Golden Bar S.r.l 2020-1: 01 March 2020
The principal source of funds available to the issuer for the payment of amounts due on the notes will be collections and recoveries received in respect of the claims arising from the loans granted to certain borrowers and owed to Santander Consumer Bank SpA. The claims will be purchased by the issuer from Santander Consumer Bank pursuant to the terms of the Master Transfer Agreement. The Loans are all consumer loans granted as personal loans without any specific destination, or are aimed at funding the purchase of vehicles.
Eligibility criteria (includes): loans governed by Italian law; loans entered into and fully advanced by Santander Consumer Bank; granted and denominated in Euros; receivables arising from Loans which provide for the repayment of principal in several instalments in accordance with the so-called “French method”, being the amortisation method pursuant to which all Instalments have a fixed amount and include a principal component determined at the relevant date of disbursement which increases over the time and a variable interest component which decreases over the time; arising from Loans granted to Borrowers who, as at the date of signing of the relevant Loan Agreement, are individuals; Loans which provide for a monthly amortisation plan; Loans which have at least one Instalment that has already fallen due and been paid.
The initial portfolio consists of 75,988 loans, advanced to 75,398 debtors, where the maximum debtor exposure is Eur61,062. Portfolio by typology (by no. of loans & current % balances): Standard 38,068 / 36.81%, Balloon 37,920 / 63.19%. Borrower concentration: top 5 0.036%, top 20 0.135%. The WA seasoning is 1.24 years. Regional concentration (by current balances): North 49.44%, South 28.36 and Centre 22.20%.
EU Risk Retention: Santander Consumer Bank, in its capacity as Seller, will: (i) retain, on an on-going basis, a material net economic interest of not less than 5% in the Securitisation, in accordance with option (c) of Article 6(3) of the EU Securitisation Regulation; and (ii) not change the manner in which the net economic interest is held, unless expressly permitted by Article 6(3) of the EU Securitisation Regulation. In addition, the Seller has undertaken that the material net economic interest held by it shall not be split amongst different types of retainers and shall not be subject to any credit-risk mitigation or hedging, in accordance with Article 6(3) of the EU Securitisation Regulation.
US Risk Retention: The Seller 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.
Compare/contrast: Golden Bar Srl 2019-1, Quarzo Srl (2019)