Syntotta 1 DAC: 02 July 2019
A credit-linked securitisation where the initial reference portfolio consists of 15,367 loans, representing an outstanding principal of Eur2.545 mln.
On the Closing Date the Issuer will, concurrently with the issuance of the Notes, enter into the Credit Protection Deed with the Protection Buyer pursuant to which the Issuer will sell credit protection to the Protection Buyer in respect of a portfolio, designated by the Protection Buyer, of Reference Entities and related Reference Obligations. In return for periodic payments of Protection Fee Amounts, the Issuer will be liable to make, amongst other things, Protection Payment Amounts to the Protection Buyer upon the occurrence of a Credit Event in relation to any of the Reference Entities and the fulfilment of certain other conditions.
Loan obligors (by no. of loans/% principal outstanding): Standardized companies 11,046/14.62%, non-standardized companies 3,949/75.94% and municipalities 372/9.45%. Borrower sector: corporate 333/18.66%, micro business 11,046/14.62%, public sector 372/9.45% and SME 3,616/57.27%. Asset Status: unsecured 85.69%, secured 14.31%. Amortisation type: Principal, Fixed 35.57%, French 26.46%, Current Loans 19.26%, Other 14.08% and Partial Bullet 4.64%. Interest rate type: variable 86.32%, fixed 13.68%.