Sapphireone Auto FCT 2019-1: 02 August 2019
The purpose of the Issuer is to issue Notes and Residual Units. The portfolio was purchased from Société Réunionnaise de Financement SA (SOREFI) and SOMAFI-SOGUAFI SA (SOMAFI-SOGUAFI) and comprises auto loan and auto lease receivables, originated by SOREFI or SOMAFI-SOGUAFI.
For more information in regard to SOREFI please see the Market Commentary for the Sapphireone Auto FCT 2017-1 transaction.
As at the cut-off date (30 June 2019) the provisional pool consisted of 23,590 loans/leases advanced to 21,309 lessees, where the average current balance of a Loan/Lease is Eur16,021, per lessee is Eur17,736, and the largest is Eur235,031.
Contract type (by number/current % balance): Loan 15,564/64.70%, Lease 8,026/35.30%. Borrower type (by number/current & balance): retail 18,989/76.89%, commercial 4,601/23.11%. Obligor concentration (by leases/current & balance): Top 1 91/0.38%, top 3 387/0.94%, top 10 616/2.03%. The WA seasoning is 10.3 mnths. Regional concentration: La Reunion – 52.40%, Guadeloupe – 25.02%, Martinique – 16.30% and Guyane 6.11%.
EU Risk Retention: Each Seller, as originator, has undertaken that, during the life of the Class A Notes, Class B Notes, Class C Notes and Class D Notes, it shall comply with Article 6 of Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017, laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and therefore retain on an ongoing basis a material net economic interest in the transaction which, in any event, shall not be less than 5%. Each Seller will ensure such retention requirement is satisfied by subscribing for Class E Notes on the Issue Date and retaining Class E Notes such that the total nominal value of such Class E Notes equals no less than (5%) of the nominal value of the securitised exposures in the Transaction for which it is the originator.
Compare/contrast: Sapphireone Auto FCT 2017-1, Auto ABS French Leases 2018, Bumper 10 Finance B.V.