Bowbell No 2 plc: 14 June 2019
A stand-alone transaction, where the Issuer will make payments on the Notes from payments of principal and revenue received from a portfolio comprising mortgage loans secured over residential properties located in England and Wales, Northern Ireland and Scotland originated or acquired by Bank of Ireland (UK) plc ("BOIUK") and which will be purchased by the Issuer on the Closing Date.
As at the Cut-off Date (31 March 2019) the Provisional Mortgage Portfolio consisted of 14,971 mortgage loans (15,720 sub-accounts) originated by the Seller and Relevant Originators between 19 February 2002 and 31 March 2019 and secured over properties located in England and Wales, Scotland and Northern Ireland, where the average mortgage principal balance is £151,645. All advances are to owner-occupiers. Purpose of Mortgage Loan (by current balances): purchase – 68.4%, re-mortgage 31.6%. Repayment method: repayment – 91.8%, interest-only 8.2%. Product type: fixed – 93.5%, variable – 6.5%. The WA current LTV is 74.23%, (original LTV was 78.77%) and the WA seasoning is 2.28 years. Regional concentration: Greater London – 20.7%, South East – 10.7%, North West – 10.4% and Northern Ireland – 9.4%.
Significant investor: BOIUK will, on the Closing Date, purchase 83.1% of the Class A Notes and 100% of the Class Z Notes.
EU Risk Retention: The Seller will retain a material net economic interest of at least 5% in the securitisation in accordance with the text of Article 6(3)(d) of Regulation (EU) 2017/2402. As at the Closing Date, such interest will be comprised of an interest in the first loss tranche.
US Risk Retention: The transaction is not intended to involve the retention by a sponsor of at least 5% of the credit risk of the securitised assets for purposes of compliance with the final rules promulgated under Section 15G of the Securities Exchange Act of 1934 as amended, but rather intends to rely on an exemption provided for in Section 20 of the U.S. Risk Retention Rules regarding non-U.S. transactions.
STS: The securitisation transaction is intended to qualify as an STS securitisation within the meaning of Article 18 of the EU Securitisation Regulation. The Seller, as originator, has given a notification to ESMA that the securitisation transaction described in the Prospectus meets, on the date of the Prospectus, the requirements of Articles 19 to 22 of the EU Securitisation Regulation.
Compare/contrast: Bowbell No 1 plc (redeemed), Friary No 5 plc, Silverstone Master Issuer 2019-1