Miravet S.À R.L., Compartment 2019-1: 15 December 2019
A stand-alone transaction, where the Issuer will make payments on the notes from payments of principal and revenue received from a portfolio comprising of mortgage participations (participaciones hipotecarias) and mortgage transfer certificates (certificados de transmisión de hipoteca) representing the economic rights in respect of certain loan and facility agreements secured by a mortgage and granted to corporates or individuals domiciled in Spain (i) for the purposes of financing the acquisition, construction or renovation of a residence located in Spain, (ii) for any other purpose not related to a residence, or (iii) as a subrogation of the contractual position by corporates or individuals in respect of loans originally granted to developers for the construction of residences.
The Mortgage Loans were originated by Catalunya Banc, S.A. and Caixa d'Estalvis de Catalunya, Caixa d'Estalvis de Tarragona and Caixa d'Estalvis de Manresa. These integrated entities were merged into Caixa d'Estalvis de Catalunya, Tarragona i Manresa, whose banking business was transferred (as a whole) to CX by virtue of a spinoff on 27 September 2011. CX, with effect from 9 September 2016, was absorbed by and merged with Banco Bilbao Vizcaya Argentaria, S.A. (BBVA and as successor of CX and the Integrated Entities the Originator).
The provisional pool consists of 10,171 loans. Originators (by no. of loans / % current balances): CX 8,692/82.45%, CT 676/11.50%, CM 803/6.05%. Loan type: Multi Credit Agreement – 51.30% and Mortgage Loans (without Drawdowns) – 48.70%. Loan purpose: First residence acquisition – 65.64%, Other financing (individuals) – 12.55%, Cancellation of current mortgage – 9.44%, Auto-developing / improvement housing – 5.43%, various others – 6.94%. Restructured loan: Yes – 76.71%, No – 23.29%. Amortisation type: French – 91.09%, Geometric – 8.80%, Bullet – 0.10%. The average outstanding principal balance is Eur49,720 and the largest is Eur620,842. The current WA LTV is 55.92% (original LTV 77.15%) and the indexed LTV is 73.64%. The WA seasoning is 11.68 years. Regional concentration: Barcelona – 56.35%, Tarragona – 8.83%, Madrid – 7.08%.
EU Risk Retention: On the Closing Date, Barclays Bank plc (the Retention Holder) will, as a sponsor for the purposes of Regulation (EU) No. 2017/2402 of the European Parliament and of the Council of 12 December 2017, undertake to retain on an on-going basis a material net economic interest in the securitisation of not less than 5% as required by Article 6 of the Securitisation Regulation (the Retention Undertaking). The Retention Undertaking will be satisfied by the Retention Holder holding no less than 5% of the nominal value of the Class A Notes, Class B Notes, Class C Notes, Class D Notes, Class E Notes, Class X Notes and Class Z Notes on the Closing Date.
US Risk Retention: No party to the transaction intends to retain at least 5% of the credit risk of the securitised assets for purposes of compliance with the final rules promulgated under Section 15G of the Securities Exchange Act of 1934 (the Exchange Act), to the extent the transaction described in the Prospectus is a "securitization transaction" subject to the U.S. Risk Retention Rules.
Compare/contrast: Rural Hipotecario XVIII