Dutch MBS XIX B.V.: 02 December 2018
NIBC Bank has re-launched the Dutch MBS series with No.XIX some five years after the successful closing of Dutch MBS XVIII, and all other earlier deals having been redeemed.
The issuer can redeem at its option all but not some of the Notes, other than the Class E Notes on the Quarterly Payment Date falling in February 2018 and on each Quarterly Payment Date thereafter. If the Notes are not redeemed a step-up margin will apply for the Class A Notes and a step-down margin will apply for the Class B, Class C, Class D and Class E notes.
The deal has a total size of Eur476.2mln and is collateralised by a pool of high quality Dutch residential mortgages with a current loan-to-index-market value of 69.54. The portfolio consists of 2,502 loans (in 4,241 loan parts) to owner-occupiers, where the average principal balance (borrower) is Eur190,327. Redemption type (by current balances): annuity 55.62%, interest-only 41.45%, linear 2.49% and investments 0.44%. Interest payment type: fixed 99.23%, floating 0.77%. The WA CLTIFV is 81.09% and the WA OLTOMV is 85.47%. The WA seasoning is 5.50 years. Geographical concentration: Zuid-Holland 23.84%, Noord-Holland 19.41%, Noord-Brabant 15.06% and Gelderland 11.57%.
Significant investors: The Class A Managers (or their affiliates) have agreed to purchase at the Closing Date, subject to certain conditions precedent being satisfied, the Class A Notes. Furthermore, the Subordinated Notes Manager has agreed, subject to certain conditions precedent being satisfied, to purchase at the Closing Date the Subordinated Notes.
EU Risk Retention: NIBC has undertaken that, for as long as the Notes are outstanding, it will at all times retain a material net economic interest in the securitisation transaction which shall in any event not be less than 5% in accordance with Article 405(1)(d) CRR, Article 51(1)(d) AIFMR and Article 254(2)(d) Solvency II Regulation and, when applicable, Article 6(3)(d) of the Securitisation Regulation.
Compare/contrast: Dutch MBS XVIII B.V, Saecure 16 B.V, Dutch Property Finance 2018-1