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Vela Consumer 2 Srl (2017): 08 December 2017

This will be the second securitisation from originator Banca Nazionale del Lavoro S.p.A where the principal source of payment of interest and variable return and of repayment of principal on the notes will be the collections and recoveries made in respect of monetary claims and connected rights arising out of consumer loan agreements.

Eligibility criteria (includes): loans denominated in euro; performing loans in respect of which no instalment is due but not paid; loans with a fixed rate, with monthly instalments; repayment of principal has already commenced; loans in respect of which no instalments are due but not paid; have been fully disbursed; granted to debtors resident in Italy.

The portfolio consists of 36,174 fixed-rate loans, where the Average Current Loan Amount is Eur16,238. The WA seasoning is 1.37 years. Geographic concentration: Centre 36.4%, South 36.0% and North 27.6%.

CRR 405: BNL, in its capacity as originator, has undertaken that: (i) so long as the notes are outstanding it will retain a material net economic interest of at least 5% in the securitisation in accordance with option (d) of Article 405, the Bank of Italy Instructions and option (d) of Article 51; (ii) the Junior Notes retained in compliance with the above shall not be subject to any credit risk mitigation or any short protection or other hedge, as to the extent required by Articles 405-410 (inclusive) of the CRR and chapter 3 section 5 of the AIFMR.

Compare/contrast: Vela Consumer Srl (2015), Azzurro SPV Srl, Sunrise SPV 20