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PBD Germany Auto Loan 2021: 30 January 2021

The Notes are backed by a portfolio of loan claims secured by security interests in certain cars located in Germany, where the Issuer will, on or before the Closing Date, purchase and acquire from PSA Bank Deutschland GmbH the Receivables and Related Collateral constituting the Portfolio.

Eligibility criteria (includes): it arises under an Auto Loan Contract which complies with the Auto Loan Contracts Eligibility Criteria and has been originated in the ordinary course of the Seller's business in accordance with its underwriting and management procedures and is based on the Seller's general terms and conditions of business; the loan facility under the Auto Loan Contract from which it derives has been fully drawn; the Auto Loan Contract was executed with a Retail Customer for the acquisition of a New Car or a Used Car; it is payable in Euros; it is not a Defaulted Receivable and more generally is not doubtful, or subject to any kind of litigation or moratorium and not a Restructured Receivable; the Auto Loan Contract from which it derives amortises on a monthly basis and gives rise to monthly Loan Instalments, in respect of which at least one Loan Instalment has been paid by the relevant Debtor; the relevant Debtor is domiciled in Germany as of the signature date of the relevant Auto Loan Contract.

The portfolio consists of 41,034 loans, where the average current outstanding balance is Eur12,185. Vehicle type (by number / outstanding balance): new 21,679/67.56%, used 19,355/32.44%. Customer type (by number / outstanding balance): consumer 26,664/59.52%, commercial 14,370/40.48%. Amortisation type (by number / outstanding balance): Balloon 24,733/72.57%, Standard 16,301/27.43%. The WA seasoning is 13.04 months. Regional concentration: Nordrhein-Westfalen 21.75%, Baden-Württemberg 12.82%, Hesse 10.21% and Bayern 10.07%.

EU Risk Retention: On the Closing Date, the Originator will retain, for the life of the transaction, a material net economic interest of at least 5% in the securitisation, as required by Article 6 of the Securitisation Regulation. As of the Closing Date, such interest will be retained through the holding of at least 5% of the nominal value of each of the Class A Notes and the Class B Notes.

US Risk Retention: The issuance of the 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.

STS: As of the Closing Date, the transaction is intended to meet the requirements for simple, transparent and standardised non-ABCP securitisations provided by Articles 19 to 22 of the Securitisation Regulation.

Compare/contrast: PBD Germany Auto 2018, Red & Black Auto Germany 7 UG, Silver Arrow S.A. Compartment 12