FCT Ginkgo Personal Loans 2020-1: 30 April 2020
Some four years after their last transaction, this is another consumer loan securitisation where the originator is Credit Agricole Consumer Finance, a wholly-owned subsidiary of Credit Agricole and a major European consumer lender. CACF originates personal, auto and revolving loans. In this instance, the transaction is a portfolio of fixed rate consumer receivables arising from Personal Loan Agreements and Debt Consolidation Loan Agreements granted to private individual borrowers in France.
The provisional pool (as at 31 March 2020) comprised 133,161 personal loan receivables advanced to 119,395 borrowers, where the average outstanding principal balance per borrower was Eur8,376 and with a WA seasoning of 14.0 months. The pool is highly granular, with the top 20 debtors accounting for just 0.16% of outstandings. Product Category (by current balances): Standard Personal Loans – 92.23%, Home Improvement Loans – 7.77%. Region of Residence: Ile de France – 23.33%, Rhône Alpes – 10.46%, Provence Alpes Cote d'Azur – 10.00% and Hauts-de-France – 9.89%.
Eu Risk Retention: As at the Closing Date the Seller intends to retain such material net economic interest of not less than 5% in the securitisation through the holding of not less than 5% of the nominal value of each Class of Notes as contemplated pursuant to paragraph (a) of Article 6(3) of the Securitisation Regulation.
US Risk Retention: The Seller, as the Sponsor under the U.S. Risk Retention Rules, does not intend to retain at least 5% of the credit risk of the securitised assets for purposes of compliance with the final rules promulgated under Section 15g of the Securities Exchange Act of 1934, as amended, 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: FCT Ginkgo Personal Loans 2016-1, FCT Ginkgo Sales Finance 2017-1, Youni 2019-1