Embo Mortgages No.1: 17 November 2020
The source of funds for the payment of principal and, where applicable, interest on the Notes and the Class B Distribution Amount will be the right of the Issuer to receive payments in respect of receivables arising under a portfolio of Portuguese law residential mortgage loans originated in Portugal by Banco BIC Português, S.A.(EuroBic)
EuroBic results from the merger of Banco BIC Português, S.A. and Banco Português de Negócios, S.A. EuroBic's activity is focused on the retail and corporate market, to whom it offers a wide range of financial products and services, driven by a multichannel presence and a comprehensive commercial network at the national level.
Each of the 13,958 Mortgage Assets is a first lien mortgage loan secured by a mortgage over a residential property in Portugal. All of the mortgage loans are fully amortised with monthly instalments and all are currently performing. Occupancy type (by current balances): Owner Occupied – 73.9%, Holiday/Second home – 6.0%, BTL – 1.5%, No Data – 18.6%. Obligor concentration: top 1 borrower – 0.08%, top 5 – 0.37%, top 20 – 1.07%. Regional concentration: Área Metropolitana de Lisboa – 33.7%, Área Metropolitana do Porto – 16.9% and Região de Leiria – 7.2%.
EU Risk Retention: The Originator will retain on an ongoing basis during the life of the transaction a material net economic interest of not less than 5% in the securitisation as required by Article 6(1) of the Securitisation Regulation.
US Risk Retention: The transaction will not involve the retention by the Originator of at least 5% of the credit risk of the Issuer for the purposes of the U.S. Risk Retention Rules. The Originator intends to rely on the exemption provided for in Section 20 of the U.S. Risk Retention Rules regarding non-U.S. transactions that meet certain requirements.
Compare/contrast: RMBS Green Belém No.1