This website is using cookies
This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.

Silver Arrow S.A. Compartment 8: 01 July 2017

The annual pilgrimage to the market by a Silver Arrow transaction, where again the auto loan receivables secured by certain passenger cars and/or commercial vehicles and certain other collateral have all been originated by Mercedes-Benz Bank AG.

Eligibility criteria for inclusion in the pool (include): the loan receivable has been originated by the seller; each receivable has been originated in Germany for the sale of a financed vehicle in the ordinary course of the seller's business and none of the obligors is an affiliate of Mercedes-Benz Bank AG; the Obligor is not insolvent; the title to each vehicle is held by the seller; each loan receivable has an original term of no longer than 72 months; each loan receivable has a seasoning above or equal to one month; each obligor is a resident of Germany; no loan receivable is delinquent or defaulted; the monthly instalments are paid by direct debit; the brand of the respective financed vehicle is either a Mercedes or a Smart.

At the cut-off date (30 April 2017) the portfolio of 60,366 loans has been advanced to 56,692 obligors. Client type (by outstanding loan principal): 50.67% commercial and 49.33% private. Contract type (by outstanding loan principal): Used Private Balloon 23.53%, New Commercial Balloon 21.83%, New Private Balloon 16.23%, New Commercial Amortising 15.28%, Used Commercial Balloon 7.54%, others 15.59%. Vehicle type (by outstanding loan principal): new 56.45%, used 43.55%. Vehicle (by outstanding loan principal): cars (MB) 58.46%, vans 26.29%, trucks 12.68%. The average outstanding principal is Eur19,745 and the largest is Eur155,396. The pool is highly granular, with the largest obligor accounting for just 0.03%, the top 5 for 0.11% and the top 20 obligors for 0.42%. Seasoning is a healthy 13.70 months.

CRR/405: The Seller will retain, for the life of the transaction, a material net economic interest of not less than 5% in the transaction in accordance with Article 405, Article 17 and Article 254. As of the Issue Date, such interest will, in accordance with Article 405 paragraph 1 sub-paragraph (d) of the CRR, be comprised of an investment in the Class B Compartment 8 Notes and the granting of the Subordinated Loan, which is together equivalent to no less than 5% of the nominal amount of the securitised exposures.

Compare/contrast: Silver Arrow 7