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Silver Arrow S.A. Compartment 10: 19 July 2019

Another Silver Arrow transaction, where again the auto loan receivables secured by certain passenger cars and/or commercial vehicles and certain other collateral have all been originated by Mercedes-Benz Bank AG.

Eligibility criteria for inclusion in the pool (include): the loan receivable has been originated by the seller; each receivable has been originated in Germany for the sale of a financed vehicle in the ordinary course of the seller's business and none of the obligors is an affiliate of Mercedes-Benz Bank AG; the Obligor is not insolvent; the title to each vehicle is held by the seller; each loan receivable has an original term of no longer than 72 months; each loan receivable has a seasoning above or equal to one month; each obligor is a resident of Germany; no loan receivable is delinquent or defaulted; the monthly instalments are paid by direct debit; the brand of the respective financed vehicle is either a Mercedes or a Smart.

At the cut-off date (31 May 2019) the portfolio of 60,125 loans has been advanced to 57,730 obligors. Client type (by outstanding loan principal): private 61.69% and commercial 38.31%. Contract type (by outstanding loan principal): Used Private Balloon 35.87%, New Private Balloon 16.64%, New Commercial Balloon 14.47%, New Commercial Amortising 11.63%, Used Commercial Balloon 8.29%, others 13.10%. Vehicle type (by outstanding loan principal): used 54.55%, new 45.55%. The average outstanding principal is Eur20,790 and the largest is Eur149,171. The pool is highly granular, with the largest obligor accounting for just 0.03%, the top 5 for 0.11% and the top 20 obligors for 0.42%. Seasoning is a healthy 16.10 months.

EU Risk Retention: The Seller will retain, for the life of the transaction, a material net economic interest of not less than 5% in the transaction in accordance with Article 6(3)(c) of Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017. Such interest will be comprised of an interest in randomly selected exposures equivalent to not less than 5% of the nominal value of the securitised exposures.

US Risk Retention: The issuance of the Compartment 9 Notes was not designed to comply with the U.S. Risk Retention Rules other than the exemption under Section _.20 of the U.S. Risk Retention Rules, and no other steps have been taken to accomplish such compliance.

STS: As of the Issue Date, the Transaction 10 is intended to meet the requirements for simple, transparent and standardised non-ABCP securitisations provided for by Articles 19 to 22 of the Securitisation Regulation.

Compare/contrast: Silver Arrow Comp 9, SC Germany Mobility 2019-1, Volkswagen Car Lease No.28 Ltd