Domi 2020-2 B.V.: 27 October 2020
The third standalone issue from originator Domivest where the Issuer will make payments on the notes from, among other things, payments of principal and interest received from a portfolio comprising of Mortgage Loans originated by the Seller and secured over non-owner occupied residential and mixed-use real estate properties located in the Netherlands.
As at the provisional portfolio cut-off date (30 September 2020) the pool consisted of 939 first-lien loans (in 1,744 loan parts) advanced to 874 borrowers. The average current loan balance is Eur289,965. Borrower Type (by current balances): natural person – 87.65%, corporate entity – 12.35%. Interest Rate Type: interest only – 85.53%, linear – 14.47%. The CLTV is 69.25% (the WA OLTV was 69.84%) and the WA seasoning is 3.87 months. Regional distribution: Noord-Holland – 41.43%, Zuid-Holland – 24.04%, Noord-Brabant – 11.31% and Groningen – 7.01%.
EU Risk Retention: The Seller as retention holder, in its capacity as the "originator" within the meaning of Article 2(3) of the STS Regulation, has undertaken that it will at all times 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 in accordance with paragraph 3 item (c) of Article 6 of the STS Regulation by holding randomly selected exposures, equivalent to not less than 5% of the nominal value of the securitised exposures, where such non-securitised exposures would otherwise have been securitised in the securitisation.
US Risk Retention: The Seller, as the sponsor under the U.S. Risk Retention Rules, does not intend 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, but rather 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: Neither the Issuer, the Seller, the Joint Lead Managers nor the Arrangers have any intention to notify ESMA or otherwise seek designation of the securitisation in connection with which the Notes are issued as 'STS' or 'simple, transparent and standardised' as set out in Chapter 4 of the STS Regulation.
Compare/contrast: Domo 2020-1, Cartesian Residential Mortgages 5 S.A, Essence VIII B.V.