Bavarian Sky S.A German Auto Loans (Compartment 7): 21 October 2017
As per the previous Bavarian Sky German Auto transactions (all prospectuses and investor reports available on EuroABS), the issue is backed by a portfolio of loan receivables secured on certain passenger cars, light commercial vehicles or motorcycles. BMW Bank is the seller of the receivables and it is one of Germany’s leading automotive banks.
Eligibility criteria (includes): is denominated and payable in Euros; has a fixed interest rate and is fully amortising; at least two due loan instalments have been fully paid; is subject to the laws of Germany; the debtor is neither an employee of BMW nor an officer of BMW.
At the cut-off date (30 September 2017) the portfolio consisted of 58,176 loans, of which 56,097 are balloon loans. The average outstanding balance is Eur18,775 and the average balloon amount is Eur11,173. Client type: private 73.59% and commercial 26.41%. Credit type: Balloon 98.77%, Equal Instalment Loan 1.23%. Debtor concentration: top 1 - 0.09%, top 5 - 0.38%, top 20 - 0.70%. Vehicle type: used 53.33% and new 46.67%. WA seasoning is 9.82 months.
CRR/405: BMW Bank GmbH, in its capacity as seller and as subordinated lender, 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 of Regulation (EU) No 575/2013 of the European Parliament. The seller will purchase and retain all Class B Notes for the life of the transaction in order to comply with the Risk Retention Rules.
Compare/contrast: Bavarian Sky SA German Auto Loans (Compartment 6), abc SME Lease Germany (Compartment 4), Globaldrive Auto Receivables B.V. 2017-A