ESMA_QA_1380

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/1380

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Regulatory Context

Regulation : SECR

Level 1 Regulation: Securitisation Regulation (EU) 2017/2402

Level 2 Regulation: No information available

Level 3 Regulation: No information available

Topic: Securitisation Disclosure Templates

Subject Matter: Annex 3: Underlying Exposures - Commercial Real Estate - Covenant Breach / Trigger

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Question

Submission Date: 27 May 2019

How should multiple breaches/triggers be listed?

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ESMA Answer

Answer Date: 27-05-2019

[ESMA 33-128-563 Securitisation Q&A, Q&A 5.5.3] Response options ‘ICDS’ (‘Interest Coverage Ratio or Debt Service Coverage Ratio’) or ‘ICDL’ (‘Interest Coverage Ratio or Debt Service Coverage Ratio or Loan-to-Value’) are intended to capture the presence of multiple covenant breaches/triggers. Where these are insufficient to describe the breaches/triggers, then the option ‘OTHR’ (representing ‘Other’) should be entered.

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