Kentmere No.3 plc: 28 October 2024

Essentially a re-financing of the earlier Kentmere No.1 which, in turn, was a re-financing of Slate No.1 (please see the earlier Market Commentaries under both Slate No.1 & Kentmere No.1, both via www.euroabs.com)

The Issuer will make payments on the Notes from payments of principal and revenue received from a portfolio comprising loans the equitable or beneficial interest in which will be sold to the issuer by Isle of Wight Home Loans Limited, and secured over residential properties located in England and Wales, Scotland and Northern Ireland.

As at the Portfolio Reference Date, the Provisional Portfolio consisted of 3,181 accounts (4,660 sub-accounts) where the average current balance is £75,977 (at account level) and £51,863 (at sub-account level). Occupancy type (at account level): owner occupied – 99.91%, BTL – 0.09%. Repayment type (at sub-account level): interest only – 70.94%, repayment – 28.58% and P&P – 0.48%. Interest rate type: floating for life – 93.74%, floating reverting to SVR – 6.26%. The WA current LTV (indexed) is 37.00% and the WA original LTV was 83.30%. The WA seasoning is 223.25 months. Loans in Arrears >= 3 month : 9.44%. Regional concentration: London – 29.83%, South East – 27.23% and the South West 8.70%.

UK & EU Risk Retention: On the Closing Date, Barclays Bank PLC (the Retention Holder) will retain, as originator, 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 UK Securitisation Regulation and Article 6 of the EU Securitisation Regulation. As at the Closing Date, the retention will comprise the Retention Holder holding not less than 5% of the nominal value of each Class of Notes, the Class X1 Certificates and the Class X2 Certificates.

US Risk Retention: The Retention Holder intends to satisfy the US Credit Risk Retention Requirements by acquiring and retaining directly an eligible vertical interest (EVI) equal to a minimum of 5% of the nominal value of each Class of Notes and the Certificates issued by the Issuer on the Closing Date.

STS: The Notes are not intended to be designated as a STS securitisation for the purposes of the Securitisation Regulation.

Compare/contrast: Slate No.1 plc, Kentmere No.1