Sapphireone Auto FCT 2017-1: 22 December 2017
The purpose of the Issuer is to issue Notes and Residual Units. The portfolio was purchased from Société Réunionnaise de Financement SA (SOREFI) and SOMAFI-SOGUAFI SA (SOMAFI-SOGUAFI) and comprises auto loan and auto lease receivables, originated by SOREFI or SOMAFI-SOGUAFI.
SOREFI was created in 1972 and has specialised over the years in consumer finance, equipment finance and car/vehicle financing. The company joined General Electric Group in 1995 when General Electric took over French banking institutions (SOVAC and Crédit de l’Est) together with their affiliates in French Overseas Territories. SOREFI has since then been part of GE Money Bank until 2017 when GE Money Bank France was purchased from General Electric by Cerberus Capital Management, L.P.
SOMAFI-SOGUAFI SA is duly licensed as a financing company and has been operating and growing in the Caribbean region for more than 50 years, offering financing of new and pre-owned cars, capital goods, furniture and appliance. Both SOMAFI and SOGUAFI joined General Electric Group in 1995 when General Electric took over French banking institutions (SOVAC and Crédit de l’Est) together with their affiliates in French Overseas Territories. Both entities have since then been part of GE Money Bank until 2017 when GE Money Bank France was purchased from General Electric by Cerberus.
As at the cut-off date (30 September 2017) the provisional pool consisted of 39,122 loans/leases, where the average current balance of a Loan/Lease is Eur13,477 and the largest is Eur218,036.
Contract type (by number/current & balance): Loan 28,454/63.59%, Lease 10,668/36.41%. Borrower type (by number/current & balance): Individual 31,362/73.95%, SME 7,760/26.05%. Obligor concentration (by leases/current & balance): Top 1 385/0.42%, top 3 758/0.95%, top 10 977/2.00%. The WA seasoning is 18 mnths. Regional concentration: La Reunion – 53.55%, Guadeloupe – 24.32%, Martinique – 16.40% and Guyane 5.73%.
CRR 405: Each Seller, as originator, has undertaken that, during the life of the Class A Notes, Class B Notes, Class C Notes, Class D Notes and Class E Notes, it shall comply with Article 405 paragraph (1) of the Regulation (EU) No. 575/2013 of the European Parliament and the Council of 26 June 2013, Article 51 paragraph (1) of Section 5 of Chapter III of the Commission Delegated Regulation (EU) No. 231/2013 of 19 December 2012, and Article 254(2) of the Commission Delegated Regulation (EU) 2015/35 of 10 October 2014, and shall therefore retain on an ongoing basis a material net economic interest in the transaction which, in any event, shall not be less than 5%. Each Seller will subscribe on the Issue Date Class F Notes such that the total nominal value of the Class F Notes so subscribed equals no less than 5% of the nominal value of the securitised exposures for which it is the originator.
Compare/contrast: FCT Ginkgo Sales Finance 2017-1, Driver France 3 FCT