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Green Apple 2019-1 NHG: 28 June 2019

The fifth deal in the Green Apple series. The Issuer will make payments on the Notes from, inter alia, payments of principal and interest received from a portfolio solely comprising mortgage loans with the benefit of an NHG Guarantee originated by the Seller (Argenta Spaarbank NV) and secured over residential properties located in the Netherlands. Legal title of the Mortgage Receivables will be assigned by the Seller to the Issuer on the Closing Date.

The portfolio (as at 31 May 2019 cut-off) consists of 5,847 loans (8,646 loan parts), where the average principal balance per borrower is Eur160,319 and the largest is for Eur294,055. All the mortgage loans have the benefit of an NHG Guarantee and all are owner-occupied properties. Redemption type (by current balances): annuity 81.6%, interest-only 13.5% and linear 4.9%. Interest rate type: fixed 98.6%, floating 1.4%. The WA LTMV-CLTOMV is 88.22% (indexed 72.34%), the WA LTFV-CLTOFV is 103.71% (indexed 85.04%) and the WA seasoning is 3.18 years. Regional concentration: Zuid-Holland 20.6%, Noord-Holland 18.8%, Noord-Brabant 14.5% and Gelderland 10.3%.

EU Risk Retention: The Seller, being the ‘originator’ as defined in Article 2(3) of the Securitisation Regulation, has undertaken to retain, on an ongoing basis, a material net economic interest of not less than 5% in the securitisation transaction as described in the Prospectus in accordance with Article 6 of the Securitisation Regulation. As at the Closing Date, such material net economic interest is retained in accordance with Article 6(3)(d) of the Securitisation Regulation by the retention of the Retention Notes, representing an amount of at least 5% of the nominal value of the securitised exposures.

U.S. Retention undertaking: The Seller does not intend to retain at least 5% of the credit risk of the securitised assets for purposes of compliance with the U.S. Risk Retention Rules, but rather intends to rely on a 'foreign safe harbour' exemption for non-U.S. transactions provided for in Section_.20 of the U.S. Risk Retention Rules regarding non-U.S. transactions that meet certain requirements.

STS Securitisation: The transaction is intended to qualify as an STS securitisation within the meaning of Article 18 of the Securitisation Regulation. Consequently, the securitisation transaction described in the Prospectus meets, on the date of the Prospectus, the requirements of Articles 19 to 22 of the Securitisation Regulation and will be notified by the Seller to be included in the list published by ESMA referred to in Article 27(5) of the Securitisation Regulation.

Compare/contrast: Green Apple 2018-1 NHG, Saecure 17 B.V.