Globaldrive Auto Receivables UK 2018-A : 01 June 2018
Another securitisation from originator FCE Bank plc, where the notes will be backed by a pool of new and used car and light commercial vehicle receivables originated in the United Kingdom.
Eligibility criteria (includes): is payable in Stg; has a positive net present value; is evidenced by a loan agreement entered into to finance the purchase of a new, ex-demonstration or used car or light commercial vehicle; arises from a loan agreement that has been entered into with a borrower residing in the European Economic Area; has had at least one full payment applied; has been originated within the last 18 months; is not more than 30 days delinquent.
The transaction has a revolving period which will begin on the closing date and end on the earlier of (a) the occurrence of an early amortisation event and (b) the payment date falling in May 2019 following the final sale of receivables from the seller to the issuer on such date.
The initial portfolio is highly granular and, as of the cut-off date, the pool was comprised of 30,682 fixed-rate loan contracts. The average NPV loan size is Stg13,213 and the largest is Stg40,807. Vehicle type (by NPV): new 90.87%, used 9.13%. Customer type (by NPV): private 92.24%, commercial 7.76%. The WA seasoning is 4.1mnths. Regional concentration: East of England 15.19%, North West 13.59%, South East 13.50%, West Midlands 12.15% and Scotland 7.57%.
CRR: The Class C notes will be purchased by FCE, as the originator, pursuant to and in accordance with the Junior Note Purchase Agreement. FCE will retain on an ongoing basis a material net economic interest of not less than 5% in this securitisation transaction in accordance with Article 405 of the CRR.
Compare/contrast: Globaldrive Auto Receivables UK 2017-A, E-Carat plc-Series 9, Private Driver UK 2018-1