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

Vukile Property Fund Limited (2015-05)

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

TUHF Urban Finance (RF) Ltd (Monitoring Dashboard)

The months of May and June 2020 saw an increase in arrears and a relative decrease in collections to book balance. This is reflective of the impact...

Credit Spotlight: Civil Unrest and Ratings in South Africa

GCR Ratings has taken note of the recent geopolitical events from 7 July 2021 which sparked violent looting and riots in Kwa-Zulu Natal and Gauteng...

Available Purchase Options: