Domi 2023-1 B.V.: 02 March 2023
The sixth standalone issue from originator Domivest where the Issuer will make payments on the Notes from, among other things, payments of principal and interest received from a portfolio comprising of Mortgage Loans originated by the Seller and secured over non-owner occupied residential and mixed-use real estate properties located in the Netherlands.
As at the provisional portfolio cut-off date (31 December 2022) the pool consisted of 779 first-lien loans (in 944 loan parts) advanced to 653 borrowers. The average current loan balance is Eur357,493. Borrower Type (by current balances): natural person – 90.36%, corporate entity – 9.64%. Interest Rate Type: interest only – 98.92%, linear – 1.08%. The CLTV is 73.19% (the WA OLTV was 73.40%) and the WA seasoning is 7.73 months. Regional distribution: Noord-Holland – 31.49%, Zuid-Holland – 18.69%, Noord-Brabant – 16.33% and Gelderland – 7.93%.
EU & UK Risk Retention: The Seller will retain, as originator, 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 in accordance with Article 6 of the UK Securitisation Regulation as if it were applicable to it. As at the Closing Date, such material net economic interest will be held in accordance with paragraph 3 item (c) of Article 6 of the EU Securitisation Regulation by holding randomly selected exposures, equivalent to not less than 5% of the nominal value of the securitised exposures, where such non-securitised exposures would otherwise have been securitised in the securitisation.
US Risk Retention: The Seller, as the sponsor under the US Risk Retention Rules, does not intend to retain at least 5% of the credit risk of the securitised assets for purposes of compliance with the final rules promulgated under Section 15G of the Securities Exchange Act of 1934, but rather intends 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 DNB by the Seller, as originator, in accordance with Article 27 of the EU Securitisation Regulation, confirming that the requirements of Articles 19 to 22 of the EU Securitisation Regulation for designation as EU STS securitisation (the EU STS Requirements) have been satisfied with respect to the Notes.
Compare/contrast: Domi 2022-1, Bastion 2022-1 NHG BV, Dutch Property Finance 2023-1 BV