Kenrick No.4 plc: 26 September 2024

The West Bromwich returns to the securitisation market after an absence of over six years with another prime UK RMBS deal. Prospectuses and Investor Reports for the earlier Kenrick transactions are available via the EuroABS website. As per the earlier transactions, this is a stand-alone deal and the Issuer will make payments on the Notes from payments of principal and revenue received from a portfolio comprising mortgage loans originated by West Bromwich Building Society and secured over residential properties located in England and Wales.

At the cut-off date (30 June 2024) the provisional pool consisted of 3,443 mortgage loans originated by West Bromwich Building Society between 8 April 2021 and 28 March 2024, where the average current loan balance is £154,445 and the largest is for £485,716. Purpose of loan (by current balances): purchase – 61.45%, re-mortgage – 38.55%. Repayment method: repayment – 100.0%. Product type: fixed rate – 87.22%, floating – 12.78%. The WA current LTV is 69.38% (original LTV was 71.76%), the current indexed LTV is 68.18% and the WA seasoning is 16.5 months. Regional concentration: North West – 17.44%, South East – 17.55%, West Midlands – 12.67%, Yorks & Humber – 13.03% and East Midlands – 11.71%.

Significant Investor: WBBS will, on the Closing Date, purchase 100% of the Class B Notes.

UK & EU Risk Retention: On the Closing Date, the Originator will retain on an ongoing basis a material net economic interest of not less than 5% in the securitisation as an "originator" through its holding of the Class B Notes in accordance with the text of Article 6(1) of the UK Securitisation Regulation and Article 6(1) of the EU Securitisation Regulation (as if it were applicable to the Originator and as in force on the Closing Date).

US Risk Retention: The transaction is not intended to involve the retention by a sponsor of at least 5% of the credit risk of the securitised assets for purposes of compliance with the final rules promulgated under Section 15G of the Securities Exchange Act of 1934 as amended, but rather intends to rely on an exemption provided for in Section 20 of the US Risk Retention Rules regarding non-US transactions.

STS: The Originator will, within 15 Business Days of the Closing Date, procure a notification to be submitted to the FCA.

Compare/contrast: Kenrick No.3, Duncan Funding 2024-1 plc, Together Asset Backed Securitisation 2024-1ST2 plc