PCS announces its first STS verification: STORM 2019-I

Following its authorisation as a third party verification agent, PCS is pleased to announce its first engagement.

Today, Obvion – one of the pre-eminent securitisation issuers in Europe – announced its STORM 2019-I transaction.  As well as launching the deal in the market, Obvion indicated its intention for the transaction to be STS and for its STS status to be verified by PCS.  This would make it the first STS RMBS announced in Europe as well as the first Dutch STS transaction and, of course, the first securitisation to be verified by PCS.

As we intend to do for public transactions, PCS is publishing on its website the pre-sale STS Verification checklist to enable the public to better understand the STS nature of the proposed STORM transaction.  This checklist was compiled by Fazel Ahmed, the analyst assigned to the transaction.  The checklist, of course, remains preliminary at this stage of the transaction and will be finalised, together with the Originator STS notification, upon the closing of the transaction.