Luna Securities Designated Activity Company: 02 February 2024
A stand-alone transaction, where the Issuer will make payments on the Notes and in respect of the Subordinated Loan from payments of principal and interest on a portfolio of owner-occupied & BTL mortgage loans. The mortgage loans were originated by The Governor and Company of the Bank of Ireland, Bank of Ireland Mortgage Bank, ICS Building Society, KBC Bank Ireland plc and KBC Mortgage Bank. The beneficial interest in all of the loans in the mortgage portfolio is held by Bank of Ireland.
At the cut-off date the portfolio consisted of 106,356 mortgage loans, secured on 90,574 properties. The Average Mortgage Loan Balance is Eur134,063 and the largest is for Eur3.384mln. Loan Purpose: owner-occupied – 94.40%, BTL – 5.60%. Repayment Method: Repayment – 100.0%. Interest Rate Type: fixed – 60.28%, variable – 39.72%. The WA current LTV is 51.73% (original LTV was 76.41%) and the WA seasoning is 9.40 years. Regional concentration: Dublin – 46.11%, Cork – 9.03%, Kildare – 7.59%, Meath – 5.5% and Galway – 4.47%.
Significant Investor: It is expected that on the Closing Date BOI will acquire all of the Class A Notes and the Class Z Notes.
EU Risk Retention: On the Closing Date and until all the Notes have been redeemed in full, Bank of Ireland, as originator, will retain a material net economic interest of not less than 5% in the securitisation in accordance with Article 6 (the "EU Securitisation Regulation"). As at the Closing Date, such interest will be comprised of an interest in the first loss tranche, namely the Z Notes, as required by Article 6(3)(d) of the EU Securitisation Regulation.
Compare/contrast: Bowbell No 3 plc, Mulcair Securities No.2 DAC, Merrion Square Residential 2023-1