Presale: STORM 2011-IV B.V. Nov 11
Standard & Poors, November 2011
Abstract
Standard & Poor's Ratings Services has assigned preliminary credit ratings to STORM 2011-IV B.V.'s €736.9 million residential mortgage-backed floating-rate notes. At closing, STORM 2011-IV will also issue €7.4 million unrated notes. The originator, Obvion N.V., was previously called ABP Hypotheken N.V. and was a 100% subsidiary of Stichting Pensioenfonds ABP (ABP). It has been a mortgage originator in the Netherlands since 1980. Since April 2002, Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland) has held 70% of Obvion's shares and ABP has held the remaining 30%. STORM 2011-IV is the latest securitization of mortgage loans originated by Obvion. The collateral comprises performing loans secured on first-ranking (or first- and consecutive-ranking) mortgages over properties in the Netherlands. Obvion owns and services these mortgages....
Companies mentioned in this report are:
- Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland)
- STORM 2011-IV B.V.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
- Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland)
- STORM 2011-IV B.V.
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