Golden Bar S.r.l 2018-1: 02 May 2018
After an absence of a year and a half, another transaction in the long-running series of Golden Bar securitisations.
The principal source of funds available to the issuer for the payment of amounts due on the notes will be collections and recoveries received in respect of the claims arising from the loans granted to certain borrowers and owed to Santander Consumer Bank SpA. The claims will be purchased by the issuer from Santander Consumer Bank pursuant to the terms of the Master Transfer Agreement. The Loans are all consumer loans granted as personal loans without any specific destination, or aimed at funding the purchase of vehicles or other assets or services.
Eligibility criteria (includes): loans governed by Italian law; loans entered into and fully advanced by Santander Consumer Bank; granted and denominated in Euros; providing a fixed rate of interest; providing a monthly amortisation plan; at least one Instalment, including a principal component and an interest component which has already fallen due, has been duly paid.
The initial portfolio consists of 60,070 loans. Portfolio by typology (by no. of loans & current % balances): New Car Loans 34,338/59%, Used Car Loans 14,440/18% and Personal Loans 11,292/23%. Regional concentration (by current balances): North 43.75%, South 32.62% and Centre 23.64%.
CRR 405: The Seller has undertaken that it will retain a material net economic interest of at least 5% in the Securitisation in accordance with Article 51 of the AIFM, Article 405 of the CRR and Article 254 of the Solvency II Regulation and the Bank of Italy Instructions so long as the notes are outstanding
Compare/contrast: Golden Bar Srl 2016-1, Auto ABS Italian Loans 2018-1, Quarzo CQS Srl (2018)