Newday Partnership Funding 2017-1: 21 October 2017
As per previous transactions under the NewDay Partnership name, the deal is collateralised by a pool of UK co-branded credit card, store card and instalment credit receivables via NewDay Ltd.
NewDay initially acquired the portfolio in 2013 from Santander UK plc, from which it also took ownership of the related origination and servicing platform. Subsequently, in May 2015, the NewDay Group re-launched the marbles credit card, originating into the 'near prime' segment of the UK credit card market. In November 2016, NewDay partnered with the travel and tourism company, TUI, to launch the Thomson Credit Card and, in January 2017, it partnered with Amazon to launch a co-brand credit card. In December 2016, NewDay launched an unsecured personal loan product currently marketed to selected existing own-brand credit-card customers. As at 31 July 2017, the NewDay Group operated approximately 5.1 million accounts with an aggregate balance of receivables of approximately £1.909 billion.
The Securitised Portfolio comprises Receivables existing and arising from accounts in the NewDay Group's co-brand credit card, store card and instalment credit business. The accounts within the Securitised Portfolio include those acquired from, inter alios, Santander UK in May 2013 and certain of those subsequently originated or acquired by NewDay Ltd.
As at the 31 July 2017 cut-off date, the portfolio consisted of 3,940,180 accounts: 627,254 with a Credit Balance and 1,871,080 with No Balance. Partner (by % of receivables): Debenhams 61.80%, Arcadia Group 14.16%, House of Fraser 11.89% and Laura Ashley 8.87%. Product (by % of receivables): Credit Card 72.16%, Store Card 27.91%, Instalment Card -0.07%.
CRR 405: NewDay Partnership Transferor plc will be the originator for the purposes of EU Regulation 575/2013 and EU Regulation 231/2013 and confirms that it will retain a material net economic interest of not less than 5% of the nominal value of the securitisation in accordance with Article 405 of the CRR and Article 51 of the AIFMR until the Series 2017-1 Final Redemption Date by way of a retention in accordance with paragraph 1(b) of Article 405 of the CRR and paragraph 1(b) of Article 51 of the AIFMR.
Volcker Rule: The Issuer is of the view that it is not, as of the date of the Prospectus and, immediately following the issuance of the Notes and the application of the proceeds thereof, it will not be, a "covered fund" as defined in the regulations adopted under Section 13 of the Bank Holding Company Act of 1956, as amended, commonly known as the "Volcker Rule".
Compare/contrast: NewDay Partnership 2014-1, Delamare Card Mtn Issuance, Gracechurch Card Programme Funding (2013) plc