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Bavarian Sky S.A (Comp German Auto Leases 5) : 25 September 2019


As per the earlier transactions (prospectus available on EuroABS), the issue is backed by a portfolio of loan receivables secured on certain cars. BMW Bank is the seller of the receivables and it is one of Germany’s leading automotive banks.

Eligibility criteria (includes): is denominated and payable in Euros; has a fixed interest rate and is fully amortising; at least two due loan instalments have been fully paid; is subject to the laws of Germany; the debtor is neither an employee of BMW nor an officer of BMW.

At the cut-off date (31 August 2018) the portfolio consisted of 114,975 leases. Debtor concentration: top 1 - 0.04%, top 5 - 0.14%, top 20 - 0.40%. Client type: commercial 57.85%, private 42.15%. Vehicle type: new 98.94%, used 1.06%. WA seasoning is 8.67 months.

EU Risk Retention: The seller has undertaken to retain, on an ongoing basis, at least 5% of the nominal amount of the securitised exposures by retaining the Class B Notes and, in its capacity as Subordinated Lender, providing the Subordinated Loan.

US Risk Retention: The seller does not intend to retain at least 5% of the credit risk of the Notes for the purpose of US Risk Retention rules, but intends to rely on an exemption provided for in Section _20 of the US Risk Retention rules regarding non-US transactions.

Compare/contrast: Bavarian Sky S.A. (Comp German Auto Leases 4), Bavarian Sky S.A. German Auto Loans (Compartment 8)