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Orbita Funding 2017-1 Plc: 25 November 2017


After a gap of almost 18 months the Orbita name re-surfaces with another standalone transaction, where the issuer will make payments on the notes from a portfolio comprising of receivables under or in connection with Conditional Sale Contracts and Hire Purchase Contracts (including PCP Contracts) originated by Close Brothers Limited.

The provisional portfolio (as at 2 October 17) comprises 43,970 agreements, where the average current outstanding principal balance is £7,038 and the largest is for £73,893. The APR ranges from 3.20% - 30.00%. The WA original term is 49.53 months and the WA remaining term is 38.56 months. Distribution by type of Contract (by current balance): Used car – 68.30%, Used LCV 16.57%, new LCV - 8.09%, new car – 3.61%, others – 3.43%. Distribution by Product: Conditional Sale/ Hire Purchase – 81.75%, PCP – 18.25%. Customer Type: individual – 79.44%, corporate – 20.56%. Regional concentration: South East – 12.56%, East of England – 10.88% and the North West – 10.19%.

CRR 405: The Seller will retain for the life of the transaction a material net economic interest of not less than 5% in the securitisation in accordance with the text of paragraph (1)(d) of Article 405 of Regulation (EU) No 575/2013, paragraph (d) of Article 51(1) of Regulation (EU) No 231/2013 and paragraph (d) of Article 254(2) of the Commission Delegated Regulation (EU) 2015/35 of 10 October 2014.

US Risk Retention: The Seller does not intend to retain at least 5% of the credit risk of the securitised assets for purposes of compliance with the final rules promulgated under Section 15G of the Securities Exchange Act of 1934, as amended, but rather intends to rely on an exemption provided for in Section 20 of the U.S. Risk Retention Rules regarding non-U.S. transactions.

EEA RETAIL INVESTORS - The Notes are not intended, from 1 January 2018, to be offered, sold or otherwise made available to and, with effect from such date, should not be offered, sold or otherwise made available to any retail investor in the European Economic Area.


Compare/contrast: Orbita Funding 2016-1 Plc, Marketplace Originated Consumer Assets 2017-1, PCL Funding III Plc (Series 2017-2)