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Siena PMI 2016 series 2-2019: 02 July 2019

The principal source of payment of interest and the repayment of principal on the notes will be the collections and recoveries made in respect of monetary claims and connected rights arising out of mortgage loan and unsecured loan agreements entered into by the Originator and certain Debtors, and purchased by the Issuer from the Originator pursuant to the Transfer Agreement. The Issuer has purchased the Portfolio on 24 April 2019.

Eligibility criteria (includes): each loan is denominated in Euro or originally disbursed in Italian Lira and subsequently re-denominated in Euro; each loan is fully disbursed; each loan has at least one instalment which has fallen due and has been paid before the Valuation Date; each loan provides for instalment payable on a monthly, quarterly or semi-annual basis; each loan was granted to individuals resident in Italy or to entities having their registered office in Italy; each loan has an amortisation profile determined in accordance either with the so-called “French method” or with a linear so-called “Italian method”.

The portfolio consists of 21,595 loans, where the average current loan amount is Eur104,581 and the largest loan is for Eur13.136mln. Borrower Group Concentration: Largest - 0.58%, top 25 - 7.17%, top 50 - 11.44%. Borrower profile (by current balances): small - 49.31%, medium sized - 38.49%. Type of loan: unsecured – 67.74%, secured – 32.26%. Amortisation: French - 66.78%, Linear - 33.22%. Interest rate type: floating - 83.48%, fixed - 16.52%. WA seasoning is 24.82 mnths. Regional concentration: Toscana - 23.31%, Veneto - 16.53%, Lombardia - 14.64% and Emilia-Romagna - 8.14%.

CRR 405: The originator has undertaken that it will retain, on an ongoing basis, a material net economic interest of not less than 5.0% in the securitisation in accordance with option (1)(d) of Article 405 of Regulation (EU) No. 575/2013 and Part II, Chapter 6, Section 4 of the Bank of Italy’s Circolare No. 285 dated 17 December 2013. At the issue date, such interest will be comprised of an interest in the Junior Notes which is not less than 5% of the nominal value of the securitised exposures.

Compare/contrast: Siena PMI 2016, Brera SEC Srl, Quadrivio SME 2018 Srl