2019 Popolare Bari RMBS S.r.l (refinancing): 18 October 2019

A refinancing of an earlier semi-private RMBS transaction.

On 20 May 2019 (the Initial Issue Date), the Issuer issued Class A Residential Mortgage Backed Floating Rate Notes due May 2059, Class J1 Residential Mortgage Backed Floating Rate and Additional Return Notes due May 2059 and Class J2 Residential Mortgage Backed Floating Rate and Additional Return Notes due May 2059 in the context of a securitisation transaction to finance the purchase of two portfolios of monetary claims and connected rights arising out of residential mortgage loan agreements from Banca Popolare di Bari S.C.p.A. and Cassa di Risparmio di Orvieto S.p.A.

On 15 October 2019 (the Issue Date) the Issuer will issue Class A1 Residential Mortgage Backed Floating Rate Notes due May 2069, Class A2 Residential Mortgage Backed Floating Rate Notes due May 2069, Class B Residential Mortgage Backed Floating Rate Notes due May 2069, Class J1 Residential Mortgage Backed Floating Rate and Additional Return Notes due May 2069 and Class J2 Residential Mortgage Backed Floating Rate and Additional Return Notes due May 2069. The proceeds of the subscription of the Notes will be applied by the Issuer, irrespective of any priority of payments and any contrary provision set forth in the Transaction Documents to, inter alia, (i) redeem the principal amount outstanding of the Original Notes on the Issue Date; and (ii) pay, also by way of set-off, the purchase price of the Additional Portfolios.

Eligibility criteria (includes): loans denominated in Euro; secured by mortgages on real estate assets designated for residential purposes that are located in Italy; granted to individuals resident in Italy; as at the Valuation Date, there are not more than two due and unpaid instalments; as at 30 June 2019, there is not any due and unpaid instalment; are fully disbursed; secured by a first economic mortgage priority.

EU Risk Retention: Each of the Originators has undertaken that it will retain at the origination and maintain (on an ongoing basis) a material net economic interest of not less than 5% in the Securitisation in accordance with paragraph (3)(a) of Article 6 of Regulation (EU) 2017/2402. As at the Issue Date, such interest will be comprised of an interest in at least 5% of the nominal value of each of the tranches sold or transferred to investors (being each Class of Notes).

US Risk Retention: The Notes have not been and will not be registered under the United States Securities Act of 1933. The transaction is not intended to involve the retention by a sponsor for purposes of compliance with the final rules promulgated under Section 15G of the Securities Exchange Act of 1934, as amended, but rather it is intended to rely on an exemption provided for in Rule 20 of the U.S. Risk Retention Rules regarding non U.S. transactions.


Compare/contrast: 2018 Popolare Bari Mortgages RMBS