Globaldrive Auto Receivables B.V. 2021-A: 20 March 2021
As per previous transactions, this is an auto loan receivables deal originated by the German branch of FCE Bank plc and is backed by a pool of new, ex-demonstration and used car and light commercial vehicle loan receivables originated in Germany by Ford Bank GmbH. The securitised loans are either fully amortising standard loans or partially amortising balloon loans with a large balloon payment when the contract ends.
Eligibility criteria (includes): is payable in Euro; has a positive net present value; is evidenced by a loan agreement entered into to finance the purchase of a new, ex-demonstration or used car or light commercial vehicle; arises from a loan agreement that has been entered into with a borrower residing in the European Economic Area; has had at least one full payment applied; is not more than 30 days delinquent.
The static portfolio is highly granular and, as of the cut-off date, the pool was comprised of 27,501 fixed-rate loan contracts. The average NPV loan size is Eur19,871 and the largest is Eur70,697. Vehicle type (by NPV): new - 90.74%, ex-demo – 7.47% and used - 1.78%. Customer type (by NPV): private - 90.51%, commercial - 9.49%. Loan type: TCM - 88.70%, Standard - 11.30%. The WA seasoning is 6.6 months. Regional concentration: Nordrhein-Westfalen – 31.38%, Baden-Wurttemberg - 13.26%, Bayern - 10.45% and Niedersachsen - 8.63%.
EU Risk Retention: Ford Bank, as the originator, will retain the Class C notes, which constitute a material net economic interest of not less than 5% of the nominal value of the securitised exposures (measured as at the closing date) in this securitisation transaction in compliance with Article 6(3)(d) of the EU Securitisation Regulation.
US Risk Retention: The issuance of the notes is not designed to comply with the U.S. Risk Retention Rules other than under the "foreign offering" exemption from the U.S. Risk Retention Rules, and no other steps have been taken by the issuer, the seller, the joint arrangers or the joint lead managers or any of their affiliates or any other party to accomplish such compliance.
STS: The seller will submit an STS notification to ESMA in accordance with Article 27 of the Securitisation Regulation on the closing date, pursuant to which compliance with the requirements of Articles 19 to 22 of the Securitisation Regulation will be notified with the intention that the securitisation transaction described in the prospectus is to be included in the list administered by ESMA within the meaning of Article 27 of the Securitisation Regulation.
Compare/contrast: Globaldrive Auto Receivables BV 2020-A, PBD Germany Auto Loan 2021, Silver Arrow S.A. Compartment 12