Auto ABS Spanish Loans 2020-1: 10 October 2020
This will be another Spanish auto securitisation from PSA Financial Services Spain, where the principal source of payment of interest and repayment of principal on the Notes will be from collections made in respect of receivables and connected rights arising from Auto Loans Contracts, where all of the loans are originated and serviced by PSA Financial Services Spain, E.F.C, S.A., the Spanish financial captive of the French car manufacturer Peugeot S.A.
The deal features a revolving period, which will end on the Payment Date falling on 28 December 2021.
For the relevant eligibility criteria, please see the relevant section in the offering circular (available in the EuroABS database).
As at the cut-off date the initial portfolio consists of 73,310 fixed-rate auto loan contracts, where the average outstanding balance per debtor is Eur8,870 and the largest is for Eur44,582. The pool is highly granular, with the top 10 obligors accounting for only 0.06% of current outstandings. Debtor type: private - 100.00%. Vehicle type: new - 81.29%, used - 18.71%. The WA seasoning is 17.00 months. Regional concentration (by current balances): Andalucia - 20.28%, Cataluna - 17.83%, Valencia - 13.66% and Madrid - 13.60%.
EU Risk Retention: The Originator will undertake to retain, on an ongoing basis, a material net economic interest of at least 5% in the securitisation transaction in accordance with Article 6(3)(c) of the EU Securitisation.
US Risk Retention: The transaction will not involve the retention by the Seller of at least 5% of the credit risk of the Issuer for the purposes of the U.S. Risk Retention Rules. The Seller 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 securitisation transaction described in the Prospectus is intended to qualify as a simple, transparent and standardised securitisation (STS securitisation) within the meaning of Article 18 of the EU Securitisation Regulation.
Compare/contrast: Auto ABS Spanish Loans 2018-1, FTA Santander Consumer Spain Auto 2020-1, Driver Espana Six