Candide Financing 2024-1 B.V.: 01 October 2024
After an absence of almost three years, another outing for the Candide series where the Issuer will make payments on the Notes from payments of principal and interest received from a portfolio comprising mortgage loans secured over residential properties located in The Netherlands.
At the cut-off date (30 June 2024) the portfolio consists of 2,700 borrowers (in 4,818 loan parts) with an average balance per borrower of Eur211,003 and a maximum loan size of Eur833,858. Mortgage types (by current balances): annuity – 76.7%, interest-only – 20.9%, linear – 2.4%. Interest rate type: fixed - 96.3%, floating - 3.7%. The WA CLTIMV is 72.60% (the CLTOMV was 73.07%) and the WA CLTIFV is 62.68%. The WA seasoning is 1.48 years. Regional concentration (by current balances): Zuid-Holland - 19.8%, Noord-Brabant - 18.1%, Noord-Holland - 16.6%, Gelderland - 10.5% and - Utrecht 8.4%.
EU & UK Risk Retention: The Seller, as ‘originator’ within the meaning of the EU Securitisation Regulation, will retain 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. In addition, the Seller will retain (on a contractual basis) as originator, on an ongoing basis, a material net economic interest of not less than 5% in the securitisation in accordance with Article 6 of the UK Securitisation Regulation.
US Risk Retention: The Seller (Lloyds Bank GmbH, Amsterdam Branch) 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: On the Closing Date, it is intended that a notification will be submitted to ESMA and BaFin 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 a EU STS securitisation have been satisfied with respect to the Notes.
Compare/contrast: Candide Financing 2021-1, Dutch Mortgage Finance 2024-1, Jubilee Place 6 BV