Autoflorence 1 SRL: 11 August 2019
The principal source of payment of interest and repayment of principal on the notes will be the collections made in respect of monetary claims and connected rights arising out of consumer loan agreements entered into by Findomestic Banca S.p.A., as Originator, and certain Debtors, and purchased by the Issuer from the Originator pursuant to the Master Receivables Purchase Agreement.
Findomestic was established in September 1984 in order to create a new entity, BNP Paribas Personal Finance S.A. The entity was created with the purpose of granting consumer loans to retail customers, primarily for the purchase of household appliances and vehicles. In 1989, Findomestic opened 6 branches in Italy offering mostly personal loans and started to commercialise its own credit cards. In 1998, Findomestic carried out the first consumer loan securitisation in Italy, Dolfin N.1 Limited.
Eligibility / common criteria (includes): Loans in respect of which Findomestic is the only lender; Loans whose Debtors are individuals resident and domiciled in the Republic of Italy; Loans granted pursuant to Loan Agreements governed by the laws of the Republic of Italy; denominated in euro that do not contain provision for the conversion of the Loan into any other currency; Loans disbursed for the only purpose of financing the supply of the Vehicles; at least two Instalments have become due and payable; no Instalment is due and unpaid.
The portfolio comprises of 105,202 fixed-rate loans advanced to 104,732 clients, where the average principal due is Eur9,030. The WA seasoning is 14.89 months. Regional distribution: Lombardia – 24.95%, Piemonte – 13.48% and Veneto – 9.80%.
EU Risk Retention: The Originator has undertaken that it will retain, on an on-going basis, a material net economic interest of not less than 5% in the Securitisation in accordance with option (a) of Article 6(3) of the EU Securitisation Regulation.
US Risk Retention: The Securitisation will not involve risk retention by the Originator for the purposes of the final rules promulgated under Section 15G of the Securities Exchange Act of 1934. The Originator intends to rely on an exemption provided for in Section __.20 of the U.S. Risk Retention Rules regarding non-U.S. transactions that meet certain requirements.
Compare/contrast: Florence SPV S.r.l. (2013)