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FTdA RMBS Santander 6: 11 July 2020

This is an asset securitisation fund from originator Banco Santander SA, where the revenues deriving from interest and payment on loans acquired by the fund will be allocated quarterly, at each payment date, to the payment of interest and redemption of principal for the bonds issued according to the specific conditions of each series into which the bonds issue is divided.

The loans from which the assets assigned to the fund derive are mortgages granted by Santander to individual clients or employees residing in Spain for the acquisition, construction or renovation of housing in Spain.

The preliminary portfolio (as at 19 June 2020) consists of 32,875 loans advanced to 31,068 debtors, where the average balance was Eur145,563 and the largest loan was for Eur2.858mln. The portfolio includes a high percentage (13.4%) of restructured loans. The pool is highly granular and the top 20 debtors for 0.80%. Type of Residence (by current balances): Purchase of First Residence – 86.3%, Purchase of Second Residence – 7.9%. no data – 5.8%. Interest rate type: variable – 96.8%, fixed – 3.2%. The WA current LTV is 82.5% (original LTV was 96.0%) and the WA seasoning is 5.2 years. Regional concentration (by current balances): Madrid – 28.3%, Andalusia 19.3%, Unknown – 13.1% and Valencia – 8.00%.

In compliance with the provisions of Article 405 Regulation 575/2013, the assignor will retain a significant net economic interest in the fund under the terms required by the Bank of Spain. The assignor, in the capacity of assignor of the securitisation, shall undertake to withhold, in a constant manner, the Bonds of Series B, which represent at any given time at least 5% of the nominal value of the securitised exposures.

Compare/contrast: FTdA RMBS Santander 5