Asti Group RMBS IV S.r.l.: 16 November 2024

The eighth RMBS transaction from originator Cassa di Risparmio di Asti SpA. C R Asti is an Italian commercial bank with a network of offices in the Piedmont and Lombardy regions. Its business is mainly oriented towards private investors and small and medium enterprises.

The proceeds of the issue of the Notes will be applied by the Issuer to fund the purchase of a pool of monetary claims and other connected rights arising under a portfolio of (i) residential mortgage loans which qualify as “mutui fondiari” and (ii) other residential mortgage loans which qualify as “mutui ipotecari” owed to the Originator.

As at the valuation date (31 October 2021) the portfolio consisted of 7,703 performing mortgage loans, extended to 7,675 customers. Additionally, at least one instalment has fallen due and has been paid and, as at the valuation date, each mortgage loan has no more than one overdue instalment. The average outstanding principal is Eur86,329 and the largest loan is for Eur1.765mln. Interest rate type: fixed - 57.0%, floating - 43.0%. The WA current LTV is 53.92% (original LTV was 65.35%) and the WA seasoning is 5.28years. Regional concentration: The North - 99.09%.

EU Risk Retention: The Originator has undertaken that it will retain, on an ongoing basis, a material net economic interest of not less than 5% in the securitisation in accordance with option (d) of Article 6, paragraph 3 of Regulation (EU) no. 2017/2402, and shall procure that the material net economic interest held by it shall not be split amongst different types of retainers and shall not be subject to any credit-risk mitigation or hedging, in accordance with Article 6(3) of the EU Securitisation Regulation.

STS: The securitisation is intended to qualify as a STS-securitisation within the meaning of Article 18 of the EU Securitisation Regulation.

Compare/contrast: Asti Group RMBS III Srl, Miltonia Mortgage Finance Srl