Delphinus 2025-I: 02 February 2025
A stand-alone transaction, where the Issuer will make payments on the Notes from payments of principal and interest received from a portfolio comprising mortgage loans originated by the Seller (ASR Levensverzekering) and secured over residential properties located in the Netherlands.
At the cut-off date (1 January 2025) the receivables portfolio consists of 1,728 mortgages in 4,183 loan parts secured by owner-occupier properties located in the Netherlands. The average loan balance per loan is Eur304,581. On the cut-off date no amounts due and payable under any of the mortgage loans were overdue and unpaid. Mortgage redemption type (by current balances): annuity - 75.55%, interest-only – 15.13% and others - 9.15%. Interest rate type (by current balances): fixed - 99.6%, floating - 0.4%. The WA CLTOMV is 81.18% and the WA CLTIFV is 83.65%. The WA seasoning is 2.66 years. Regional concentration: Zuid-Holland - 20.95%, Noord-Holland – 16.23%, Noord Brabant - 14.96%, Gelderland - 11.75% and Utrecht - 10.51%.
EU & UK Risk Retention: The Seller, as originator within the meaning of Article 6 of the Securitisation Regulation, has undertaken to retain, on an ongoing basis, a material net economic interest of not less than 5% in the securitisation transaction in accordance with Article 6 of the Securitisation Regulation and in accordance with Article 6 of the UK Securitisation Regulation (as required for the purposes of Article 5(1)(d) of the UK Securitisation Regulation, as if it were applicable to it) but solely as such articles are interpreted and applied on the Closing Date.
US Risk Retention: Neither the Seller nor any other party intends to retain at least 5% of the credit risk of the securitised assets within the meaning of, and for purposes of compliance with, the US Risk Retention Rules, but rather 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: The securitisation transaction is intended to qualify as a STS securitisation within the meaning of Article 18 of the Securitisation Regulation.
Compare/contrast: Delphinus 2023-I, Dutch Mortgage Finance 2024-1, EDML Blue 2024 BV