Primrose Residential 2021-1 : 21 May 2021

A stand-alone issuance, where the Issuer will make payments on the Notes from payments of principal and revenue on a portfolio comprising mortgage loans originated by Permanent TSB plc (the Crystal Originating Lender) and Irish Nationwide Building Society and Springboard Mortgages Limited (each a Piano Originating Lender) and secured over properties located in Ireland, the majority of which are residential properties.

At the cut-off date (31 December 2020) the portfolio consisted of 5,820 mortgages. Originating lenders (by number of loans / current % balance): Permanent TSB plc - 4,020/72.52%, Irish Nationwide Building Society – 1,088/15.03%, Springboard Mortgages 712/12.45%. The Average Mortgage Loan Balance is Eur149,451 and the largest current loan is for Eur3.922mln. Occupancy Type: owner-occupied – 4,244/57.61%, BTL – 1,574/42.35%, ND – 2/0.03%. Income Verification: verified – 92.10%. Arrears status : >3.00mnths – 3.62%. Redemption type: Annuity – 3,697/46.02%, P&P – 1,106/28.94%, Interest only – 1,017/25.05%. Interest type: variable – 94.62%, fixed – 5.38%. The WA current indexed LTV is 69.30% (original LTV was 75.25%) and the WA seasoning is 13.78 years. Regional concentration: Dublin – 34.14%, Cork – 9.27% and Meath – 5.21%.

EU & UK Risk Retention: Morgan Stanley Principal Funding Inc. (the Retention Holder) will, as at the Closing Date and until the Final Maturity Date or the date on which the Notes are redeemed in full, retain a material net economic interest of not less than 5% in the securitisation as required by (i) Article 6 of Regulation (EU) 2017/2402 of the European Parliament and (ii) Article 6 of Regulation (EU) 2017/2402 of the European Parliament as it forms part of domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, by the Retention Holder holding the economic interest in not less than 5% of the nominal value of each Class of Notes sold or transferred to investors.

US Risk Retention: The Retention Holder intends to comply with the requirements of the U.S. Risk Retention Rules by acquiring on the Closing Date and retaining, either directly or through a majority-owned affiliate, the U.S. Risk Retained Interest in the form of an eligible vertical interest equal to not less than 5% of each Class of Notes issued by the Issuer on the Closing Date.

Compare/contrast: Shamrock Residential 2021-1, European Residential Loan Securitisation 2020-NPL1, Dilosk RMBS No. 4