Fox Street 3 (RF) Limited

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Fox Street 3 (RF) Limited (2021-09)
  • Fox Street 3 (RF) Limited
  • Year : Sep 2021
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GCR modelled the Transaction’s cash flows according to its proposed capital structure and priorities of payments, applying its Criteria for Rating Structured Finance Transactions, September 2018 and Criteria for Rating Residential Mortgage Backed Securities (“RMBS”), November 2018. Fox Street 3’s asset portfolio was modelled based on the indicative (July 2021) pool provided to GCR, with defaults, recoveries, prepayments, and arrears modelled according to GCR’s standard RMBS methodology and assumptions.

Additional Information

Fox Street 3 is an RMBS securitisation of home loans originated by Investec Bank Limited (“Investec”) to its private banking clients that is planning to issue an initial R950m of secured Notes in October 2021 with a possibility of future tap issuances. Investec has previously executed seven other similar Fox Street RMBS transactions.

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