Burlington Mortgages No. 1 DAC is a securitisation of approximately €4,000,000,000 of Irish residential mortgage loans originated by EBS d.a.c and Haven Mortgages Limited.
This structure meets the ‘Simple, Transparent and Standardised’ requirements of the Securitisation Regulation that came into effect in January last year.
The portfolio comprises of 25,421 loans secured on residential properties located in Ireland originated by EBS and Haven. The loans have an average current balance of €158,392, current LTV of 68% and remaining term of 273 months.
The listing particulars indicate that the transaction is intended to be a retained securitisation, with EBS acquiring approximately 65% of the notes by principal value, and Haven acquiring 35%.
The key parties to this transaction are as follows:
Legal Advisors (Issuer & Sellers): Arthur Cox
Legal Advisors (Trustee & Arranger): A&L Goodbody
Listing Agent: Arthur Cox Listing Services Limited
Arranger: BofA Securities
Originator/Sponsor: EBS d.a.c / Haven Mortgage Limited
Trustee: BNY Mellon Corporate Trustee Services Limited
Registrar: The Bank of New York Mellon SA/NV, Luxembourg Branch
Paying Agent: The Bank of New York Mellon, London Branch
Corporate Administrator: Intertrust Management Ireland Limited
Ratings Agencies: DBRS / Moody’s
STS Verification Agent: Prime Collateralised Securities (PCS) EU SAS
Retention Holders: EBS d.a.c / Haven Mortgage Limited
The transaction is structured as follows:
Class A1/A2 Notes: €1,731,400,000
Class B Notes: €201,300,000
Class C Notes: €110,700,000
Class D Notes: €110,700,000
Class E Notes: €80,500,000
Class Z Notes: €60,500,000
Class R1A Notes: €10,000
Class R1B Notes: €10,000
Class R2A Notes: €10,000
Class R2B Notes: €10,000
These notes were listed on the Main Securities Market of Euronext Dublin on 16th March 2020.
The full prospectus for this deal is available here: https://www.ise.ie/debt_documents/Prospectus%20-%20Standalone_926712bd-42d4-4fad-95c0-673d430d526f.PDF