Trinity Square 2021-1 PLC: 02 April 2021
A stand-alone transaction, where the Issuer will make payments on the Notes, the Certificates and the VRR Loan Note from payments of principal and revenue received from a mortgage pool comprising mortgage loans originated by GE Money Home Lending Limited and GE Money Mortgages Limited and secured over residential properties located in England and Wales.
The Mortgage Pool was acquired by Citibank, N.A., London Branch from Trinity Square 2015-1 plc and Trinity Square 2016-1 plc (together, the “Original Sellers”) on the Closing Date pursuant to the Acquisition Loans Sale Agreements. On the Closing Date, the Sponsor will sell the Mortgage Pool to the Seller and the Seller will immediately on-sell the Mortgage Pool to the Issuer.
As at the Cut-Off Date, the Mortgage Pool consisted of 12,684 variable-rate Mortgage Loans secured over properties located in England or Wales, where the average current loan size is £89,988. Ownership (by current balances): owner-occupied - 94.86%, BTL – 5.14%. Repayment type: interest-only – 69.06%, repayment – 28.93%, P&P – 2.01%. The current indexed LTV is 49.19% (original LTV was 79.21%) and the WA seasoning is 165 months. Geographic Region: London – 15.35%, South East – 15.23%, North West – 14.03% and the East of England – 11.27%.
UK & EU Risk Retention: On the Closing Date, Citibank, N.A., London Branch (the Retention Holder) will retain a material net economic interest of not less than 5% in the securitisation in accordance with (i) Article 6 of the EU Securitisation Regulation and (ii) Article 6 of the UK Securitisation Regulation. As at the Closing Date, the Retention will comprise of the Retention Holder holding no less than 5 per cent. of the nominal value of each tranche sold or transferred to investors on the Closing Date, as required by (i) Article 6(3)(a) of the EU Securitisation Regulation and (ii) Article 6(3)(a) of the UK Securitisation Regulation, respectively.
US Risk Retention: This securitisation transaction will be subject to the credit risk retention requirements of Section 15G of the Exchange Act and The Retention Holder intends to satisfy its obligations under the U.S. Credit Risk Retention Requirements 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” (each as defined in the U.S. Risk Retention Rules) in the Issuer in the form of the VRR Loan Note.
STS: The securitisation transaction disclosed in the Prospectus does not qualify as an STS Securitisation.
Compare/contrast: Trinity Square 2015-1 & 2016-1, Jupiter Mortgage No.1 plc, Tower Bridge Funding 2021-1