Obvion, which is jointly owned by Cooperative Centrale Raiffeisen-Boerenleenbank (Rabobank) and Stichting Pensioenfonds ABP (ABP), is in the market wtih a €909 million ($1.155 billion) Dutch RMBS called Storm 2010-3 B.V.
Rabobank Group and Societe Generale Corporate & Investment Banking are lead managers on the RMBS.
The deal is a static cash securitization of residential mortgages extended to borrowers from the Netherlands. The portfolio is backed by first and sequentially lower ranking prime mortgage loans, according to a presale report from Moody's Investors Service.
For further preliminary information on the RMBS securitization, please click the link below from the ASR Scorecards database.
Obvion will reportedly hold a roadshow next week for its latest offering. Its last offering was placed with third-party investor in June — €950 million in triple-A rated class A notes from its Storm 2010-II transaction.
The last Dutch RMBS transaction was last week's Achmea Hypotheekbank restructuring of its prime Dutch RMBS DMPL VI. According to UniCredit analysts, similar to the Obvion deal, a considerable chunk of the assets from the Achmea securitization was placed with a third-party investor as well.
The lead managers on the Achmea deal were Deutsche Bank, Royal Bank of Scotland and JPMorgan. The transaction's €653.1 million triple-A-rated Class A tranche with a weighted average life of 4.19 years priced at 126 basis points over the three-month Euribor.
Moody's View
Moody's said that delinquency levels reported on the issuer's previous deals are generally in line with the average delinquency levels and the loss levels are in line with the loss levels reported in the Dutch Prime RMBS index. The issuers' outstanding deals performed as expected and have not been subject to negative rating actions regarding concerns about the collateral performance, the rating agency also said.
Obvion's offering is a standard Dutch prime securitizationwhen it comes to assets and structure, Moody's said. Unlike older Dutch RMBS deals, the realized loss definition includes set-off, which means losses resulting from set-off will be allocated to the principal deficiency ledger. This deal, according to Moody's, is like the previous Obvion-originated offering, but unlike previous transactions closed before 2010. A portion of the pool, 4.8%. is backed by NHG-loans, Moody's said.
