Miravet 2025-1 DAC: 02 June 2025
A stand-alone transaction, where the Issuer will make payments on the Notes from payments of principal and revenue received under the FT Encina Bonds, which are unitranche Spanish law-governed bonds issued by FT Encina and backed by payments of principal and revenue received from a portfolio comprising mortgage participations and mortgage transfer certificates representing the economic rights under certain mortgage loan agreements secured by a mortgage predominantly over residential properties and granted to individuals and corporates located in Spain.
The Mortgage Loans in the Portfolio underlying the Mortgage Certificates were originated by CaixaBank SA, Bankia SA, Caixa d'Estalvis de Girona, Barclays Bank SAU, Banco de Valencia SA, Monte de Piedad y Caja de Ahorros de San Fernando de Guadalajara, Huelva, Jerez y Sevilla ("Caja Sol"), Caja de Ahorros y Monte de Piedad de Navarra ("Caja Navarra"), Caja General de Ahorros de Canarias ("Caja Canarias") and Caja de Ahorros Municipal de Burgos ("Caja Burgos").
As at the Provisional Portfolio Cut-Off Date, the Provisional Portfolio comprised 4,793 Mortgage Certificates in respect of 4,793 Mortgage Loans, where the average loan balance is Eur66,006 and the largest is for Eur1.481mln. Repayment Method: Annuity – 91.51%, Temporary Interest Only – 6.98%, other – 1.51%. The WA current LTV is 48.66% (original LTV was 71.90%) and the WA seasoning is 13.70 years. Additional stats: MIA>3 – 14.66%; Ever Restructured – 50.02%; Ever In COVID-19 Holiday – 40.11%. Geographical Distribution: Andalucia – 21.90%, Valencia – 17.18% and Catalonia – 16.87%.
EU & UK Risk Retention: Morgan Stanley Principal Funding Inc (the Retention Holder) will retain, as originator, on an ongoing basis, a material net economic interest of not less than 5% in the securitisation. As at the Closing Date, the Risk Retention Requirements will be satisfied by the Retention Holder subscribing for and thereafter holding an economic interest in not less than 5% of the outstanding nominal value of each Class of Notes on the Closing Date sold or transferred to investors.
US Risk Retention: This securitisation transaction will be subject to the credit risk retention requirements of Section 15G of the Exchange Act, and is expected to be retained by Morgan Stanley Principal Funding Inc (the Retaining Sponsor) in the form of an "eligible vertical interest" of 5% of the aggregate principal balance of all ABS interests issued by the Issuer as of the Closing Date.