Saecure 20 B.V.: 11 April 2021
As in previous Saecure deals the transaction will be a static cash securitisation of residential mortgage loans extended to obligors located in the Netherlands, where AEGON Levensverzekering NV will be the originator.
At the cut-off date (31 January 2021) the receivables portfolio consists of 7,907 loan parts advanced to 3,378 borrowers, and secured by owner-occupier properties located in the Netherlands. The average loan balance per borrower is Eur207,459 and the largest loan in the pool is for Eur1mln. On the cut-off date no amounts due and payable under any of the mortgage loans were overdue and unpaid.
Mortgage redemption type (by current balances): annuity - 49.50%, interest-only - 32.60%, bank savings- 11.30% and others - 6.60%. Interest rate type (by current balances): fixed - 96.60%, floating - 3.40%. Payments by the borrowers under the loans are due on or about the first business day of each calendar month, with all payments being collected by the servicer under a direct debit scheme. The WA LTMV is 70.56% and the WA loan to foreclosure value is 78.40%. The WA seasoning is 5.87 years. Regional concentration: Zuid-Holland - 19.1%, Noord-Holland – 17.9%, Noord Brabant - 15.6%, Gelderland - 12.4% and Utrecht - 9.4%.
EU & UK Risk Retention: The Seller, as Originator, will retain on an ongoing basis a material net economic interest of not less than 5% in the securitisation in accordance with Article 6(1) of the EU Securitisation Regulation and determined in accordance with Article 6 of the UK Securitisation Regulation as required for the purposes of Article 5(1)(d) of the UK Securitisation Regulation. As at the Closing Date, such material net economic interest will be held by holding the entire interest in the first loss tranche of the securitisation transaction, through the Class B Notes and the Class C Notes.
US Risk Retention: The Seller 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: The securitisation transaction is intended to qualify as an STS-securitisation within the meaning of Article 18 of the STS Regulation.
Compare/contrast: Saecure 19, Green Storm 2021 B.V., Jubilee Place 2020-1