Silver Arrow S.A. Compartment 13: 02 May 2021
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 March 2021) the portfolio of 34,600 loans has been advanced to 33,624 obligors. Client type (by outstanding loan principal): private - 57.69% and commercial - 42.31%. Contract type (by outstanding loan principal): Used Private Balloon - 34.54%, New Commercial Balloon - 20.78%, New Private Balloon - 16.90%, Used Commercial Balloon - 10.52%, others - 17.26%. Vehicle type (by outstanding loan principal): used - 55.12%, new - 44.88%. The average outstanding principal is Eur21,676 and the largest is Eur142,731. The pool is highly granular, with the largest obligor accounting for just 0.03%, the top 5 for 0.11% and the top 20 obligors for 0.38%. The WA seasoning is 15.18 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 13 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 13 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 12, Volkswagen Car Lease No.32, PBD Germany Auto Loan 2021