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Burlington Mortgages No.2 DAC: 19 April 2023

This is the second standalone issuance under the Burlington label, where the Issuer will make payments on the Notes from payments of principal and revenue received from a portfolio comprising mortgage loans and their related security originated by EBS and Haven, and secured over residential properties located in Ireland and sold by the Sellers to the Issuer on the Closing Date. Each Seller and the Issuer confirms that the assets backing the issue of the Notes and the Notes are not part of a re-securitisation.

As at the Portfolio Reference Date (31 March 2023) the EBS Portfolio comprised of 29,152 loans originated by the EBS Seller between 25 September 2000 and 28 November 2022 and secured over properties located in Ireland, and the Haven Portfolio comprised of 5,288 loans originated by the Haven Seller between 31 January 2008 and 28 November 2022 and secured over properties located in Ireland.

Overall, there are 34,440 fully verified owner-occupier accounts with an average current balance of Eur147,486 and a maximum balance of Eur1.028mln. All loans have been advanced on repayment terms. There are no interest-only loans in the portfolio. Loan purpose: purchase – 65.42%, re-mortgage –15.00%, other – 19.58%. Interest rate type: Fixed reverting to Floating – 73.87%, Floating – 26.13%. Additional information: First-time buyers – 57.88%, self-employed borrowers – 2.27%. The WA current LTV is 60.91% (original LTV was 74.61%) and the WA seasoning is 100.06 months. Regional distribution: Dublin – 32.97%, Cork – 9.47% and Meath – 8.29%.

Significant investor: EBS will, on the Closing Date, acquire 77.72% of the initial principal amount of the Collateralised Notes and 100% of each of the Class R1A Notes and the R2A Notes. Haven will, on the Closing Date, acquire 22.28% of the initial principal amount of the Collateralised Notes and 100% of each of the Class R1B Notes and the Class R2B Notes.

EU Risk Retention: On and from the Closing Date each Seller will, as an originator for the purposes of the Securitisation Regulation, retain on an ongoing basis a material net economic interest of not less than 5% in the securitisation in accordance with the text of Article 6(3)(a) of Regulation (EU) 2017/2042 of the European Parliament. On the Closing Date, such interest will be comprised of each Seller holding no less than 5% of the nominal value of each Class of Notes (other than the Class R Notes) and the Subordinated Loan sold or transferred to investors on the Closing Date, as required by Article 6(3)(a) of the Securitisation Regulation. The Retention Holders shall hold the Retention on a pro rata basis to the proportion of the securitised exposures for which each Seller is the originator as at the Closing Date.

US Risk Retention: The Retention Holders are to rely on an exemption provided for in Section 20 of the US Risk Retention Rules regarding non-US transactions that meet certain requirements.

STS: It is intended that a notification will be submitted to ESMA and the Central Bank by EBS, as the originator, in accordance with Article 27 of the Securitisation Regulation, confirming that the requirements of Article 18 and Articles 19 to 22 of the Securitisation Regulation for designation as STS securitisation have been satisfied with respect to the Notes.

Compare/contrast: Burlington Mortgages No.1 DAC, Finance Ireland RMBS No.5, Shamrock Residential 2023-1 DAC