Saecure 19 B.V.: 01 June 2020
As in previous Saecure deals the transaction will be a static cash securitisation of residential mortgage loans extended to obligors located in the Netherlands, where AEGON Levensverzekering NV will be the originator.
At the cut-off date, the receivables portfolio consists of 9,502 first and sequentially lower ranking prime mortgage loans (in 16,804 loan parts) to individuals secured by properties located in the Netherlands, and where the portfolio is solely comprising of mortgage loans with the benefit of the NHG Guarantee. The average loan balance per borrower is Eur170,606 and the largest loan in the pool is for Eur298,826. On the cut-off date no amounts due and payable under any of the mortgage loans were overdue and unpaid.
Mortgage redemption type (by current balances): annuity 68.3%, interest-only 20.3%, bank savings 6.0% and others 5.4%. Interest rate type (by current balances): fixed 99.4%, floating 0.6%. Payments by the borrowers under the loans are due on or about the first business day of each calendar month, with all payments being collected by the servicer under a direct debit scheme. The WA LTMV is 84.64% and the WA loan to foreclosure value is 94.94%. The WA seasoning is 3.37 years. Regional concentration: Zuid-Holland 18.2%, Gelderland 14.1%, Noord Brabant 13.9% and Overijssel 9.9%.
EU Risk Retention: The Seller, in its capacity as the “originator” within the meaning of Article 2(3) of Regulation (EU) 2017/2402 (the STS Regulation), has undertaken that for as long as the Notes are outstanding, it will on an ongoing basis retain a material net economic interest in the securitisation transaction which shall in any event not be less than 5% in accordance with Article 6 of the STS Regulation. As at the Closing Date, such material net economic interest will be held by holding the entire interest in the first loss tranche of the securitisation transaction described in the Prospectus (held through the Class B Notes).
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 is intended to qualify as an STS-securitisation within the meaning of Article 18 of the STS Regulation.
Compare/contrast: Saecure 18, Storm 2020-I B.V., Delft 2020 B.V.