Bavarian Sky French Auto Leases 4: 23 April 2021
Bavarian Sky French Auto Leases 4 is a French fonds commun de titrisation, established by France Titrisation on 16 April 2021. The purpose of the FCT is to be exposed to credit risks by acquiring auto receivables from the BMW Group and issuing debt securities.
The Notes are backed by a portfolio of auto lease receivables originated by BMW Finance S.N.C. together with the related vehicle buy back or sale receivables, as well as the related security and other ancillary rights.
As at the pool closing date (31 March 2021) the portfolio comprised 23,007 lease agreements, where the Average Current Discounted Balance is Eur25,566. Client type (agreements - % discounted balance): private 18,002 – 76.30%; commercial 3,389 – 16.43%. Vehicle type: new – 86.43%, used - 13.57%. The WA Discounted RV as % of the Current Discounted Balance is 58.30% and the WA seasoning is 8.9 months. Regional distribution (by discounted balance): Ile de France - 20.79%, Paris Bassin - 16.44%, Mediterranean - 14.72% and Centre East - 12.23%.
EU Risk Retention: In compliance with Article 6 paragraph (3)(d) of the Securitisation Regulation, the Seller has undertaken to retain at least 5% of the nominal amount of the "securitised exposures" by retaining, on an ongoing basis until the earlier of the redemption of the Class A Notes and the Class B Notes in full and the Legal Final Maturity Date, the Class C Notes.
US Risk Retention: The Seller, as the sponsor under the U.S. Risk Retention Rules, does not intend to retain at least 5% of the credit risk of the Notes 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 transaction is intended to comply with the criteria of Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation.
Compare/contrast: Bavarian Sky France (French Auto Leases 3), Silver Arrow France 2020-1