Green Storm 2019 BV: 20 July 2019
Another static cash securitisation of residential mortgage loans extended to borrowers located in the Netherlands from originator Obvion, and the fourth to carry the “green” label.
Green Eligibility Criterion - Each of the Mortgage Loans will meet the following criterion: the Mortgaged Asset on which the relevant Mortgage Loan is secured is assigned either (i) a Definitive Energy Performance Certificate A, or (ii) a Provisional Energy Performance Certificate A and has a construction year of 2002 or later, or (iii) has an Energy Performance Certificate B and has a construction year of 2002 or later, or (iv) has a Definitive Energy Performance Certificate C or a Definitive Energy Performance Certificate B and has realised a calculated improvement of an Energy Performance Certificate (energielabel) as issued by the RVO by at least two notches. However, Obvion does not differentiate their mortgage terms based on energy efficiency, so in practical terms the portfolio is no different to previous Storm transactions.
At the cut-off date the portfolio consisted of 2,607 loans (in 5,792 loan parts) secured by mortgages on owner-occupied residential properties located in the Netherlands. The average principal balance (per borrower) is Eur250,113. Guarantee type: NHG 14.40%, non-NHG 85.60%. Redemption type (by current balances): Annuity 43.93%, Interest only 41.52%, Linear 5.40%, Bank savings 5.17% and others 3.98%. Interest payment type: fixed 96.80%, floating 3.20%. The weighted average CLTOMV is 76.47%, the WA CLTOFV is 82.42% and the WA seasoning is 4.56 years. Geographical distribution: Noord-Brabant 18.28%, Zuid-Holland 17.63%, Noord-Holland 15.73% and Gelderland 12.31%.
EU Risk Retention: The Seller, as originator, has undertaken that, for as long as the Notes are outstanding, it will at all times retain 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 interest will be comprised of an interest in the first loss tranche, in this case the Class E Notes and, if necessary, other tranches or claims having the same or a more severe risk profile than those sold to investors, as required by Article 6 of the Securitisation Regulation.
US Risk Retention: The Seller 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 described in the Prospectus is intended to qualify as an STS-securitisation within the meaning of Article 18 of the Securitisation Regulation.
Compare/contrast: Green Storm 2018, FORDless Storm 2018 BV, Cartesian Residential Mortgages 4 S.A