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FdTA RMBS Prado 7: 13 November 2020

Another securitisation of prime Spanish residential mortgage loans, where the fund will pool in its assets the credit rights derived from the mortgage loans granted by UCI to individuals resident in Spain in order to finance transactions involving the acquisition of finished houses in Spain or the subrogation of individuals to the financing provided to developers for the construction of houses in Spain for sale. None of the mortgage loans have been granted to real estate developers or to finance renovation of houses. All mortgage loans are secured with finished houses.

On the cut-off date the portfolio consisted of 4,261 owner-occupied mortgage loans. All loans are current, with no arrears. The average current loan balance is Eur121,836 and the largest loan is for Eur728,652. Residence type: first residence 100.00%. Interest rate type (by current balances): variable 64.54%, fixed 35.46%. The WA current LTV is 66.2% and WA seasoning 3.9 years. Regional concentration: Madrid 34.51%, Cataluña 21.98% and Andalucia 21.48%.

EU Risk Retention: The Originator will retain, on an on-going basis, a material net economic interest of not less than 5% of the securitised exposures in the securitisation in accordance with option (d) of Article 6(3) of the EU Securitisation Regulation

US Risk Retention: The transaction will not involve the retention by a securitiser of at least 5% of the credit risk of the issuer for purposes of the US Risk Retention rules, but rather reliance will be made upon a safe harbour provided for in Rule 20 of the US Risk retention rules regarding non-US transactions.

STS: The securitisation transaction is intended to qualify as a simple, transparent and standardised securitisation (STS securitisation) within the meaning of Article 18 of the EU Securitisation Regulation.

Compare/contrast: FdTA RMBS Prado VI