FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of December 2002
PERMANENT FINANCING (NO. 1) PLC
Blackwell House, Guildhall Yard, London EC2V 5AE, United Kingdom
PERMANENT FUNDING (NO. 1) LIMITED
Blackwell House, Guildhall Yard, London EC2V 5AE, United Kingdom
PERMANENT MORTGAGES TRUSTEE LIMITED
47 Esplanade, St. Helier, Jersey JE1 0BD, Channel Islands
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F
| Form 20-F ü | Form 40-F |
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to rule 12g3-2(b) under the Securities Exchange Act of 1934.
| Yes | No ü |
| SIGNATURES | ||||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized.
| PERMANENT FINANCING (NO. 1) PLC (Registrant) | ||
| Date February 3rd, 2003 | David Balai (Signature)* | |
| By: | David Balai | |
| Title: | Director | |
| PERMANENT FUNDING (NO. 1) LIMITED (Registrant) | ||
| Date February 3rd, 2003 | David Balai (Signature)* | |
| By: | David Balai | |
| Title: | Director | |
| PERMANENT MORTGAGES TRUSTEE LIMITED (Registrant) | ||
| Date February 3rd, 2003 | David Balai (Signature)* | |
| By: | David Balai | |
| Title: | Director | |
| * | Print the name and title of the signing officer under his signature |
Permanent Mortgages Trustees Limited
Monthly Report — December 2002
Quarter 10/12/2002 to 10/03/2003
Date of Report 1/1/2003
| Mortgages | ||||||||
| Number of Mortgages in Pool | 156,471 | |||||||
| Current Principal Balance | £ | 8,650,806,201 | ||||||
| Opening Trust Assets | £ | 100 | ||||||
| Total | £ | 8,650,806,301 | (To repay Permanent 1, | |||||
| Series 1 Class A Notes | ||||||||
| on the 14th June 2003) | ||||||||
| Cash Accumulation Ledger Balance (Total Requirement) | £ | 509,614,731 | ||||||
| Funding Share | £ | 3,478,576,310 | ||||||
| Funding Share Percentage | 40.21101 | % | ||||||
| Seller Share | £ | 5,172,229,891 | ||||||
| Seller Share Percentage | 59.78899 | % | ||||||
| Minimum Seller Share (Amount) | £ | 432,540,313.03 | ||||||
| Minimum Seller Share (% of Total) | 5.00000 | % | ||||||
Arrears Analysis of non repossessed Mortgages
| Number | Principal | Arrears | % by Principal | |||||||||||||
| Less than 1 month | 154,808 | £ | 8,546,845,121.26 | £ | 167,862.06 | 98.80 | % | |||||||||
| 1 - 2 months | 1,372 | £ | 87,299,087.79 | £ | 510,796.65 | 1.01 | % | |||||||||
| 2 - 3 months | 206 | £ | 12,118,729.53 | £ | 148,483.93 | 0.14 | % | |||||||||
| 3 - 6 months | 80 | £ | 4,358,492.51 | £ | 97,493.47 | 0.05 | % | |||||||||
| 6 - 12 months | 5 | £ | 184,769.53 | £ | £7,045.89 | 0.00 | % | |||||||||
| 12 months + | 0 | £ | – | £ | – | 0.00 | % | |||||||||
Total | 156,471 | £ | 8,650,806,200.62 | £ | 931,682.00 | 100.00 | % | |||||||||
| Properties in Possession | Number | Balance | Amount in Arrears | |||||||||
Total | 0 | £ | – | £ | – | |||||||
| Properties in Possession | ||||
| Number Brought Forward | 0 | |||
| Repossessed | 0 | |||
| Sold | 0 | |||
| Number Carried Forward | 0 | |||
| Average Time from Possesion to Sale in days | 0 | |||
| Average Arrears at Sale | 0 | |||
| MIG Claims submitted | 0 | |||
| MIG Claims Outstanding | 0 | |||
| Average Time from Claim to Payment in days | 0 |
| Note: | The arrears analysis and repossession information is as at the end of the report month |
| Substitution | Number | Principal | ||||||
| Substituted this period (this month) | 0 | £– | ||||||
| Substituted to date (since 14/06/2002) | 16,209 | £898,016,408.46 | ||||||
| CPR Analysis | Monthly | Annualised | ||||||
(includes redemptions and repurchases) | ||||||||
| Current 1 Month CPR Rate | 4.84 | % | 44.83 | % | ||||
| Previous 3 Month CPR Rate | 3.88 | % | 37.80 | % | ||||
| Previous 12 Month CPR Rate | N/A | N/A | ||||||
| Note: | The annualised CPRs are expressed as a percentage of the outstanding balance at the beginning of the report month. |
| Weighted Average Seasoning in Months (by value) | 40.24 | |||
| Average Loan Size | £ 55,286.96 | |||
| Weighted Average Current HPI LTV (by value) | 48.44 | % | ||
| Weighted Average Current LTV (by value) | 69.36 | % | ||
Yield Net of Funding Swap over 3 Month Sterling LIBOR | ||||
| Current Month | 0.462 | % | ||
Excess Spread | ||||
| Current Month | 0.239 | % | ||
Product Breakdown | ||||
| Fixed Rate % | 22.37 | % | ||
| Tracker Rate % | 40.32 | % | ||
| Other Variable Rate % | 37.31 | % |
| LTV Levels Breakdown* | Number | Value | % of Total | |||||||||
| 0 - 30% | 19,306 | £ 478,700,229.96 | 5.53 | % | ||||||||
| 30 - 35% | 5,517 | £ 221,215,621.74 | 2.56 | % | ||||||||
| 35 - 40% | 6,061 | £ 276,569,627.60 | 3.20 | % | ||||||||
| 40 - 45% | 6,832 | £ 331,638,516.58 | 3.83 | % | ||||||||
| 45 - 50% | 7,111 | £ 374,275,757.65 | 4.33 | % | ||||||||
| 50 - 55% | 7,975 | £ 454,779,910.58 | 5.26 | % | ||||||||
| 55 - 60% | 8,229 | £ 497,682,384.85 | 5.75 | % | ||||||||
| 60 - 65% | 8,830 | £ 555,249,432.58 | 6.42 | % | ||||||||
| 65 - 70% | 9,706 | £ 625,729,769.42 | 7.23 | % | ||||||||
| 70 - 75% | 10,913 | £ 735,410,557.56 | 8.50 | % | ||||||||
| 75 - 80% | 9,931 | £ 657,869,191.93 | 7.60 | % | ||||||||
| 80 - 85% | 13,471 | £878,456,173.64 | 10.15 | % | ||||||||
| 85 - 90% | 16,478 | £ 1,087,781,221.56 | 12.57 | % | ||||||||
| 90 - 95% | 15,520 | £ 907,172,768.08 | 10.49 | % | ||||||||
| 95 - 100% | 10,515 | £ 564,765,926.44 | 6.53 | % | ||||||||
| 100% + | 76 | £ 3,509,110.47 | 0.04 | % | ||||||||
Totals | 156,471 | £8,650,806,200.62 | 100.00 | % | ||||||||
| * | Using Latest Valuation |
| HPI LTV Levels Breakdown** | Number | Value | % of Total | |||||||||
| 0 - 30% | 38,478 | £ 1,373,664,368.08 | 15.88 | % | ||||||||
| 30 - 35% | 11,266 | £ 615,271,929.63 | 7.11 | % | ||||||||
| 35 - 40% | 12,427 | £ 739,060,188.91 | 8.54 | % | ||||||||
| 40 - 45% | 13,552 | £ 845,635,334.16 | 9.78 | % | ||||||||
| 45 - 50% | 13,896 | £ 889,363,038.17 | 10.28 | % | ||||||||
| 50 - 55% | 13,398 | £ 862,822,949.33 | 9.97 | % | ||||||||
| 55 - 60% | 12,371 | £ 784,423,153.13 | 9.07 | % | ||||||||
| 60 - 65% | 13,191 | £ 853,318,248.73 | 9.86 | % | ||||||||
| 65 - 70% | 12,600 | £ 789,330,303.20 | 9.12 | % | ||||||||
| 70 - 75% | 9,800 | £ 580,361,726.44 | 6.71 | % | ||||||||
| 75 - 80% | 4,133 | £ 235,122,576.00 | 2.72 | % | ||||||||
| 80 - 85% | 1,026 | £ 60,147,704.83 | 0.70 | % | ||||||||
| 85 - 90% | 259 | £ 16,935,918.49 | 0.20 | % | ||||||||
| 90 - 95% | 54 | £ 3,853,094.07 | 0.04 | % | ||||||||
| 95 - 100% | 18 | £ 1,086,819.29 | 0.01 | % | ||||||||
| 100% + | 2 | £408,849.17 | 0.00 | % | ||||||||
Totals | 156,471 | £8,650,806,201.63 | 100.00 | % | ||||||||
| ** | Using Latest Valuation Adjusted for changes in the HPI index |
| Current HVR1 Rate | 5.75 | % | ||
| Effective Date of Change | 10/6/2001 | |||
| Current HVR2 Rate | 5.00 | % | ||
| Effective Date of Change | 10/6/2001 |
Notes
| Permenant Financing No. 1 | Rating (S&P/Moodys/Fitch) | Outstanding | Reference Rate | Margin | ||||||||||||
| Series 1 Class A | P-1 / A-1+ / F1+ | $ | 750,000,000.00 | 1.43125 | % | -0.020 | % | |||||||||
| Series 1 Class B | Aa3 / AA / AA | $ | 26,000,000.00 | 1.42000 | % | 0.270 | % | |||||||||
| Series 1 Class C | Baa2 / BBB / BBB | $ | 26,000,000.00 | 1.42000 | % | 1.050 | % | |||||||||
| Series 2 Class A | Aaa / AAA / AAA | $ | 750,000,000.00 | 4.200 | % | |||||||||||
| Series 2 Class B | Aa3 / AA / AA | $ | 26,000,000.00 | 1.42000 | % | 0.280 | % | |||||||||
| Series 2 Class C | Baa2 / BBB / BBB | $ | 26,000,000.00 | 1.42000 | % | 1.180 | % | |||||||||
| Series 3 Class A | Aaa / AAA / AAA | $ | 1,100,000,000.00 | 1.42000 | % | 0.125 | % | |||||||||
| Series 3 Class B | Aa3 / AA / AA | $ | 38,500,000.00 | 1.42000 | % | 0.300 | % | |||||||||
| Series 3 Class C | Baa2 / BBB / BBB | $ | 38,500,000.00 | 1.42000 | % | 1.200 | % | |||||||||
| Series 4 Class A1 | Aaa / AAA / AAA | €750,000,000.00 | 5.100 | % | ||||||||||||
| Series 4 Class A2 | Aaa / AAA / AAA | £1,000,000,000.00 | 4.00695 | % | 0.180 | % | ||||||||||
| Series 4 Class B | Aa3 / AA / AA | £52,000,000.00 | 4.00695 | % | 0.300 | % | ||||||||||
| Series 4 Class C | Baa2 / BBB / BBB | £52,000,000.00 | 4.00695 | % | 1.200 | % | ||||||||||
| First Reserve Fund Requirement | £69,000,000.00 | |||
| Balance brought forward | £56,635,880.93 | |||
| Drawings this period | £ - | |||
| Top-up this period* | £3,304,840.18 | |||
| Current Balance | £59,940,721.11 | |||
| Liquidity Facility Available Amount | £60,000,000.00 | |||
| Balance brought forward | £ - | |||
| Drawings this period | £ - | |||
| Liquidity Repaid this period | £ - | |||
| Closing balance for period | £ - |
| * | Top-ups, only occur at the end of each quarter. |
Trigger Events:
Non-asset trigger events:
The Seller suffers an Insolvency Event.
The role of the Seller as Servicer is terminated and a new servicer is not appointed within 60 days.
The current Seller’s Share at any time is equal to or less than the Minimum Seller Share.
The outstanding principal balance of the trust property is less than £8bn to June 2005, and £4bn to June 2007.
Asset trigger events:
There has been a debit to the AAA Principal Deficiency Sub-Ledger.
No Trigger Events have Occurred
Funding Seller Share Ledger
| Month | Pool Balance | Issuer Share | Seller Share | Funding | Seller | |||||||||||||||
| October 2002 | £8,428,137,074.09 | £3,478,576,310.00 | £4,949,560,764.09 | 41.27337 | % | 58.72663 | % | |||||||||||||
| November 2002 | £9,092,432,812.00 | £3,478,576,310.00 | £5,613,856,502.00 | 38.25793 | % | 61.74207 | % | |||||||||||||
| December 2002 | £8,650,806,200.62 | £3,478,576,310.00 | £5,172,229,890.62 | 40.21101 | % | 59.78899 | % | |||||||||||||
Principal Ledger
| Month | Principal Received | Further Advances | Sub Total | |||||||||
| October 2002 | £240,322,902.77 | £ - | £240,322,902.77 | |||||||||
| November 2002 | £237,355,264.98 | £104,943,530.74 | £342,298,795.72 | |||||||||
| December 2002 | £339,308,663.48 | £100,412,925.38 | £439,721,588.86 | |||||||||
| £816,986,831.23 | £205,356,456.12 | £1,022,343,287.35 | ||||||||||
Principal Distribution
| Month | Funding | Seller | ||||||
| October 2002 | £ - | £ 240,322,902.77 | ||||||
| November 2002 | £ - | £ 342,298,795.72 | ||||||
| December 2002 | £ 439,721,588.86* | £ - | ||||||
| £ 439,721,588.86 | £ 582,621,698.49 | |||||||
Cash accumulation for Series 1 Class A Notes
Revenue Ledger
| Authorised | ||||||||||||||||
| Month | Revenue Received | GIC Interest | Investment Income | Sub Total | ||||||||||||
| October 2002 | £36,798,805.58 | £685,739.65 | £ - | £37,484,545.23 | ||||||||||||
| November 2002 | £37,720,953.28 | £761,460.62 | £ - | £38,482,413.90 | ||||||||||||
| December 2002 | £37,599,688.20 | £1,021,171.64 | £ - | £38,620,859.84 | ||||||||||||
| £112,119,447.06 | £2,468,371.91 | £ - | £114,587,818.97 | |||||||||||||
Paid to
| Month | Mortgage Trustee | Administrator | Available Revenue | |||||||||
| October 2002 | £ - | £147,720.36 | £37,336,824.86 | |||||||||
| November 2002 | £ - | £142,955.19 | £38,339,458.71 | |||||||||
| December 2002 | £750.00 | £147,720.36 | £38,472,389.48 | |||||||||
| £750.00 | £438,395.91 | £114,148,673.05 | ||||||||||
Revenue Distribution
| Month | Funding | Seller | ||||||
| October 2002 | £14,836,200.51 | £22,500,624.36 | ||||||
| November 2002 | £15,859,382.34 | £22,480,076.37 | ||||||
| December 2002 | £14,771,956.10 | £23,700,433.38 | ||||||
| £45,467,538.95 | £68,681,134.11 | |||||||
Losses Ledger
| Month | Losses | |||
| Balance b/fwd | £ - | |||
| October 2002 | £ - | |||
| November 2002 | £ - | |||
| December 2002 | £ - | |||
| Closing Balance | £ - | |||
Losses Distribution
| Month | Funding | Seller | Reconciliation | |||||||||
| October 2002 | £ - | £ - | £ - | |||||||||
| November 2002 | £ - | £ - | £ - | |||||||||
| December 2002 | £ - | £ - | £ - | |||||||||
| £ - | £ - | £ - | ||||||||||
CPR Analysis
| Month | 1 Month CPR | 3 Month CPR | 12 Month CPR | |||||||||
| October 2002 | 2.74 | % | 3.56 | % | N/A | |||||||
| November 2002 | 4.06 | % | 3.49 | % | N/A | |||||||
| December 2002 | 4.84 | % | 3.88 | % | N/A | |||||||
