Urban Ubomi 1 (RF) Ltd

Image placeholder
Urban Ubomi 1 (RF) Ltd (2022-02)
  • Urban Ubomi 1 (RF) Ltd
  • Year : Feb 2022
3 Tokens
USD 300.00
Summary

Urban Ubomi 1 (RF) Ltd is a bankruptcy remote, ring-fenced SPV owned by The Urban Ubomi 1 Owner Trust. The trustee of the Owner Trust is Quadridge Trust Services Proprietary Limited. On 23 March 2021, Urban Ubomi 1 issued a total of R609m of Existing Notes under its R2.5bn Mortgage Loan Backed Securitisation Programme. Proceeds of the Existing Notes issuance, together with the proceeds of the Subordinated Loan, were used by the Issuer to acquire a pool of Loan Agreements together with their Related Security, which includes, inter alia, Mortgage Bonds, Guarantee SPV Guarantees and Insurance Policies (the “Participating Assets”).

Additional Information

In order to assess the credit strength of the various Classes of Notes to be issued, GCR updated its analysis of the performance of the entire portfolio of Loan Agreements historically originated by TUHF to formulate base cases as inputs to its cash flow model. TUHF performance data analysed now covers the period July 2005 to August 2021. GCR notes an increase in the base case default rate derived from this data. Such increase is attributable to payment interruption on Loan Agreements for the year ending August 2021 at levels higher than previously seen.

Related Publication

South African Securitisation Programme (2016-02)

A Credit Rating report is a research report providing detailed analysis utilised by GCR in the accordance of a Credit Rating.

South African Securitisation Programme (RF) Limited - Series 1 (Monitoring Dashboard)

The Dashboard covers the period from August 2018 to August 2019 and is part of GCR’s performance monitoring process and does not constitute r...

Three months in, the challenges are increasing but indications suggest that larger corporates may weather the storm.

  • GCR expects performance across almost all corporate sectors to remain weak for the remainder of 2020 due to a collapse of consumer confidence....
Available Purchase Options: