Glenbeigh 2 Issuer: 24 March 2021
A stand-alone transaction where the Issuer will make payments on the Notes and the Instruments and in respect of the VRR Loan from payments of principal and revenue received from a portfolio comprising buy to-let mortgage loans originated by Permanent TSB plc and secured over residential properties located in Ireland. The beneficial interest in the Mortgage Assets relating to the Mortgage Portfolio were acquired on 13 November 2020 by Citibank, N.A., London Branch.
As at the Provisional Cut-Off Date, the Mortgage Portfolio consisted of 783 Mortgage Loans (comprised of 733 Packages) secured over 1,231 properties located in Ireland. The Average Package Balance is Eur409,417. Repayment Type (by current balances): interest only – 86.46%, P&P – 13.06%, repayment – 0.48%. Interest Rate Type: tracker – 99.57%, variable – 0.43%. Latest Valuation Type: desktop – 58.69%, inspection – 41.31%. The current WA ILTV is 100.98% (original WA ILTV was 87.11%), the current LTV is 96.45% and the WA seasoning is 13.80 years. Geographic Region: Dublin – 47.91%, Co Cork – 12.50% and Co Kildare – 5.72%.
Significant investor: It is expected that on the Closing Date an investor (or related investors) will acquire all of the Class B, C, D, E and F Notes, the Class Z Notes and the Class Y Instruments. The Class S1 Instrument and the Class S2 Instrument will be subscribed and paid for by Citibank Europe plc.
EU and UK Risk Retention: On the Closing Date, Citibank, N.A., London Branch (the Retention Holder) will, as an originator for the purposes of the Securitisation Regulations, retain a material net economic interest of not less than 5 % in the securitisation in accordance with Article 6 of each of (i) Regulation (EU) 2017/2402 and (ii) the EU Securitisation Regulation as it forms part of the domestic law of the United Kingdom pursuant to section 3 of the European Union (Withdrawal) Act 2018 of the United Kingdom. As at the Closing Date, the Retention will comprise of the Retention Holder holding no less than 5% of the nominal value of each tranche sold or transferred to investors on the Closing Date.
US Risk Retention: The transaction will be subject to the credit risk retention requirements of Section 15G of the Exchange Act, and intends to satisfy its obligations by acquiring and retaining (directly or through a majority-owned affiliate), on the Closing Date, a “single vertical security” that is an “eligible vertical interest” in the Issuer in the form of the VRR Loan.
STS: The securitisation transaction disclosed in the prospectus does not qualify as an STS Securitisation.
Compare/contrast: Dilosk RMBS No. 4, Shamrock Residential 2021-1