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Florence SPV S.r.l. (2020): 01 November 2020

The principal source of payment of interest and repayment of principal on the Notes will be the collections and recoveries made in respect of monetary claims and connected rights arising out of consumer loan agreements entered into by Findomestic Banca S.p.A., as Originator, and certain Debtors, and purchased by the Issuer from the Originator pursuant to the Master Receivables Purchase Agreement. The Issuer purchased the First Initial Portfolio on 1 October 2020.

During the Revolving Period, if the Originator offers for sale Subsequent Portfolios and if certain conditions are met, the Issuer will use the Principal Available Funds to purchase Subsequent Portfolios of Receivables from the Originator.

The Notes will be issued by the Issuer on a partly paid basis.

Findomestic was established in September 1984 and the entity was created with the purpose of granting consumer loans to retail customers, primarily for the purchase of household appliances and vehicles.

As at the First Initial Portfolio (30 September 2020) there are 208,876 contracts, advanced to 203,839 individual Italian clients. The Average Financed Amount (by loans contracts) is Eur17,051 and the largest is for Eur75,000. Amortisation Type: French Amortisation. Interest Type: Fixed. The WA seasoning is 13.04 months. Regional distribution: Lombardia – 15.43%, Lazio – 12.60%, Campania – 11.12% and Sicilia – 10.43%.

EU Risk Retention: The Originator has undertaken that it will retain, on an on-going basis, a material net economic interest of not less than 5% in the securitisation in accordance with option (d) of Article 6(3) of the EU Securitisation Regulation which, as at the Issue Date, consists of a retention of all the Class B Notes.

US Risk Retention: The Securitisation will not involve risk retention by the Originator for the purposes of the final rules promulgated under Section 15G of the Securities Exchange Act of 1934. The Originator intends to rely on an 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 is intended to comply with the requirements of a simple, transparent and standardised securitisation (STS-securitisation) within the meaning of Article 18 of Regulation (EU) no. 2402 of 12 December 2017.

Compare/contrast: Florence SPV S.r.l, Clara Sec S.r.l, Sunrise SPV Z90 (2020-1)