MCC Group RMBS 2025 S.r.l.: 15 December 2025
The net proceeds of the offering of the Notes will be applied by the Issuer to fund the purchase of a portfolio of monetary claims and connected rights arising under the mortgage loans (mortgage-backed loan agreements mainly on real estate assets intended for residential use) and the relevant insurance policies originated by BDM Banca SpA.
BDM Banca SpA, the Originator and the Servicer of the transaction, is currently controlled by Mediocredito Centrale – Banca del Mezzogiorno SpA, which is in turn controlled by the state-owned company Invitalia SpA.
As at the cut-off date (31 July 2025) the portfolio consisted of 11,483 loans advanced to 11,416 borrowers, where the Average Current Balance per borrower is €90,010 and the largest is €1.195mln. Loan purpose: Purchase – 93.4%. Amortization type : French – 100%. Interest rate type: fixed – 89.2%, floating – 10.8%. The WA current LTV is 67.2% (original LTC 75.2%) and the WA seasoning is 3.7 years. Regional concentration: Puglia – 44.1%, Abruzzo – 15.9%, Campania – 14.5%.
EU Risk Retention: The Originator has undertaken that it will retain at the origination and maintain on an ongoing basis a material net economic interest of not less than 5% in the transaction in accordance with paragraph (d) of Article 6(3) of the Regulation (EU) 2017/2402 of the European Parliament as at the Issue Date, such interest being comprised of a retention of the first loss tranche (the Class J Notes).
US Risk Retention: The transaction is not intended to involve the retention by a sponsor for purposes of compliance with the final rules promulgated under Section 15G of the Securities Exchange Act of 1934, in reliance instead upon an exemption provided for in Rule 20 of the US Risk Retention Rules regarding non US transactions.
STS: The securitisation is intended to qualify as a simple, transparent and standardised securitisation within the meaning of Article 18 of the EU Securitisation Regulation.
Compare/contrast: MCC RMBS Srl (redeemed), Miltonia Mortgage Finance Srl