Phoenix Funding 6 plc: 18 December 2016

Another securitisation of prime residential home loans from KBC Bank Ireland plc (formerly known as IIB Bank plc) which was founded in 1973 and is a wholly owned subsidiary of KBC Bank NV Belgium which, in turn, is part of the KBC Group NV.

At the cut-off date (31 October 2016) the mortgage pool consists of 5,036 mortgages, with an average balance of Eur255,492. The largest loan is for Eur1.226mln and overall there are 215 agreements in the pool with outstanding balances of greater than Eur500,000, representing 10.29% of total outstandings. Occupancy type: owner-occupied 98.86%, BTL 1.12%, second home 0.02%. Interest Rate Type: floating 78.0%, fixed to floating 22.0%. Loan Purpose: purchase 85.92%, re-mortgage 14.08%. The WA current LTV is 70.61% and WA seasoning is 17.70mnths. Regional concentration (by principal balances): Dublin 70.71%, Kildare 6.75% and Cork 6.36%.

Significant investor: On the Issue Date, KBCI will purchase 100% of the notes to be issued by the issuer.

CRR 405: KBCI will, in the capacity of originator, retain on an ongoing basis until maturity of the notes a material net economic interest of at least 5% of the nominal value of the securitised exposures in accordance with Article 405 of Regulation (EU) 575/2013 (referred to as the Capital Requirements Regulation) and Article 51 of Regulation (EU) No 231/2013 (referred to as the Alternative Investment Fund Managers Regulation).


Compare/contrast: Phoenix 5, European Residential Loan Securitisation 2016-1, Fastnet Securities 12