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23 August 2021 / deal

Loyens & Loeff is deal counsel for bunq’s Solitaire I securitisation

New STS residential mortgages securitisation by bunq B.V.

Deal securitisation Bunq - Green abstract line

On 12 August 2021 Solitaire I B.V. issued EUR 379,800,000 in notes. The Solitaire I securitisation is the first residential mortgages securitisation by bunq B.V. with Venn Hypotheken B.V. and ASR Levensverzekering N.V. as original lenders and servicers in respect of the residential mortgages.

The Solitaire I Securitisation has been designed to enhance bunq’s investments in Dutch residential mortgage loans by transforming such investments into notes that will satisfy the Eurosystem eligibility criteria and be recognised as Eurosystem Eligible Collateral. For Solitaire I compliance with the STS requirements has been verified by Prime Collateralised Securities (PCS) as STS third party verification agent. Institutional investors in notes issued under securitisations meeting the STS requirements have the benefit of enhanced capital requirements.

Loyens & Loeff as deal counsel for bunq B.V. drafted the documentation in consultation with bunq B.V. and independent research and consultancy firm AF Advisors, the arranger BNP Paribas, Venn Hypotheken B.V., ASR Levensverzekering N.V. and their counsel and the STS third party verification agent PCS.

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