RMBS Miravet 2023-1: 26 March 2023

The securitisation assets are a pool of certain credit rights arising from mortgage loans granted by the Original Lenders to natural or legal persons for the financing of the acquisition, construction or renovation of a residence located in Spain, the subrogation of the contractual position by individuals in respect of loans originally granted to developers for, amongst others, the construction of residences located in Spain or Non-Residential Purposes such as commercial real estate (including, inter alia, commercial premises, sports centres and hotels), industrial real estate (including, inter alia, industrial plants, logistics warehouses or storage units) or land (including rural and urban land) (the Mortgage Loan Agreements).

The original “originators” were : Abanca, Banco Etcheverría, Bankoa, Caixa Galicia, Caixa Geral, Caixa Nova and Crediter.

The pool consists of 3,664 loans: non-restructured 2,193/47.37%, restructured 1,471/52.63%, where the average outstanding balance is Eur82,990 and the largest is for Eur1.168mln. Property Type: Residential - 86.35%, Commercial Real Estate – 7.99%, Industrial – 4.79% and Land – 0.87%. Borrower: Individual – 92.86%, Corporate – 7.14%. Amortisation type: Geometric – 65.40%, French Style – 30.26%, Geometric (bullet repayment) – 3.16%, French Style (bullet repayment) – 1.19%. Interest rate type: variable – 99.49%, fixed – 0.51%. The WA CLTCV is 91.53%, the CLTOV was 55.09% and the WA seasoning is 15.01 years. Additional information: Days past due >= 365 – 10.82%, In Litigation – 3.46%.

EU & UK Risk Retention: CVI CVF IV Cayman Securities Ltd, as indirect shareholder of the Seller, participates as an originator to retain (together with the other Retention Holders) on an ongoing basis until the maturity of the Notes, a material net economic interest in the securitisation of not less than 5% in accordance with (i) Article 6(1) of the EU Securitisation Regulation and (ii) Article 6(1) of the UK Securitisation Regulation as if it were applicable to it, but solely as such article is interpreted and applied on the Disbursement Date.

US Risk Retention: The transaction will not involve the retention by the Seller of at least 5% of the credit risk of the Issuer for the purposes of the US Risk Retention Rules. The Seller intends to rely on the exemption provided for in Section 20 of the US Risk Retention Rules regarding non-US transactions that meet certain requirements.

STS: The Notes are not intended to be designated as a simple, transparent and standardised securitisation (STS securitisation) according to the EU Securitisation Regulation or the UK Securitisation Regulation