Obvion Plans €744.7M Dutch RMBS

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Obvion announced plans to issue a €744.7 million ($969.10 million) Dutch RMBS, Storm 2013-II— its 2nd transaction of 2013.  

The deal is backed by performing loans secured by first-ranking, mortgages in the Netherlands. Rabobank International is lead underwriter on the deal, according to a Standard & Poor’s presale report on the transaction.

The capital structure will include two tranches of S&P rated, ‘AAA’ floating-rate notes; one tranche of ‘A+’ floating-rate notes; one tranche of ‘AA’ floating-rate notes and one tranche of ‘A-’ floating-rate notes.  The expecting closing date for the deal is April 26, 2013.

At closing, STORM 2013-II will also issue €7.5 million of unrated notes.

S&P said that STORM 2013-II is Obvion 24th securitization of Dutch mortgage loans in the STORM series.  The transaction is structured with a combination of subordination, excess spread, a liquidity account, and a reserve fund to cover credit losses and income shortfalls.  

Of the pool, 29.97% benefits from the National Hypotheek Garantie or NHG guarantee. This guarantee covers certain losses realized after the foreclosure of a property, including the outstanding principal amount owed to the lender, unpaid accrued interest, repossession costs, and other miscellaneous costs.



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