Ulisses Finance No. 1: 13 July 2017
The source of funds for the payment of principal and interest on the Notes will be the right of the Issuer to receive payments in respect of receivables arising under auto loans, passenger vehicle loans, commercial vehicle loans and other vehicle loans originated by 321Crédito – Instituição Financeira de Crédito, S.A.
321Crédito - IFIC, S.A. was incorporated in Portugal in 2003. Headquartered in Lisbon, since 2015 the company operates exclusively in the financing of the purchase of used cars, fully secured by a property reserve clause on the vehicles financed. 321Crédito has relationships with over 1,300 used car dealers in Portugal, 500 of which actively submit used car finance proposals to 321Crédito on a regular basis.
As at 31 May 2017 the initial portfolio consists of 18,747 auto loans, where the average current balance is Eur7,533 and the largest is for Eur108,121. Borrower Type: individual – 95.56%, company – 4.44%. Borrower concentration (by current balances): top obligor – 0.08%, top 5 – 0.27%, top 20 – 0.71%. Interest Rate type: fixed – 87.94%, floating – 12.06%. The WA seasoning is 13.4 months. Regional concentration: Porto – 26.4%, Lisbon 16.5%, Aveiro 11.6% and Braga – 8.1%.
CRR: The Originator will undertake to retain, on an ongoing basis, a material net economic interest of not less than 5% of the nominal amount of the securitised exposures through total or partial retention of the Class D Notes and of the Class E Notes until the Final Legal Maturity Date in accordance with Article 405(1)(d) of the CRR and Article 51(1)(d) of the AIFMR.
Compare/contrast: Thetis Finance No. 1 plc, Pelican Finance No 1 plc, FTA Santander Consumer Spain Auto 2016-2