Bavarian Sky S.A. (Comp German Auto Leases 7): 29 October 2022
As per the earlier transactions (prospectus available on EuroABS) the issue is backed by a portfolio of loan receivables secured on certain cars. BMW Bank is the seller of the receivables and it is one of Germany’s leading automotive banks.
Eligibility criteria (includes): is denominated and payable in Euros; has a fixed interest rate and is fully amortising; at least two due loan instalments have been fully paid; is subject to the laws of Germany; the debtor is neither an employee of BMW nor an officer of BMW.
At the cut-off date (30 September 2022) the portfolio consisted of 102,594 leases. Debtor concentration: top 1 - 0.04%, top 5 - 0.12%, top 20 - 0.36%. Client type: commercial - 56.04%, private - 43.96%. Vehicle type: new - 98.37%, used - 1.63%. WA seasoning is 10.18 months.
EU Risk Retention: The seller has undertaken to retain, on an ongoing basis, at least 5% of the nominal amount of the securitised exposures by retaining the Class B Notes and, in its capacity as Subordinated Lender, providing the Subordinated Loan.
US Risk Retention: The seller does not intend to retain at least 5% of the credit risk of the Notes for the purpose of US Risk Retention rules, but intends to rely on an exemption provided for in Section _20 of the US Risk Retention rules regarding non-US transactions.
STS: The Seller intends to notify ESMA that the transaction will meet the requirements of Articles 20 to 22 of the Securitisation Regulation.
Compare/contrast: Bavarian Sky S.A. (Comp German Auto Leases 6), Red & Black Auto Germany 9 UG