Globaldrive Auto Receivables UK 2017-A : 24 June 2017
Another securitisation from originator FCE Bank plc, where the notes will be backed by a pool of new and used car and light commercial vehicle receivables originated in the United Kingdom.
Eligibility criteria (includes): is payable in Stg; has a positive net present value; is evidenced by a loan agreement entered into to finance the purchase of a new, ex-demonstration or used car or light commercial vehicle; arises from a loan agreement that has been entered into with a borrower residing in the European Economic Area; has had at least one full payment applied; has been originated within the last 18 months; is not more than 30 days delinquent.
The transaction has a revolving period which will begin on the closing date and end on the earlier of (a) the occurrence of an early amortisation event and (b) the payment date falling in July 2018 following the final sale of receivables from the seller to the issuer on such date.
The initial portfolio is highly granular and, as of the cut-off date, the pool was comprised of 40,665 fixed-rate loan contracts. The average NPV loan size is Stg11,630 and the largest is Stg42,310. Vehicle type (by NPV): new 85.23%, used 14.77%. Customer type (by NPV): private 94.13%, commercial 5.87%. The WA seasoning is 4.9mnths. Regional concentration: East of England 15.54%, North West 13.61%, West Midlands 12.95%, South East 12.89% and London 7.92%.
CRR: The Class C notes will be purchased by FCE, as the originator, pursuant to and in accordance with the Junior Note Purchase Agreement. FCE will retain on an ongoing basis a material net economic interest of not less than 5% in this securitisation transaction in accordance with Article 405 of the CRR.
Compare/contrast: Globaldrive Auto Receivables UK 2016-A, Driver UK (Series Five), E-Carat PLC - Series 8