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SC Germany Consumer 2017-1: 30 November 2017

The seventh transaction in the SC Germany consumer series, where the notes are backed by a portfolio of receivables under general purpose consumer loans originated by Santander Consumer Bank AG.

The notes are backed by a portfolio of receivables under general purpose consumer loans originated by Santander Consumer Bank AG, some of which are secured by certain collateral. The issuer will, subject to certain requirements, on each Payment Date during a period of twelve months following the Note Issuance Date, purchase and acquire from the seller further receivables and related collateral offered by the seller from time to time.

Eligibility criteria for inclusion of the receivable in the pool (include): is subject to German law; was originated after 10 June 2010; is denominated and payable in euro; the loan contract has not been terminated; the loan facility under the contract has been fully drawn by the relevant Debtor; has a fixed interest rate and is fully amortising through payment of constant monthly instalments; is not, as of the purchase date, a delinquent receivable; at least two due loan instalments have been fully paid for the receivable prior to the purchase date.

The portfolio comprises 85,611 loans with an average current loan balance of Eur9,928 (originally Eur11,521). It is highly granular, with the largest borrower accountable for only 0.0135% of current balances, and the top 25 for only 0.2480%. Collateral: secured 7,095 loans (21.26% of current balances); unsecured 78,516 loans (78.74%). Insurance cover (by current outstanding balances): Yes 82.02%, No 17.98%. The WA seasoning is 10.27mnths. Regional distribution (by current outstanding balances): Nordrhein-Westfalen 23.49%, Baden-Württemberg 12.03%, Bayern 11.55% and Niedersachsen 9.83%.

UniCredit Bank AG and Banco Santander S.A. will purchase the Notes from the Issuer and will offer the Notes, from time to time, in negotiated transactions or otherwise, at varying prices to be determined at the time of the sale.

CRR 405: With a view to support compliance with the requirements of Article 405, the seller will retain, in its capacity as originator within the meaning of Article 405 of the CRR, on an ongoing basis until the earlier of (i) the redemption of the Notes in full and (ii) the Legal Maturity Date, no less than 5% of each Class of Notes.

US Risk Retention: The issuance of the Notes was not designed to comply with the U.S. Risk Retention Rules other than the exemption under Section _.20 of the U.S. Risk Retention Rules, and no other steps have been taken by the Issuer, the Seller, the Arranger, the Joint Lead Managers or any of their affiliates or any other party to accomplish such compliance.

Compare/contrast: SC Germany Consumer 2016-1, SC Germany Auto 2017-1