Finsbury Square issuers to adjust payments made for class X notes

By Sarah Lizee

Olympia, Wash., May 22 – Finsbury Square 2019-2 plc and Finsbury Square 2019-3 plc said that due to errors relating to the interest payment dates falling in December 2019 and March 2020 in its quarterly performance report, payment adjustments for the March period will be made for the class X notes of both issuers and Finsbury Square 2019-2’s certificates.

Holders of the following Finsbury Square 2019-2 notes were notified:

• £395.25 million of class A notes due September 2069 (ISIN: XS2021448886);

• £20,925,000 of class B notes due September 2069 (ISIN: XS2021449421);

• £16,275,000 of class C notes due September 2069 (ISIN: XS2021449694);

• £12,787,000 of class D notes due September 2069 (ISIN: XS2021449777);

• £5,813,000 of class E notes due September 2069 (ISIN: XS2021449850);

• £13.95 million of class F notes due September 2069 (ISIN: XS2021449934);

• £11,625,000 of class X notes due September 2069 (ISIN: XS2021450437);

• £9.3 million of class Z notes due September 2069 (ISIN: XS2021450510); and

• The certificates due September 2069 (ISIN: XS2021451328).

Holders of the following Finsbury Square 2019-3 notes were notified:

• £367,625,000 of class A notes due December 2069 (ISIN: XS2053549056);

• £19,125,000 of class B notes due December 2069 (ISIN: XS2053549130);

• £14,875,000 of class C notes due December 2069 (ISIN: XS2053549304);

• £8.5 million of class D notes due December 2069 (ISIN: XS2053549569);

• £2,125,000 of class E notes due December 2069 (ISIN: XS2053549643);

• £12.75 million of class F notes due December 2069 (ISIN: XS2053549726);

• £14,025,000 of class X notes due December 2069 (ISIN: XS2053550492);

• £8.5 million of class Z notes due December 2069 (ISIN: XS2053550658); and

• The certificates due December 2069 (ISIN: XS2053551037).

The errors identified in the 2019 reports resulted in overstatements of revenue collections for the corresponding determination periods; omission of third party costs and expenses paid on behalf of the issuer during the corresponding determination periods; and an overpayments of principal in respect of the class X notes and an underpayment in respect of the certificates in line with the pre-enforcement revenue priority of payments.

A recall of the aggregate overpayments in respect of the class X notes and the certificates via the clearing systems has been initiated by the cash/bond administrator.

The restatement of the performance reports and the payment adjustments that will be implemented by the cash/bond administrator as a result do not directly impact any payments made on the affected interest payment dates in respect of any class of notes other than the class X notes of both issuers and the Finsbury Square 2019-2 certificates.

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