Albion No 5 Plc: 23 September 2023
After another 4-year hiatus, this will be the sixth RMBS issue from Leeds Building Society and will be the fifth to use the Albion name. (For history of Leeds Building Society, please see market commentary on earlier Albion transactions.)
The Issuer will make payments on the Notes from payments of principal and revenue received from a portfolio comprising 3,366 mortgage loans originated by Leeds Building Society and secured over residential properties located in England and Wales, purchased by the Seller between 2006 and 2023.
At cut-off all loans are current, the average current balance is £139,907 and the largest loan is for £710,999. Purpose of loan (by current balances): purchase - 52.1%, re-mortgage - 47.9%. Repayment type: repayment - 85.2%, interest-only - 14.8%. Product type: fixed - 96.7%, variable - 3.3%. The WA current LTV is 62.50% and there are currently no loans with an indexed LTV of greater than 85% in the pool. WA seasoning is 28.34mnths. Regional concentration (by current balances): South East -15,2%, East of England - 12.9%, the North West - 12.1%, Yorks & Humberside - 10.5% and the West Midlands - 9.9%.
UK & EU Risk Retention: LBS will undertake that it will retain on an ongoing basis a material net economic interest of at least 5% of the nominal value of the securitised exposures.
US Risk Retention: LBS, as the sponsor under the final rules promulgated under Section 15G of the Securities Exchange Act of 1934, does not intend to retain at least 5% of the credit risk of the Notes for the purposes of the US Risk Retention Rules, but rather intends to rely on an exemption provided for in Section 20 of the US Risk Retention Rules regarding non-US transactions.
Compare/contrast: Albion 4, Friary 8, RMAC No.3