F. Van Lanschot Bankiers is working on a new prime Dutch RMBS issue, Lunet RMBS 2013-I, according to a Standard & Poor’s presale report.
The deal is structured with €1.07 billion mortgage-backed floating-rate notes and €10.8 million excess spread-backed notes. S&P has assigned ratings of ‘AAA’ to the class A1 and A2 notes and ‘A’ to the class B floating-rate notes. These notes will pay floating-rate interest equal to three-month Euribor, plus a margin.
The deal is collateralized by a pool of first-ranking Dutch residential mortgage loans. Under the transaction documents, before the first optional redemption date of Dec. 2018, the originator may make further advances to borrowers, which Lunet RMBS 2013-1 may acquire, according to the presale report.
Lunet RMBS 2013-I will be Van Lanschot's fifth outstanding securitization of mortgage loans rated by S&P. Van Lanschot issued Citadel 2010-I B.V., Citadel 2010-II B.V., Citadel 2011-I B.V., and the recently issued Courtine RMBS 2013-I B.V.
“While 90 plus day delinquencies in the Citadel transactions have historically slightly outperformed our Dutch RMBS index, these arrears levels are higher than the average transaction from the STORM or Saecure series [of deals].”