Bumper UK 2019-1: 06 June 2019
This will be the fourth Bumper transaction to feature UK car leases, where the Issuer will make payments on the Notes from an initial portfolio comprising Lease Receivables, RV Claims and Final Balloon Payment Receivables originated by LeasePlan UK Limited which will be purchased by the Issuer on the Closing Date.
The portfolio consists of 37,764 lease agreements. Product type (no. lease agreements / % of discounted balance): Operating lease 30,873 / 83.58%, Finance lease 5,333 / 16.64%, Contract purchase 1,015 / 2.60% and Lease purchase 543 / 1.18%. Business Sector (no. lease agreements / % of discounted balance): SME/Retail 21,505 / 61.15%, Corporate 14,729 / 35.35%, Public sector 1,530 / 3.51%. Regional concentration (% of discounted balance): South East 27.75%, South West 13.28%, North West 13.11% and London 11.60%.
Significant Investor: LPUK will, on the Closing Date, purchase 100% of the Class C Notes. It is expected that LPC will, on the Closing Date, purchase 100% of the Class B Notes.
EU Risk Retention: On the Closing Date and while any of the Notes remain outstanding, LPUK will, as an originator for the purposes of Regulation (EU) 2017/2402, retain a material net economic interest of not less than 5% in the securitisation as required by Article 6(1) of the Securitisation Regulation. As at the Closing Date, the Retention will comprise LPUK holding the first loss tranche, namely the Class C Notes.
US Risk Retention: LPUK, as the sponsor under the final rules promulgated under Section 15G of the Securities Exchange Act of 1934, does not intend to retain at least 5% of the credit risk of the securitised assets for the purposes of compliance with the U.S. Risk Retention Rules, but rather intends to rely on an exemption provided for in Section 20 of the U.S. Risk Retention Rules regarding non-U.S. transactions.
STS: As at the Closing Date, a notification will be submitted to the European Securities and Markets Association (ESMA) in accordance with Article 27 of the Securitisation Regulation that the requirements of Articles 19 to 22 of the Securitisation Regulation have been satisfied with respect to the Notes.
Compare/contrast: Bumper 8, E-Carat plc - Series 10