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. 

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