Shamrock Residential 2019-1: 07 July 2019
A stand-alone transaction, where the Issuer will make payments on the Notes from payments of principal and revenue on a portfolio comprising mortgage loans originated and advanced by Irish Nationwide Building Society (subsequently transferred to Irish Bank Resolution Corporation Limited), Bank of Scotland plc, Bank of Scotland (Ireland) Limited, Start Mortgages DAC and Nua Mortgages Limited, and secured over residential properties located in Ireland.
At the cut-off date (31 January 2019) the provisional pool consisted of 1,711 mortgage loans, where the average mortgage loan balance is Eur196,706 and largest current balance is Eur3.5mln. Originator (by no. of loans / % of current balance): INBS 1015/47.37%, Lloyds 399/33.54%, Start 261/16.52% and Nua 36/2.57%. Occupancy Type (by current balances): owner occupied – 92.98%, BTL – 7.02%. Mortgage type: purchase – 69.86%, re-mortgage – 28.36%, ND – 1.78%. Income Verification: verified – 89.77%, self-certified – 10.23%. Months in arrears: >2.00 to <=3.00 – 3.23%. Repayment Method (by current balances): annuity – 74.61%, interest only – 25.39%. Interest Rate Type: floating – 99.83%, fixed – 0.17%. The indexed CLTV is 77.18% (original LTV was 80.30%) and the WA seasoning is 13.07 years. Regional concentration: Dublin – 32.78%, Cork – 9.54% and Meath – 5.65%.
EU Risk Retention: Morgan Stanley Principal Funding Inc. (the Retention Holder) will, at the Closing Date until the Final Maturity Date, retain a material net economic interest of not less than 5% in the securitisation as required by Article 6 of Regulation (EU) 2017/2402. As at the Closing Date, the EU Retention will be satisfied by the Retention Holder holding the economic interest in not less than 5% of the nominal value of each class of Notes (other than the Class X Notes) sold or transferred to investors in accordance with Article 6(3)(a) of the Securitisation Regulation.
US Risk Retention: The Retention Holder intends to comply with the requirements of the U.S. Risk Retention Rules by acquiring on the Closing Date and retaining, either directly or through a majority-owned affiliate, the U.S. Risk Retained Interest in the form of an eligible vertical interest equal to not less than 5% of each Class of Notes issued by the Issuer on the Closing Date.
Compare/contrast: Dilosk RMBS No. 3, Glenbeigh Securities 2018-1, Jepson Residential 2019-1