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Quarzo S.r.l. (2020): 18 April 2020

Another in the series of Quarzo securitisations and, as per earlier consumer transactions, the net proceeds of the issue of the notes will be applied by the issuer to fund the purchase of a pool of monetary claims and other connected rights arising under consumer loan agreements governed by Italian law and granted by Compass SpA.

Eligibility criteria for the initial portfolio include: all are classified as performing receivables; are consumer loan agreements whose financing has been originally lent by Compass Banca S.p.A; the consumer loan agreements have been entered into with individuals resident and domiciled in the Republic of Italy; all loan agreements are denominated in euro; all shall be paid on a monthly basis through the direct debit procedure or through postal payment; are consumer loan agreements whose due payments have been fully and punctually paid; consumer loan agreements with at least one due instalment; consumer loan agreements whose amortisation plan has not more than 120 instalments.

At the initial cut-off date of 6 April 2020, the portfolio comprised 189,558 receivables in four distinct categories: personal loans (73,535 loans – 63.00% of current outstandings); new vehicle purchases (24,143 loans – 17.00%); purpose loans (76,221 loans – 11.00%); used vehicle loans (15,659 loans – 9.00%). The average outstanding principal is Eur10,550 and the seasoning is 7.05mnths. Geographic concentration (by current outstanding principal): Lombardia – 12.62%, Sicilia – 11.67%, Campania – 10.76%, Puglia – 10.33%, and Toscana 9.20%.

EU Risk Retention: Compass, in its capacity as Originator, has undertaken that it will retain on an on-going basis a material net economic interest of not less than 5% in the securitisation in accordance with option (d) of Article 6 paragraph 3 of the Securitisation Regulation.

STS: The securitisation is intended to qualify as a simple, transparent and standardised (STS) securitisation within the meaning of Article 18 of Regulation (EU) no. 2017/2402 of the European Parliament and of the Council of 12 December 2017. Consequently, the Securitisation meets, as at the date of the Prospectus, the requirements of Articles 19 to 22 of the EU Securitisation Regulation and, prior to the Issuer Date, has been notified by the Originator to be included in the list published by ESMA referred to in Article 27(5) of the EU Securitisation Regulation.

Compare/contrast: Quarzo S.r.l. (2019), Brignole CQ 2019-1 S.r.l., Golden Bar S.r.l. 2020-1