BBVA Consumer Auto 2018-1: 17 June 2018
The Fund’s activity is (i) to acquire a number of receivables owned by the Originator (BBVA) under consumer loans granted to individuals resident in Spain for financing the purchase of new or used vehicles, assigned by the Originator to the Fund, comprising the Receivables acquired by the Fund upon being incorporated and the Receivables subsequently acquired during the Revolving Period, and (ii) to issue asset-backed notes the subscription for which is designed to finance the acquisition of the Initial Receivables.
Eligibility criteria (includes): that the Obligors are individuals resident in Spain other than an employee, officer or director of the Originator; the Loan is denominated in Euros; the Loan principal has already been fully drawn down; the Loan is established at a fixed interest rate; the Loan has no payments more than fifteen (15) days overdue; Loan interest and repayment instalment frequency is monthly; at least six (6) instalments have fallen due on the Loan.
The portfolio (as at 21 May 2018) comprised of 101,709 loans, where the average loan balance is Eur9,036 and the largest is for Eur64,328. The portfolio is highly granular, with the top 10 obligors accounting for just 0.064% of outstanding balances. All loans were advanced via the EMI (Equate Monthly Instalment) basis. Vehicle type (number of loans / % of current balances): New 55,352 / 56.36%, Used 46,357 / 43.64%. Regional concentration: Catalonia – 19.14%, Andalusia – 18.00%, Valencian Community – 11.99% and Madrid – 11.37%.
Significant investor: BBVA shall subscribe for 100% of the A, B and C Notes.
CRR 405: In compliance with the provisions of (i) Article 405 of Regulation 575/2013, (ii) Article 51 of the Regulation (EU) No 231/2013 and (iii) Article 254 of the Delegated Regulation (UE) 2015/35, the Originator has notified that it shall on an ongoing basis retain a material net economic interest in the Fund on the terms required by Regulation 575/2013.
US Risk Retention: The transaction will not involve the retention by the Originator of at least 5 per cent of the credit risk of the Issuer for the purposes of the U.S. Risk Retention Rules, but rather will be made in reliance on an exemption provided for in Section 20 of the U.S. Risk Retention Rules regarding non-U.S. transactions.
Compare/contrast: Driver Espana Five, Caixabank Consumo 4, FTDA