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FTPYME Santander 13 F.T.A.: 28 January 2018

Another cash securitisation of small and medium-sized enterprises and self-employed individual loans which have been extended to obligors located in Spain. The originators are Banco Santander (96.91%), Banesto (1.59%) and Banif (1.50%). The portfolio will consist of credit lines and standard loans, some secured by real estate and some unsecured, used mainly to fund general working capital and long-term business expansion.

The portfolio consists of 61,893 credit lines advanced to 52,938 obligors and, at the closing date, no asset was more than 30 days in arrears. Debtor concentration: top 1 – 0.90%, top 10 – 4.60%. The WA seasoning is 1.51 years. Regional concentration: Madrid 21.9%, Catalunya 18.0%, Andalucia 14.7%.

CRR 405: In compliance with the provisions of Article 405 of Regulation 575/2013, the Originator has notified the Manager that it will retain a significant net financial interest in the Fund on an ongoing basis under the terms required by Regulation 575/2013. The Originator, in its capacity as securitisation originator, will undertake in the Deed of Incorporation to retain, on an ongoing basis, Series C Bonds representing at all times at least 5% of the nominal value of the securitised exposures.

Compare/contrast: FTPYME Santander 12 FTA, IM FTPYME Sabadell 11