Multi Lease (2018) AS S.r.l: 10 November 2018
The third in the series of Multi Lease transactions, and where the principal source of payment of interest and principal on the notes will be collections and recoveries received in respect of receivables arising out of Lease Contracts entered into by Sardaleasing SpA (Sardaleasing).
Sardaleasing SpA is one of the longest standing Italian leasing companies: it was founded in 1979 and is one of the founding shareholders of the Assilea Trade Association. It is a member of the BPER Group and is indirectly owned through Banco di Sardegna. The commercial business of the company is focused on the grant of lease financing of all the main types offered on the market: real estate, equipment, motor vehicle and nautical segment lease financing.
The originator has entered into the Lease Contracts primarily with small and medium sized private businesses and other individual entrepreneurs. Eligibility criteria (includes): the Instalments are denominated in Euro; the Lease Contracts provide for a floating interest rate or a fixed interest rate; at least one of the Instalments is due and has been paid; there are no Instalments due and unpaid; the Lease Contracts are regulated by Italian law.
The Sarda Portfolio comprises receivables arising out of 5,273 Lease Contracts for an original aggregate financed amount of Eur1,135mln. Pool by collateral type (outstanding contracts & percentage of outstanding principal): Real Estate 1,777 – 70.56%, Equipment 1,618 – 16.14%, Vehicle 1,567 – 5.59%, Energy 103 – 4.42%, and Vessels 208 – 3.29%. The average original lease amount is approximately Eur392,000 and there is no single Lease Contract with an outstanding principal greater than Eur7.470mln. Regional concentration: Northern Italy 62.69%, Southern Italy & Islands 25.32% and Central 11.99%
EU Risk Retention: Under the Intercreditor Agreement, the Originator has undertaken (i) to retain as at the Issue Date and on an ongoing basis a material net economic interest not lower than 5% in the Securitisation and (ii) to make available, on the Issue Date and then on a quarterly basis, certain information to prospective investors, which will be made available in the Investors Report.
Compare/contrast: Multi Lease (2016), Adriano Lease SEC (2017) S.r.l