Globaldrive Auto Receivables UK 2020-A: 01 July 2020
Another securitisation from originator FCE Bank plc, where the notes will be backed by a pool of new and used car and light commercial vehicle receivables originated in the United Kingdom.
Eligibility criteria (includes): is payable in Stg; has a positive net present value; is evidenced by a loan agreement entered into to finance the purchase of a new, ex-demonstration or used car or light commercial vehicle; arises from a loan agreement that has been entered into with a borrower residing in the European Economic Area; has had at least one full payment applied; has been originated within the last 18 months; is not more than 30 days delinquent.
The initial portfolio is highly granular and, as of the cut-off date, the pool was comprised of 86,535 fixed-rate loan contracts. The average NPV loan size is Stg11,138 and the largest is Stg41,329. Vehicle type (by NPV): new 97.03%, used 2.97%. Customer type (by NPV): private 93.09%, commercial 6.91%. The WA seasoning is 15.4mnths. Regional concentration: East of England 14.17%, South East 13.83%, North West 13.72%, West Midlands 12.10% and Scotland 8.51%.
EU Risk Retention: The Class C notes will be purchased by FCE, as the originator, pursuant to and in accordance with the Junior Note Purchase Agreement. FCE will retain on an ongoing basis a material net economic interest of not less than 5% in this securitisation transaction in compliance with Article 6 of the Securitisation Regulation.
US Risk Retention: The issuance of the notes is not designed to comply with the U.S. Risk Retention Rules other than under the "foreign offering" exemption under Section _.20 of the U.S. Risk Retention Rules.
STS: The securitisation transaction described in the prospectus is intended to qualify as a simple, transparent and standardised securitisation, or an "STS securitisation" within the meaning of Article 18 of Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017.
Compare/contrast: Globaldrive Auto Receivables UK 2019-A, Bavarian Sky UK 3 plc, Dowson 2020-1 plc