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Red & Black Auto Germany 5 S.A: 11 March 2018

Another static cash securitisation of auto loans originated in Germany by Bank Deutsches Kraftfahrzeuggewerbe AG, controlled by Société Générale. The portfolio of underlying assets consists of auto loans distributed through car dealerships in Germany.

As of 31 January 2018, the portfolio consists of 86,258 fixed income loan contracts advanced to 86,106 debtors. The average balance per debtor is Eur11,750, and the portfolio is highly granular with the top 20 debtors accounting for just 0.22% of outstanding balances. Loan type (by current balances): balloon 55.83%, amortising 44.17%. All loans are serviced monthly. Vehicle type (by current balances): new 24.94%, newly used 39.55% and used 35.52%. Client type: private 85.67%, commercial 14.33%. The WA original LTV was 88.11% and the WA seasoning is 10.63mnths. Regional concentration (by balance outstanding): Northrhein-Westphalia 16.65%, Bayern 16.59%, Baden-Wurttemburg 13.40% and Niedersachsen 9.75%.

Please note, Société Générale SA will purchase all notes on the closing date (subject to certain conditions) and may from time to time subsequently offer notes at terms (including varying prices) and pursuant to documentation to be agreed and determined at the time of sale.

CRR 405: The Originator confirms that it has covenanted with the Issuer under the Trust Agreement that the Originator will, during the life of the transaction and on an ongoing basis, (i) retain all Class B Notes and (ii) grant the Sub-Loan to the Issuer. As at the Closing Date, this corresponds to the material net economic interest of not less than 5.0% in the meaning of Article 405 (1) (d) of the CRR.

Compare/contrast: Red & Black Germany Auto 4, Volkswagen Car Lease No.25 Ltd