RevoCar 2020: 11 June 2020
As per the previous transaction, the payments of interest and principal on the notes are from the collections on a portfolio of fixed rate auto loan receivables originated by Bank11 für Privatkunden und Handel GmbH (Bank11) with (i) consumers (Verbraucher) resident or (ii) entrepreneurs (Unternehmer) located in the Federal Republic of Germany. All are governed by German law and are denominated in Euros.
At the cut-off date the portfolio consists of 53,837 contracts, where the WA outstanding loan amount is Eur14,860 and all are payable via direct debit. Client Type: private 96.99%, commercial 3.01%. Borrower concentration (by current balances): top 1 – 0.02%, top 5 – 0.06%, top 15 – 0.19%. Loan Type (by current balances): EvoSuperSmart 56.04%, EvoClassic 35.50% and EvoSmart 8.46%. Vehicle Type: New 50.00%, Used 50.00%. The WA seasoning is 9.6 months. Regional concentration: North Rhine-Westphalia 21.05%, Bavaria 17.86%, Baden-Wurttemberg 13.85% and Lower Saxony 8.80%.
EU Risk Retention: The Originator will retain, on an on-going basis, a material net economic interest of not less than 5% of the nominal value of each of the tranches sold or transferred to the investors, as set out in Article 6 para 1 and para 3 (a) of the Regulation (EU) 2017/2402.
US Risk Retention: The issuance of the Notes was not designed to comply with the U.S. Risk Retention Rules other than the exemption under Section 20 of the U.S. Risk Retention Rules, and no other steps have been taken by the Issuer, the Seller, the Arranger, the Lead Manager or any of their affiliates or any other party to accomplish such compliance.
STS: The Issuer believes that the transaction fulfils the requirements in relation to simplicity set out in Article 20 Securitisation Regulation because the criteria of that provision are met, in its view.
Compare/contrast: RevoCar 2019-2, Silver Arrow S.A. Compartment 11, Volkswagen Car Lease No.30 Ltd