Driver Italia One Srl: 28 June 2018
This will be the first securitisation of VW’s Italian auto loans. The proceeds of the issue of the notes will be applied by the Issuer to fund the purchase of an initial pool of monetary receivables and other connected rights (Purchased Receivables) arising from a portfolio of auto loans (finanziamenti) granted by Volkswagen Bank GmbH - Italian Branch. The principal source of payment of interest and repayment of principal on the notes will be collections and recoveries made in respect of the purchased receivables.
Eligibility criteria (includes): are denominated and payable in EUR; VW Bank may dispose of the Purchased Receivables free from rights of third parties and free from other encumbrances; no Purchased Receivable is overdue; none of the Borrowers is an employee of VW Bank; are governed by the laws of Italy; at least two instalments have been paid in respect of each of the Purchased Receivables.
As at the cut-off date, the provisional pool consists of 60,597 loan contracts where the average outstanding discounted receivable is Eur8,251 and the largest is Eur71,764. Customer Type (by current balances): retail 99.99%, corporate 0.01%. Type of Credit: Classic credit – 71.17%, Auto credit – 28.82%, Balloon credit – 0.01%. Type of Car: new 92.23%, used 5.26% and young used 2.51%. The WA seasoning is 15.96 mnths. Regional distribution: Lombardia – 22.00%, Toscana – 11.14%, Veneto – 10.90% and Lazio – 7.79%.
CRR 405: The Seller 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, Article 51 of Regulation (EU) No 231/2013 of 19 December 2012 and Article 254 of Regulation (EU) 2015/35 of 10 October 2014. As of the Issue Date, such interest will be comprised of an interest in randomly selected exposures, equivalent to no less than 5% of the nominal amount of the securitised exposures.
US Risk Retention: The issuance of the Rated Notes was not designed to comply with the U.S. Risk Retention Rules other than the exemption under Section _.20 of the U.S. Risk Retention Rules, and no other steps have been taken by the Issuer, the Seller, the Arranger, the Joint Lead Managers, the Bookrunners or the Managers or any of their affiliates or any other party to accomplish such compliance.
Compare/contrast: Driver Germany Fourteen GmbH, Auto ABS Italian Loans 2018-1, A-Best 15