German Lion RMBS S.A., Compartment 2023-1: 07 April 2023
The Issuer will make payments on the Notes from payments of principal and interest received from a portfolio solely comprising Mortgage Loans originated by ING-DiBa AG (the Seller) and secured over residential properties located in Germany.
As at the cut-off date (31 December 2022) the portfolio consisted of 65,159 performing loans, advanced to 51,431 borrowers, where the Average Principal Balance (per Loanparts) is Eur99,756 and the Average Principal Balance (per Borrower) is Eur126,383. Occupancy Type: Owner Occupied – 69.0%, BTL – 17.9%, and partial owner – 13.1%. Loan Purpose: Purchase – 49.4%, Construction – 19.5%, Remortgage – 18.7%, Equity Release – 9.6%, other – 2.8%. The WA CLTV is 77,84% and the WA seasoning is 4.83 years.
EU Risk Retention: In compliance with Article 6 of the Regulation (EU) 2017/2402 the Originator has undertaken to retain, on an ongoing basis whilst any of the Notes remain outstanding, the first loss tranche and, where such retention does not amount to 5% of the nominal value of the securitised exposures, if necessary, other tranches having the same or a more severe risk profile than those transferred or sold to investors and not maturing any earlier than those transferred or sold to investors, that the retention equals in total not less than 5% of the nominal value of the securitised exposures. As of the Closing Date, such retention obligation will be satisfied by the Originator by retaining the Class B Notes and the C Notes.
US Risk Retention: The Originator 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: The transaction is intended to qualify as an STS securitisation within the meaning of Article 18 of the Securitisation Regulation.
Compare/contrast: German Lion RMBS SA, Compartment 2021-1, Orange Lion XVI RMBS