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FdTA RMBS Prado 6: 06 July 2018

Another securitisation of prime Spanish residential mortgage loans, where the fund will pool in its assets the credit rights derived from the mortgage loans granted by UCI to individuals resident in Spain in order to finance transactions involving the acquisition of finished houses in Spain or the subrogation of individuals to the financing provided to developers for the construction of houses in Spain for sale. None of the mortgage loans have been granted to real estate developers or to finance renovation of houses. All mortgage loans are secured with finished houses.

On the cut-off date the portfolio consisted of 3,115 owner-occupied mortgage loans. All loans are current, with no arrears. The average current loan balance is Eur137,836 and the largest loan is for Eur693,103. Mortgage type: Not Bridge Loan 72.70%, Unreleased Bridge Loan 21.68% and Release Bridge Loan 5.62%. Residence type: first residence 100.00%. Interest rate type (by current balances): variable 57.87%, fixed 24.98% and mixed 17.15%. The WA current LTV is 60.63%. Regional concentration: Madrid 28.73%, Cataluña 27.35% and Andalucia 19.91%.

CRR 405: In compliance with the provisions of Article 405 of CRR and Article 51 of the AIFMR, the Assignor will retain a material net economic interest of not less than 5% of the nominal value of the securitisation until the final maturity date of the notes by way of a retention in accordance with paragraph 1(d) of Article 405 of the CRR and paragraph 1(d) of Article 51 of the AIFMR (as in force at the disbursement date of the notes) of the first loss tranche.

US Risk Retention: The transaction will not involve the retention by a securitizer of at least 5% of the credit risk of the issuer for purposes of the US Risk Retention rules, but rather will be made in reliance on a safe harbour provided for in Rule 20 of the US Risk retention rules regarding non-US transactions.

Compare/contrast: FdTA RMBS Prado V