Sinopel 2019 B.V: 22 July 2019
The Issuer will make payments on the notes from payments of principal and interest received from a portfolio comprising mortgage loans originated by Triodos Bank and secured over residential properties located in the Netherlands.
At the cut-off date (1 June 2019) the portfolio consisted of 3,810 fixed-rate mortgages (in 6,328 mortgage parts). All mortgages were advanced on an owner-occupier basis. Redemption type (by current balances): annuity – 51.80%, interest only – 36.52% and linear – 11.68%. NHG gtee: No – 80.71%, yes – 19.29%. The WA OLTOMV is 74.98%, the WA OLTOFV is 87.94% and the WA CLTIFV is 69.25%. The WA seasoning is 2.48 years. Regional distribution: Noord Holland – 25.44%, Zuid Holland – 24.33%, Utrecht – 18.72% and Gelderland – 10.77%.
EU Risk Retention: Triodos Bank, as originator within the meaning of Article 6 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 in accordance with Article 6 of the Securitisation Regulation. As at the Closing Date, such material net economic interest is achieved by the retention of the Class B Notes, representing an amount of at least 5% of the nominal value of the securitised exposures.
US Risk Retention: Neither Triodos Bank nor any other party intends to retain at least 5% of the credit risk of the securitised assets within the meaning of, and for purposes of compliance with, the U.S. Risk Retention Rules, 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 that meet certain requirements.
STS: The securitisation transaction is intended to qualify as an STS securitisation within the meaning of Article 18 of the Securitisation Regulation.
Compare/contrast: Cartesian Residential Mortgages 4 S.A, Saecure 18 B.V.