AyT Genova Hipotecario X

The 10th residential mortgage securitisation to be conducted by Barclays Bank S.A through the
“Génova” programme , and as in the previous Génova transactions, BBSA originated the secur-
itised mortgages and will continue to service the portfolio (see EuroABS for all previous offering
circulars & Investor Reports).

The collateral consists of 6,380 Hipoteca Remunerada loans (as per previous transactions), which
are amortising mortgage products bearing a margin of 0.45% over 12mnth Euribor. this mortgage
product is marketed along with an interest-bearing bank account. Hipoteca Remunerada are target-
ed at high-net-worth clients, hence the average value of the properties backing the mortgages is
over Eur320,000 (the average loan size in the pool is Eur166,661). It is estimated that 15.3% of the
provisional pool by value is secured on high-value properties (Genova IX's pool = 14.2%, Genova
VIII = 15.0%). However, the Génova transactions have consistently shown much lower-than-average
delinquencies, as measured against other Spanish RMBS issuance. This performance may be attrib-
utable in part to the high-net-worth customer base targeted by the product.

All of the Hipoteca Remunerada loans were originated by BBSA in the normal course of its business
(93% via the branch network). They are all amortising loans granted solely for the acquisition of a
primary residence and all are first-ranking mortgages secured by residential properties in Spain.
Average seasoning is 1 1/4yrs, with a current WA LTV of 58.9%. 43.9% of the provisional portfolio
by volume is concentrated in Madrid and Catalonia, with Andalusia accounting for 16.4%.


Compare/contrast: previous Genova deals, FTdA Santander Hipotecario 3, TDA Ibercaja 5,