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SC Germany Auto 2019-1: 01 December 2019

Santander Consumer Bank AG brings another auto loan transaction to the market with assets similar to previous transactions insofar as they are backed by a portfolio of loan claims secured by security interests in certain passenger cars, motor cycles and trailers located in Germany.

The portfolio eligibility criteria includes: was originated on or after 11 June 2010; is denominated and payable in euro; the loan contract has not been terminated; the relevant contract has been fully drawn by the relevant debtor; has a fixed interest rate and is fully amortising through payment of constant monthly instalments; the receivable is owed by a person who is a consumer (Verbraucher) within the meaning of Section 491(1) of the German Civil Code; is not a delinquent receivable; at least two due loan instalments have been fully paid for the receivable prior to the purchase date; is subject to German law; the debtor is either a private individual resident in Germany or a self-employed individual resident in Germany.

The Notes will be governed by the laws of the Federal Republic of Germany.

The portfolio consists of 41,677 loans with an average current balance of Eur14,396 (average original balance was Eur15,769). The pool is highly granular with the largest obligor accounting for just 0.0434% of total balances and the top 25 obligors for only 0.5481%. Loan type with Balloon payments: No - 55.07%, Yes – 44.93%. Purpose of loan (by total balances): used car 60.0%, new car 40.0%. The WA seasoning is 10.42mnths. Regional concentration (by total current balances): Nordrhein-Westfalen 21.03%, Bavaria 11.84%, Lower Saxony 10.36% and Baden-Württemberg 9.88%.

Banco Santander S.A, ING Bank NV, Societe Generale, and Wells Fargo Securities International Limited will purchase the notes from the Issuer and will offer the Class A Notes, from time to time, in negotiated transactions or otherwise, at varying prices to be determined at the time of the sale. The Class B Notes will be purchased by Banco Santander S.A. and sold on to the Seller.

EU Risk Retention: The Seller will, whilst any of the Notes remain outstanding, retain for the life of the Transaction a material net economic interest of not less than 5% with respect to the Transaction in accordance with Article 6(3)(d) of Regulation (EU) 2017/2042. The Seller will retain, on an on-going basis until the earlier of (i) the redemption of the Class A Notes in full or (ii) the Legal Maturity Date, a first loss tranche constituted by the claim for repayment of the outstanding loan advance of initially EUR 2,775,000 (as of the Note Issuance Date, as reduced from time to time) made available by the Seller in its capacity as Subordinated Loan Provider to the Issuer under the Subordinated Loan Agreement as of the Note Issuance Date.

STS: This Transaction meets the requirements for simple, transparent and standardised non-ABCP securitisations provided for by Articles 19 to 22 of the Securitisation Regulation.

Compare/contrast: SC Germany Auto 2018-1, Volkswagen Car Lease No.29 Ltd, Bumper DE 2019-1