Asti Group RMBS II S.r.l.: 30 June 2019

The sixth RMBS transaction from originator Cassa di Risparmio di Asti SpA and Cassa di Risparmio di Biella e Vercelli – Biverbanca SpA, which has previously issued under the Asti Finance Srl series. C R Asti is an Italian commercial bank with a network of offices in the Piedmont and Lombardy regions. Its business is mainly oriented towards private investors and small and medium enterprises.

As previously, the proceeds of the issue of the Notes will be applied by the Issuer to fund the purchase of a pool of monetary claims and other connected rights arising under two portfolios of (i) residential mortgage loans which qualify as mutui fondiari and (ii) other residential mortgage loans which qualify as mutui ipotecari owed to each of the originators. The claims have been transferred to the Issuer pursuant to the terms of two separate transfer agreements dated 7 June 2019 between the Issuer and each of the originators. The principal source of funds available to the Issuer for the payment of interest and the repayment of principal on the Notes will be collections received in respect of the claims.

As at the valuation date (31 May 2019), the portfolio consisted of 10,000 performing mortgage loans (CR Asti 8,369 / Biver 1,631). Additionally, at least one instalment has fallen due and has been paid and, as at the valuation date, each mortgage loan has no more than one overdue instalment. The average outstanding principal is Eur98,800 and the largest loan is for Eur1.469mln. Interest rate type: fixed 56.0%, floating 44.0%. The WA current LTV is 56.98% (original LTV was 63.13%) and the WA seasoning is 2.54 years. Regional concentration: The North 99.20%.

Significant Investor: The Notes will be subscribed by Cassa di Risparmio di Asti SpA and Cassa di Risparmio di Biella e Vercelli – Biverbanca SpA.


EU Risk Retention: Each Originator has undertaken that it will retain, on an on-going basis, a material net economic interest of not less than 5% in the Securitisation in accordance with option (d) of Article 6 paragraph 3 of Regulation (EU) no. 2017/2402 of the European Parliament and of the Council of 12 December 2017.

STS: The Securitisation is intended to qualify as a STS-securitisation within the meaning of Article 18 of the EU Securitisation Regulation.

Compare/contrast: Asti Group RMBS