Silver Arrow S.A. Compartment 12: 28 November 2020
Another Silver Arrow transaction, where again the auto loan receivables secured by certain passenger cars and/or commercial vehicles and certain other collateral have all been originated by Mercedes-Benz Bank AG.
Eligibility criteria for inclusion in the pool (include): the loan receivable has been originated by the seller; each receivable has been originated in Germany for the sale of a financed vehicle in the ordinary course of the seller's business and none of the obligors is an affiliate of Mercedes-Benz Bank AG; the obligor is not insolvent; the title to each vehicle is held by the seller; each loan receivable has an original term of no longer than 72 months; each loan receivable has a seasoning above or equal to one month; each obligor is a resident of Germany; no loan receivable is delinquent or defaulted; the monthly instalments are paid by direct debit; the brand of the respective financed vehicle is either a Mercedes or a Smart.
At the cut-off date (31 October 2020) the portfolio of 32,716 loans has been advanced to 31,661 obligors. Client type (by outstanding loan principal): private 51.16% and commercial 48.84%. Contract type (by outstanding loan principal): Used Private Balloon 28.92%, New Commercial Balloon 23.60%, New Private Balloon 16.84%, New Commercial Amortising 11.46%, Used Commercial Balloon 9.38%, others 9.80%. Vehicle type (by outstanding loan principal): used 52.86%, new 47.14%. The average outstanding principal is Eur22,924 and the largest is Eur160,020. The pool is highly granular, with the largest obligor accounting for just 0.04%, the top 5 for 0.19% and the top 20 obligors for 0.61%. The WA seasoning is 15.17 months.
EU Risk Retention: The Seller, as originator, will retain for the life of the transaction a material net economic interest of not less than 5% in the transaction as required by Article 6 of the Securitisation Regulation. As of the Issue Date such interest will, in accordance with Article 6(3)(d) of the Securitisation Regulation, be retained through the holding of the Class B Notes and the Subordinated Loan.
US Risk Retention: The issuance of the Compartment 12 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 to accomplish such compliance.
STS: As of the Issue Date, Transaction 12 is intended to meet the requirements for simple, transparent and standardised non-ABCP securitisations provided for by Articles 19 to 22 of the Securitisation Regulation.
Compare/contrast: Silver Arrow Comp 11, Volkswagen Car Lease No.31, SC Germany Mobility 2020-1