DELFT 2020 B.V.: 24 January 2020
A stand-alone transaction, and the third in the Delft series (the earlier two having been redeemed) where once again the Issuer will make payments on the Notes and Certificates from payments of any principal and interest received from a portfolio comprising mortgage loans originated by the Originators and secured over residential properties located in the Netherlands.
Essentially the deal is backed by collateral currently residing in Delft 2017 BV and Delft 2019 BV.
The provisional pool (as at 30 September 2019) consists of 1,288 owner-occupied loans (in 1,386 loan parts), where the average principal balance per borrower is Eur201,237. Redemption Type (by principal balance): interest only 99.11%, others 0.89%. Interest Payment Type: floating 93.51%, fixed 6.49%. Months in Arrears: 1-3 mnths 5.22%, greater than 3mnths 5.12%. The WA CLTOMV is 93.43%, the WA CLTIMV is 83.74% and the WA seasoning is 11.69 years. Geographical Distribution: Zuid-Holland 24.50%, Noord-Holland 19.04%, Noord-Brabant 11.90% and Gelderland 7.78%.
EU Risk Retention: The Retention Holder, in its capacity as the “originator” for the purposes of Article 6 of the Securitisation Regulation, has undertaken that, for as long as the Notes are outstanding and on an ongoing basis, it will at all times retain an interest that qualifies as a material net economic interest in the securitisation transaction which, in any event, shall not be less than 5% in accordance with paragraph 3(a) of Article 6 of the Securitisation Regulation, by holding no less than 5% of the nominal value of each Class of Notes sold or transferred to investors.
US Risk Retention: In respect of the issue of the Notes and Certificates, the Retention Holder in its capacity as the “sponsor” within the meaning of the U.S. Risk Retention Requirements is subject to the requirement thereunder that the Retention Holder must retain, during the Risk Retention Period, at least 5% of the credit risk of the assets collateralising the asset-backed securities issued under a securitisation transaction. The Retention Holder intends to satisfy the U.S. Risk Retention Requirements by retaining an eligible vertical interest in each Class of Notes and Certificates issued by the Issuer in the required amount of not less than 5% of the nominal amount of each such Class of Notes and such Certificates.
Compare contrast: Delft 2019 BV, EDML 2019-1 BV