Bavarian Sky S.A German Auto Loans (Compartment 8): 16 May 2018
As per the previous Bavarian Sky German Auto transactions (all prospectuses and investor reports available on EuroABS), the issue is backed by a portfolio of loan receivables secured on certain passenger cars, light commercial vehicles or motorcycles. BMW Bank is the seller of the receivables and it is one of Germany’s leading automotive banks.
Eligibility criteria (includes): is denominated and payable in Euros; has a fixed interest rate and is fully amortising; at least two due loan instalments have been fully paid; is subject to the laws of Germany; the debtor is neither an employee of BMW nor an officer of BMW.
At the cut-off date (30 April 2018) the portfolio consisted of 56,071 loans, of which 54,435 are balloon loans. The average outstanding balance is Eur19,177 and the average balloon amount is Eur11,433. Client type: private 73.49% and commercial 26.51%. Credit type: Balloon 99.08%, Equal Instalment Loan 0.92%. Debtor concentration: top 1 - 0.05%, top 5 - 0.25%, top 20 - 0.65%. Vehicle type: used 52.43% and new 47.57%. WA seasoning is 9.07 months.
CRR/405: BMW Bank GmbH, in its capacity as seller and as subordinated lender, will retain for the life of the transaction a material net economic interest of not less than 5% in the transaction in accordance with Article 405 of Regulation (EU) No 575/2013 of the European Parliament. The seller will purchase and retain all Class B Notes for the life of the transaction in order to comply with the Risk Retention Rules.
Compare/contrast: Bavarian Sky S.A. German Auto Loans (Compartment 7), Volkswagen Car Lease No.26 Ltd, Red & Black Auto Germany 5 S.A.