19JR Econ.mst 72

TIDM19JR

RNS Number : 7252J

Economic Master Issuer PLC

23 December 2020

ANNOUNCEMENT

ECONOMIC MASTER ISSUER PLC

(incorporated in England and Wales with limited liability under registered number 12341676 and with Legal Entity Identifier (LEI) code 635400KXONN4J3OEOG29)

GBP350,000,000.00 floating rate Class A1 Notes due June 2072 (comprising GBP345,111,000 Regulation S Class A1 Notes with ISIN XS2206911526 and GBP4,889,000 Rule 144A Class A1 Notes with ISIN XS2206912680);

GBP500,000,000.00 floating rate Class A2 Notes due June 2072 (with ISIN XS2206912920);

up to GBP120,000,000.00 floating rate Class Z(R) VFN due July 2100 (with ISIN GB00BLF71211;

up to GBP1,200,000,000.00 floating rate Class Z(S) VFN due July 2100 (with ISIN GB00BLF71104); and

up to GBP8,000,000,000.00 floating rate Seller's Note due July 2100 (with ISIN GB00BLF71328).

23 December 2020

Re: Simple, Transparent and Standardised Criteria

STS - Simple, Transparent and Standardised ("STS") Securitisations

Notice is given that, as a result of the United Kingdom leaving the European Union, the Class A1 Notes due June 2072 (comprising Regulation S Class A1 Notes - ISIN XS2206911526 and Rule 144A Class A1 Notes - ISIN XS2206912680) and Class A2 Notes due June 2072 (ISIN XS2206912920) (together the " Notes ") will no longer be eligible as simple, transparent and standardised ("STS") pursuant to the Regulation (EU) 2017/2402 (the "Securitisation Regulation") from 11pm London time on 31 December 2020. Appropriate notification will be made to the European Securities and Markets Association ("ESMA").

On 31 July 2020, Coventry Building Society (the "Originator") submitted a notification to ESMA, in accordance with Article 27 of the Securitisation Regulation, that the requirements of Articles 19 to 22 of the Securitisation Regulation have been satisfied with respect to the Notes ("STS Notification"). In relation to the STS Notification, the Originator has been designated as (i) the first contact point for investors and competent authorities and (ii) the reporting entity for the purposes of Article 7(2) of the Securitisation Regulation.

The transition period for the United Kingdom to leave the European Union will expire at 11 pm London time on 31 December 2020, and absent an agreement between the United Kingdom and the European Union relevant to the continued eligibility as STS of UK securitisations, as a result, pursuant to Article 18 of the Securitisation Regulation, the Notes will cease to be eligible as an STS securitisation as the Originator is established in the United Kingdom.

The United Kingdom will, from 11pm London time on 31 December 2020, retain the Securitisation Regulation as part of the domestic law of the United Kingdom via the European Union (Withdrawal) Act 2018, as amended by the European Union (Withdrawal Agreement) Act 2020. The retained Securitisation Regulation has been further amended by the Securitisation (Amendment) (EU Exit) Regulations 2019. The retained and amended Securitisation Regulation thus forms a new UK Securitisation Regulation (the "UK Securitisation Regulation"). The UK Securitisation Regulation creates a UK version of the STS regime ("UK STS"). The Originator believes that the Notes are eligible to be a UK STS securitisation from 11pm London time on 31 December 2020, and accordingly, the Originator has made a notification to the FCA for the Notes to appear on the FCA's list of eligible UK STS securitisations.

Notice to Investors

Investors should make themselves aware of the changes and requirements described above (and any corresponding implementing rules of their regulator), where applicable to them, in addition to any other applicable regulatory requirements with respect to their investment in the Notes. The matters described above and any other changes to the regulation or regulatory treatment of the Notes for some or all investors may impact the regulatory position of individual investors and also impact on the price and liquidity of the Notes in the secondary market.

Enquiries:

Economic Master Issuer plc

10(th) Floor

5 Churchill Place

London E14 5HU

   Email:            economicmaster-uk@cscgfm.com 
   Attention:      The Directors 

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END

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December 23, 2020 09:02 ET (14:02 GMT)

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