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Brera SEC S.R.L: 22 December 2018


Whereas the principal source of payment of interest and of repayment of principal on the notes for the original Brera transaction was the collections and recoveries made in respect of monetary claims and connected rights arising out of residential mortgage loan agreements, on this occasion the underlaying assets are Italian SME loans originated by Intesa Sanpaolo, Cassa di Risparmio di Bologna and Banca CR Firenze. The three originators will also act as the underwriters of the notes. The Portfolios have been purchased by the Issuer under the terms of a receivables purchase agreement entered into between the Issuer and each of the Originators pursuant to the Securitisation Law on 29 October 2018.

At the cut-off date the portfolio consisted of 65,935 loans, with a current principal balance of Eur5.279bln

..................................................... Intesa SanPaolo ..................... CR Firenze ................. CR Bologna ................... Total

Number of loans ................................45,072 ..................................5,111 ..........................3,576 .........................53,759

Borrower groups ................................37,269 ..................................3,944 ..........................2,614 ............................43,827

Average Current Balance ..................e89,568 ...............................e131,022 ....................e160,238 ......................e98,210

Max Current Balance ...................e2,500,000 .............................e2,282,977 ..................e2,500,000

WA seasoning .......................................28.1m ................................26.4m ..........................27.8m .........................27.8m

Top 20 Borrower Groups .......................2.42% ................................ 7.67% ..........................9.73% ........................1.88%


EU Risk Retention: 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 Regulation (EU) number 575/2013, option (1)(d) of Article 51 of the Commission Delegated Regulation (EU) number 231/2013 of 19 December 2012 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).

US 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, as amended, in reliance on an exemption provided for in Rule 20 of the U.S. Risk Retention Rules regarding non U.S. transactions.

Compare/contrast: Brera RMBS, Quadrivio SME 2018 SrL, Voba Finance No 7 S.R.L