRS was founded in 1858, is a small sized local bank, and was created with the main statutory mission of "Receiving and making profitable the savings and the economies of hard-working and needy people, and to be the aid of industry, commerce and agriculture by means of advances and loans".
At the cut-off date (31 Oct 2018):
BAM portfolio highlights: 1,272 loans advanced to 1,252 borrowers; average current balance Eur140,295; largest balance Eur903,404; WA seasoning 3.26 years.
CRS portfolio highlights: 1,848 loans advanced to 1,787 borrowers; average current balance Eur82,327; largest balance Eur599,667; WA seasoning 5.40 years.
EU Risk Retention: … each of the Originators has undertaken that it will retain at the origination and maintain on an on-going basis a material net economic interest of at least 5% in the Transaction in accordance with option (1)(d) of Article 405 of Regulation (EU) number 575/2013), option (1)(d) of Article 51 of the Commission Delegated Regulation (EU) number 231/2013 of 19 December 2012, the AIFM Regulation) and option 2(d) of Article 254 of Regulation (EU) number 35/2015. As at the Issue Date, such interest will be comprised of an interest in the first loss tranche (being the Junior Notes).
U.S. RISK RETENTION – 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.
Compare/contrast: Leone Arancio RMBS S.R.L., 2018 Popolare Bari Mortgages S.r.l