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PBD Germany Auto 2018: 28 October 2018

The Notes are backed by a portfolio of loan claims secured by security interests in certain cars located in Germany, where the Issuer will, on or before the Closing Date, purchase and acquire from PSA Bank Deutschland GmbH the Receivables and Related Collateral constituting the Portfolio.

Eligibility criteria (includes): it arises under an Auto Loan Contract which complies with the Auto Loan Contracts Eligibility Criteria and has been originated in the ordinary course of the Seller's business in accordance with its underwriting and management procedures and is based on the Seller's general terms and conditions of business; the loan facility under the Auto Loan Contract from which it derives has been fully drawn; the Auto Loan Contract was executed with a Retail Customer for the acquisition of a New Car or a Used Car; it is payable in Euros; it is not a Defaulted Receivable and more generally is not doubtful, or subject to any kind of litigation or moratorium and not a Restructured Receivable; the Auto Loan Contract from which it derives amortises on a monthly basis and gives rise to monthly Loan Instalments, in respect of which at least one Loan Instalment has been paid by the relevant Debtor; the relevant Debtor is domiciled in Germany as of the signature date of the relevant Auto Loan Contract.

The portfolio consists of 64,942 loans, where the average current outstanding balance is Eur10,266 and the largest is for Eur48,832. Vehicle type (by number / outstanding balance): new 45,106/81.15%, used 19,836/18.85%. Customer type (by number / outstanding balance): consumer 45,692/66.54%, commercial 19,250/33.46%. Amortisation type (by number / outstanding balance): Balloon 41,069/74.84%, Standard 23,873/25.16%. The WA seasoning is 18.03 months. Regional concentration: Nordrhein-Westfalen 20.49%, Baden-Württemberg 15.25%, Hesse 10.81% and Bayern 10.69%.

Crédit Agricole Corporate and Investment Bank, NatWest Markets Plc and Santander Corporate & Investment Banking (each a Joint Lead Manager) will purchase the notes from the Issuer and will offer the Class A Notes, from time to time, in negotiated transactions or otherwise, at varying prices to be determined at the time of the sale. The Class B Notes will be purchased by PSA Bank Deutschland.

EU Risk Retention: In order to comply with the requirements of Article 405 paragraph (1)(d) of the CRR, the Seller will retain, on an ongoing basis until the earlier of (i) the redemption of the Class A Notes in full and (ii) the Final Maturity Date, the Class B Notes in an aggregate principal amount equal to at least 5% of the Aggregate Outstanding Note Principal Amount as of the Closing Date, subject always to any requirement applicable by law to it. Pursuant to the Subscription Agreement, the Seller undertakes to purchase and retain such Class B Notes and not to sell and/or transfer them (whether in full or in part) to any third party until the earlier of (i) the redemption of the Class A Notes in full and (ii) the Final Maturity Date.

Compare/contrast: Auto ABS Spanish Loans 2018-1, Auto ABS German Lease Master, Globaldrive Auto Receivables B.V 2018-A