January 12, 2018 / 2:01 PM / a year ago

London Wall Series Fleet 2018-01 new issue

    LONDON, Jan 12 (IFR) - ISSUER: London Wall Mortgage Capital
plc Series Fleet 2018-01
SERIES PORTFOLIO SELLER: London Wall Capital Investments LLP
SERIES PORTFOLIO LEGAL TITLE HOLDER AND PREVIOUS OWNER: Fleet
Mortgages Limited
SOLE ARRANGER: HSBC
JOINT LEAD MANAGERS:  Citi & HSBC

    
 Cls  Sze   Rtgs      WAL   CE    cpn         step up     status
 A    81.8  AAA/Aaa   4     20.2  3mL+        Feb 2023    offered
 B    6     AA-/Aa1   5.11  14.2  3mL+        Feb 2023    offered
 C    6.5   A/Aa3     5.11  7.7   3mL+        Feb 2023    offered
 D    2.7   BBB+/A3   5.11  5.0   3mL+        Feb 2023    offered
 Z1   3.0   NR/NR     N/A   2.0   0% fxd      Feb 2023    retained
 Z2   2.0   NR/NR     N/A   0.0   0% fxd      Feb 2023    retained
 
    
* CPR scenario: 10%, subject to other assumptions as described
in the Preliminary Series Prospectus. Principal receipts will
initially be used to fund the Series Liquidity Reserve Fund in
an amount equal to 2.5% multiplied by the then Note Principal
Amount Outstanding of the Class A Notes and the Class B Notes 
  
** Credit Enhancement: For the Class A to D Notes is provided by
subordination of the Notes that rank junior to such Class in the
Series Priorities of Payments, including the Z notes, as well as
the availability of funds at specified Priority Levels of the
Series Revenue Priority of Payments to reduce a Series Principal
Deficiency 
  
*** If the Issuer does not exercise its redemption option on the
Step-Up Date, Class A to D noteholders will receive a margin
step-up to 1.5 times initial margin, capped at 100bps maximum
margin increase 
  
**** London Wall Capital Investments LLP will retain the Class
Z1 and Z2 notes for horizontal risk retention purposes. The
proceeds of the Class Z2 notes at closing will be used to fund
the Series Main Reserve Fund in an amount equal to 2.0% of
Mortgage Balance at Closing and Prefunded Normal Mortgage
Purchase Amount, or, following the 1st IPD, the Mortgage Balance
at Closing and the Normal Prefunding Mortgages 
  
The roadshow will take place Tues 16th- Wed 17th January 2018;
meetings and calls are available on request 
  
- Final Maturity: May 2050 
- First Optional Redemption Date: February 2023 
- First Interest Payment Date (IPD): 15 May 2018 
- Format: Reg S Registered 
- Min Denoms: £100k + £1k 
- Listing: London Stock Exchange 
- Clearing: Euroclear / Clearstream 
- Billing & Delivery: HSBC 
- ISINs: 
Class A:XS1728162667 
Class B:XS1728163558 
Class C:XS1728164101 
Class D:XS1728164523 
  
MARKETING MATERIALS: 
- Programme Prospectus 
- Preliminary Series Prospectus 
- Investor Presentation 
- Data tape 
- Deal modelled on Bloomberg LWMC 2018-FL1 Mtge and Intex
LWMCF181 
  
INDICATIVE PORTFOLIO OVERVIEW: 
Fleet Mortgages Limited extends Buy-To-Let mortgages primarily
to the professional and semi-professional landlord market. At
closing, the transaction will be supported by a £310m portfolio
of UK BTL mortgages, along with a £15m pre-funding reserve (the
Prefunded Normal Mortgage Purchase Amount) that will used to
purchase mortgages prior to the first IPD. Both completed
mortgages and prefunded mortgages will be recently-originated,
diversified, performing, first-ranking, UK Buy-To-Let mortgages
originated by Fleet.
  
PROVISIONAL POOL OVERVIEW as at 7 Dec 2017: 
- Current Outstanding Principal Balance (£):  310.29M 
- Average Current Principal Balance (£):  226.0k 
- WA Seasoning (months): 6.1 
- WA Original LTV: 68.4% 
- WA Current LTV: 68.3%^ 
- WA Interest Rate: 3.54% 
- Interest Only: 95.4% 
- All prior CCJs on record at origination: 0.40% 
^Current Principal Balance/ Original Valuation 









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