Strong 2016 B.V: 26 December 2016

Another RMBS transaction from originator Obvion N.V, 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 which have the benefit of an NHG Guarantee and are secured over residential properties located in the Netherlands.

At the cut-off date, the pool consisted of 4,100 mortgages (in 8,454 loan parts), with an average loan balance of Eur165,847. Redemption type (by net outstandings): interest only 41.02%, annuity 17.88%, savings 13.93% and bank savings 13.54%. Interest payment type: fixed 95.38%, floating 4.62%. The WALT foreclosure value is 107.61 and the WA seasoning is 5.29 years. Regional concentration (by net outstandings): Zuid-Holland 17.40%, Noord-Brabant 14.76%, Limburg 12.17% and Noord-Holland 11.14%.

CRR 405: The Seller, as originator, has undertaken that, for as long as the notes are outstanding, it will at all times retain a material net economic interest of not less than 5% in the securitisation transaction in accordance with each of Article 405 of the CRR, Article 51 of the AIFMR and Article 254 of the Solvency II Regulation. As at the Closing Date, such interest will be comprised of an interest in the first loss tranche, in this case the Class C Notes and, if necessary, other tranches having the same or a more severe risk profile than those sold to investors, as required by Article 405 of the CRR, Article 51 of the AIFMR and Article 254 of the Solvency II Regulation.


Compare/contrast: Purple Storm 2016 BV, Strong 2011-1, Storm 2016-I B.V