A-Best 15: 15 May 2017
A very similar transaction to the A-Best 14 deal (closed 16 May 2016, prospectus and Investor Reports available via EuroABS), where once again the proceeds of the issue of the notes will be applied to fund the purchase of an initial pool of Italian monetary receivables and other connected rights arising from a portfolio of auto loans granted by FCA Bank S.p.A.
Eligibility criteria (includes): it is owed by a borrower who is, as at the time of entering into the relevant Loan Agreement, a physical person (persona fisica) resident in Italy, with Italian nationality; governed by Italian law and denominated in Euro; a Loan Agreement which provides for the relevant Borrower to pay each Instalment in a predetermined amount specified in the amortisation plan of the relevant Loan Agreement; at least two Instalments of the Loan Agreement have already been paid; it does not arise from a balloon Loan Agreement.
At the portfolio cut-off date, the portfolio comprised 93,295 receivables, where the average loan NPV is Eur10,729 and the largest borrower concentration is Eur360,350. New vs Used vehicles (by NPV): New – 6.63%, Used 13.37%. Borrower type: Non VAT borrower – 86.69%, VAT borrower – 13.31%. The WA seasoning is 7.36mnths. Regional concentration: North – 36.06%, South 33.90%, Centre 30.03%.
CRR/405: The Originator retains (and will retain) a material net economic interest of not less than 5.0% of the nominal value of the Notes of each class of the securitisation, in accordance with Article 405 of the CRR and Article 51 of the AIFMR, until the final maturity date, of the first loss tranche and, if necessary, other tranches. The Issuer will be relying on an exclusion or exemption from the definition of “investment company” under the Investment Company Act of 1940. The Issuer is being structured so as not to constitute a “covered fund” for purposes of the Volcker Rule under the Dodd-Frank Act.
Compare/contrast: A-Best 14, Sunrise Srl 2017