Trafigura Securitisation Finance 2017-1: 02 July 2017
After an absence of almost 3 years, the Trafigura name re-appears in the market. similar transaction to Trafigura 2012-1, where the proceeds of the issue will be used by the issuer to purchase selected receivables from Trafigura Beheer BV pursuant to the Receivables Sale Agreement (as described in the offering circular) and, to the extent not so used, to repay, in part, the CP Funded Notes of the issuer.
The Specified Commodities, as of the date of the prospectus are: crude oil, oil products, non-ferrous metals, non-ferrous metal concentrates, iron ore, coal and refined metals.
For information on Concentration, Maximum Obligor Limit, Maximum Group Limit and Maximum Country Limit, please see the relevant section in the prospectus (available via the website www.euroabs.com)
CRR 405: TGPL (in its capacity as Junior Subordinated Lender) will undertake … that it will retain a material net economic interest of at least 5% in accordance with each of Article 405 of Regulation (EU) No.575/2013, Article 51 of Regulation (EU) No 231/2013, and Article 254 of Regulation (EU) 2015/35. As at the Closing Date, such interest will be comprised of an interest in the first loss tranche, in this case the Junior Subordinated Loan Agreement.
TGPL has determined that the Issuer is a "revolving pool securitization" (within the meaning given to such term in the U.S. Risk Retention Rules). In order to satisfy its obligations under the U.S. Risk Retention Rules, TGPL will accordingly maintain a "seller's interest" of not less than 5% of the "aggregate unpaid principal balance of all outstanding investor ABS interests".
Compare/contrast: Trafigura Securitisation Finance 2014-1