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Newday Funding 2019-1: 11 June 2019


The transaction is collateralised by a pool of UK co-branded credit card, store card and instalment credit receivables via NewDay Ltd. NewDay acquired the portfolio in 2013 from Santander UK plc, from which it also took ownership of the related origination and servicing platform. With this acquisition NewDay became one of the largest specialist credit card companies in the UK, where it is also active in the near-prime credit card market. At present there are four active retailer agreements, namely Debenhams, House of Fraser, Arcadia Group and Laura Ashley, but there are also historical receivables in the pool from DFS, ASDA, Comet and others.


EU Risk Retention: NewDay Partnership Transferor plc will be the originator for the purposes of EU Regulation 575/2013 and EU Regulation 231/2013 and confirms that it will retain a material net economic interest of not less than 5% of the nominal value of the securitisation in accordance with Article 405 of the CRR and Article 51 of the AIFMR until the Series 2019-1 Final Redemption Date by way of a retention in accordance with paragraph 1(b) of Article 405 of the CRR and paragraph 1(b) of Article 51 of the AIFMR (such retention being in the form of the Originator VFN Loan Note).

US Risk Retention: The Transferor intends to satisfy the U.S. Credit Risk Retention Rules by maintaining a "seller's interest" (as defined and measured in accordance with the U.S. Credit Risk Retention Rules) in the Receivables equal to at least 5% of the aggregate unpaid principal balance of the outstanding notes of all series.

Compare/contrast: NewDay Funding 2018-2, NewDay Partnership 2017-1