Green Lion 2023-1 BV: 06 October 2023
The Issuer will make payments on the Notes from payments of principal and interest received from a portfolio solely comprising owner-occupied mortgage loans originated by the Seller and secured over residential properties located in The Netherlands.
As at the provisional pool date (30 June 2023) the portfolio consisted of 3,278 performing loans (in 6,291 loan parts) where the average balance per borrower was Eur335,570. Redemption type: French – 76.16%, Bullet – 20.66% and German – 3.18%. Interest Payment Type: fixed – 99.90%, floating – 0.10%. The WA CLTOMV is 76.88% (WA OLTOMV was 80.03%) and the WA seasoning is 1.48 years. Regional distribution: Zuid-Holland – 28.65%, Noord-Holland – 22.19% and Noord Brabant – 10.34%.
Significant investors: The Joint Lead Managers have agreed to subscribe and purchase the Class A Notes on the Closing Date, subject to certain conditions precedent being satisfied. The Seller has agreed to purchase the Class B Notes and the Class C Notes on the Closing Date, subject to certain conditions precedent being satisfied.
EU & UK Risk Retention: The Seller will retain, as 'originator' within the meaning of Article 2(3)(a) of Regulation (EU) 2017/2402 and Article 2(3)(a) of the EU Securitisation Regulation as it forms part of domestic law of the United Kingdom, on an ongoing basis, a material net economic interest of not less than 5% in the securitisation. As at the Closing Date, such material net economic interest will be satisfied by holding the Class B Notes.
US Risk Retention: The Seller intends to rely on an exemption provided for in Section 20 of Regulation RR (17 C.F.R. Part 246) implementing the risk retention requirements of Section 15G of the US Securities Exchange Act of 1934 regarding non-US transactions that meet certain requirements.
STS: On the Closing Date, it is intended that a notification will be submitted to ESMA, DNB and AFM by the Seller, in its capacity as originator under the EU Securitisation Regulation, 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 will be met.
Compare/contrast: Green Lion III BV (redeemed), Green Storm 2023 BV, Orcinus 2023 BV