Berica (15) ABS 5 S.r.l: 01 March 2017

As per previous Berica ABS transactions, this is fourth in the series where again the principal source of payment of interest and repayment of principal on the notes will be collections and recoveries made in respect of two portfolios of performing residential mortgage claims which have been purchased by the issuer from, respectively, Banca Popolare di Vicenza SCpA (BPVi) and Banca Nuova SpA (BN).

At the cut-off date (30 November 2016) the portfolio consists of 5,305 loans (advanced to 5,288 borrowers), where the average current balance is Eur116,591 and the largest current loan is for Eur1.092mln. Originator (by loans / % of current balance): BPVi 4,226 loans / 81.45%; BN 1,079 loans / 18.55%. The pool is highly granular with the largest borrower accounting for just 0.18% of the portfolio, the top 10 for 1.27% and the top 20 for 2.21%. Interest rate type (by current balances): floating 57.90%, fixed 38.57%, optional 3.53%. Amortisation Type: French Amortisation 99.04%, Constant Instalment and floating Maturity 0.96%. The WA CLTV is 60.40% (WA OLTV 62.39%) and the WA seasoning is 0.93 years. Regional concentration: Veneto 25.14%, Toscana 16.68%, Sicilia 14.48% and Lombardia 13.38%.

CRR/405: In the Class A and Mezzanine Notes Subscription Agreement, each of the originators has undertaken that it will retain at the origination and maintain (on an ongoing basis) a material net economic interest of at least 5% in the transaction. As at the issue date, such interest will be comprised of an interest in the first loss tranche (being the Junior Notes).


Compare/contrast: Berica (14) ABS 4 Srl, Claris RMBS 2016 Srl