Globaldrive Auto Receivables B.V 2018-A: 18 October 2018
As per previous transactions, this is an auto loan receivables deal originated by the German branch of FCE Bank plc and is backed by a pool of new, ex-demonstration and used car and light commercial vehicle loan receivables originated in Germany by FCE Bank plc through its German branch. The securitised loans are either fully amortising standard loans or partially amortising balloon loans with a large balloon payment when the contract ends.
Eligibility criteria (includes): is payable in Euro; 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; is not more than 30 days delinquent.
The static portfolio is highly granular and, as of the cut-off date, the pool was comprised of 46,516 fixed-rate loan contracts. Originator: FCE Germany – 83.19%, Ford Bank – 16.81%. The average NPV loan size is Eur17,526 and the largest is Eur67,878. Vehicle type (by NPV): new - 85.97%, ex-demo - 9.65% and used - 4.38%. Customer type (by NPV): private - 90.71%, commercial - 9.29%. Loan type: TCM - 81.27%, Standard - 18.73%. The WA seasoning is 7.2 months. Regional concentration: Nordrhein-Westfalen - 29.71%, Baden-Wurttemberg - 13.39%, Bayern - 11.70% and Niedersachsen - 8.36%.
CRR: For so long as the listed notes are outstanding, FCE, as the originator, will retain the Class C notes which constitute, as at the closing date, a material net economic interest of not less than 5% of the nominal amount of the securitised exposures in this securitisation transaction in accordance with Article 405 paragraph (1) sub (d) of the CRR, Article 51 paragraph (1) sub (d) of the AIFMR and Article 254 paragraph (2) sub (d) of the Solvency II Regulation. The Class C notes represent 5.01% of the nominal amount of the securitised exposures as at the closing date.
US Risk Retention: The issuance of the notes is not designed to comply with the U.S. Risk Retention Rules other than under the "foreign offering" exemption from the U.S. Risk Retention Rules, and no other steps have been taken by the issuer, the seller, the joint arrangers or the joint lead managers or any of their affiliates or any other party to accomplish such compliance.
Compare/contrast: Globaldrive Auto Receivables BV 2017-A, Driver Germany Fifteen GmBH, abc SME Lease Germany (Compartment 5)