ProFamily Securitisation S.r.l. (2021): 27 February 2021
The Profamily name re-surfaces after a 6 year absence.
The principal source of payments of interest and repayment of principal on the Notes will be the collections received or recovered in respect of consumer loans, which will include (i) New Vehicle Loans; (ii) Used Vehicle Loans; (iii) Finalised Loans and (iv) Personal Loans. The originator, ProFamily SpA, is a consumer credit company and part of the Bipiemme - Banca Popolare di Milano Group.
The company, specialising in consumer lending, was incorporated in 2009 and, since the date of its incorporation, it has operated throughout the national territory, mainly Northern and Central Italy, where synergies with the group operations are stronger. ProFamily is mainly active in consumer loans, such as car, household and personal loans.
Eligibility criteria (includes): Receivables arising from Loan Agreements entered into between ProFamily and (i) consumer families or (ii) individual entrepreneurs who have not entered into the relevant Loan Agreement for the purposes of their entrepreneurial activities; entered into with consumer families or individual entrepreneurs who are domiciled in Italy; governed by Italian law and denominated in Euro; having no more than two unpaid instalments; whose initial principal amount has been fully disbursed; Loan Agreements which provide for fixed interest rates; at least one instalment has been paid in full.
The portfolio consists of 140,808 fixed-rate contracts (to 139,380 debtors): Finalised Loan (41,077 contracts – 13.41% of outstanding principal), Personal Loan (10,005 contracts – 6.46%), New Vehicle Loan (31,229 contracts – 31.29%) and Used Vehicle Loan (58,497 contracts – 48.84%). The largest outstanding principal amount is Eur81,327 and the average amount outstanding is Eur6,807. The WA seasoning is 2.07 years.
EU Risk Retention: ProFamily, in its capacity as Originator, has undertaken that, from the Issue Date, 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.
US Risk Retention: ProFamily does not intend to retain at least 5% of the credit risk of the Issuer for the purposes of the U.S. Risk Retention Rules, but rather intends to rely on an exemption provided for in Section ___.20 of the U.S. Risk Retention Rules regarding non-U.S. transactions.
STS: The Securitisation is intended to qualify as a simple, transparent and standardised (STS) securitisation within the meaning of Article 18 of Regulation (EU) no. 2402 of 12 December 2017.
Compare/contrast: Profamily (2015), A-Best 18, Florence SPV S.r.l. (2020)