A new Dutch RMBS began marketing today via Obvion N.V. Storm master trust.
The Rabobank owned mortgage lender will offer 93.98 million ($103 million) of Aaa’ rated series 2015-1, class A notes that are backed by Dutch residential mortgage loans.
Also structured are 2.26 million of class B notes rated Aa1’, 1.88 million of class C notes rated Aa2’, 1.88 million of class D notes rated A1’ and 1 million of class E notes rated Baa3’. The notes are structured with a legal final maturity of June 2054. Moody’s Investors Service assigned preliminary ratings to the deal.
The pool is comprised of 7,021 borrowers who on average have loans with a remaining term of 23.43 years.
On average, the loans have paid off for nearly five years. Most of the pool is comprised of fixed-rate loans with an average loan to value (LTV) ratio of 95%, the remainder consist of floating rate loans with an LTV of 61.62%, according to the Moody’s presale.
Obvion has completed 33 transactions and as of December 2014 has securitized 69% of its residential mortgage portfolio.