Red & Black Auto Germany 6 UG: 25 November 2019
Another static cash securitisation of auto loans originated in Germany by Bank Deutsches Kraftfahrzeuggewerbe AG, controlled by Société Générale. The portfolio of underlying assets consists of auto loans distributed through car dealerships in Germany.
As of 31 October 2019, the portfolio consists of 88,492 fixed rate loan contracts advanced to 87,749 debtors. The average balance per debtor is Eur11,396, and the portfolio is highly granular with the top 20 debtors accounting for just 0.17% of outstanding balances. Loan type (by current balances): balloon 59.19%, amortising 40.81%. All loans are serviced monthly. Vehicle type (by current balances): new 19.27%, newly used 40.59% and used 40.14%. Client type: private 88.77%, commercial 11.23%. The WA original LTV was 88.81% and the WA seasoning is 13.46mnths. Regional concentration (by balance outstanding): Northrhein-Westphalia 16.74%, Bayern 16.62%, Baden-Wurttemburg 12.88% and Niedersachsen 9.53%.
Please note, Société Générale SA will purchase all notes on the closing date (subject to certain conditions) and may from time to time subsequently offer notes at terms (including varying prices) and pursuant to documentation to be agreed and determined at the time of sale.
EU Risk Retention: Bank Deutsches Kraftfahrzeuggewerbe AG, as originator, 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 paragraph 3c of the Securitisation Regulation. The originator will retain an interest in randomly selected exposures.
US Risk Retention: US Risk Retention: The Originator does not intend to retain at least 5% of the credit risk of the Issuer for the purposes of the U.S. Risk Retention Rules, but rather intends to rely on an exemption provided for in Section __.20 of the U.S. Risk Retention Rules regarding non-U.S. transactions.
STS: This transaction meets the requirements for simple, transparent and standardised non-ABCP securitisations provided for by Article 19-22 of the Securitisation Regulation.
Compare/contrast: Red & Black Germany Auto 5, RevoCar 2019-2, Silver Arrow S.A. Compartment 10