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Victoria Finance No. 1: 30 July 2020

The source of funds for the payment of principal and interest on the Notes will be the right of the Issuer to receive payments in respect of receivables arising under the Credit Card Agreements originated by WiZink Bank, S.A.U. – Sucursal em Portugal.

The Receivables to be sold to the Issuer on the Closing Date and, thereafter, on each Additional Purchase Date are credit card receivables, arising from the drawings made by the Borrowers under the revolving facility granted to them by the Originator pursuant to the relevant credit card agreements. The Credit Card Agreements, the Facilities and any Receivables are governed by Portuguese law. All Credit Card Agreements have been entered into with an individual who was resident in Portugal at the time the relevant agreement was executed.

The initial portfolio consists of 236,923 receivables, with a principal outstanding balance of Eur505,000,000.

EU Risk Retention: The Originator will undertake to retain, on an ongoing basis, a material net economic interest of not less than 5% of the nominal amount of the securitised exposures. Such retention requirement will be satisfied by the Originator retaining, in accordance with Article 6(3)(d) of the Securitisation Regulation, the net economic interest in the securitisation through full or partial retention of the Class S Notes and of the SICF Note until the Final Legal Maturity Date and, if necessary, other Notes having the same or a more severe risk profile than those sold to investors, equivalent to no less than 5% of the Receivables Portfolio, in accordance with Article 6(1) of the Securitisation Regulation. As at the Closing Date, the EU Retained Interest will be comprised of full or partial retention of the Class S Notes and of the SICF Note.

US Risk Retention: The transaction will not involve the retention by the Originator of at least 5% of the credit risk of the Issuer for the purposes of the U.S. Risk Retention Rules. The Originator intends to rely on the exemption provided for in Section 20 of the U.S. Risk Retention Rules regarding non-U.S. transactions that meet certain requirements.

STS: The transaction does not qualify as a “Simple, Transparent and Standardised” (STS) securitisation under the Securitisation Regulation.