Belgian Lion SME IV: 12 November 2022
The fourth SME transaction via the Belgian Lion name from ING Groep NV, where the sale of the SME receivables will be a true sale to the effect that, upon an insolvency or bankruptcy of the Seller, the SME Receivables will not form part of the insolvent estate or be subject to claims by the Seller’s liquidator or creditors.
The initial portfolio (as at 29 July 2022) consists of 44,911 Belgian reference obligations (39,604 reference entity groups) with over Eur10bln outstanding. Customer segment (by reference entities / notional amount): mid-corps 8,729/53.12%, retail 36,167/46.54%, corporate 15/0.34%. Product type (by reference entities / notional amount): Investment Loan - 11,886/56.93%, Business Loan -78,577/42.04%, Roll-Over Term Loan - 39/1.03%. Industry concentration (by notional amount): various real estate activities - 20.49%, legal, accounting & management consulting services - 17.40%, Wholesale and retail trade; repair motor vehicles and motorcycles – 17.40%, and Construction – 9.84%. Principal Payment Type (by notional amount): Annuity - 69.32%, Linear - 26.55%, Bullet - 2.97% and Tailor Made - 1.16%. Regional concentration (by notional amount: West-Vlaanderen - 17.41%, Antwerpen - 17.30%, Oost-Vlaanderen - 16.84% and Bruxelles - 11.10%.
EU Risk Retention: The Seller (in its capacity as originator) has undertaken to retain, on an ongoing basis, a material net economic interest of not less than 5% in the transaction in accordance with Article 6(1) of the Securitisation Regulation.
STS: Pursuant to Article 27(1) of the Securitisation Regulation, the Seller will notify the European Securities Markets Authority that the transaction meets the requirements of Articles 19 to 22 of the Securitisation Regulation on the Closing Date.
Compare/contrast: Belgian Lion SME III, Loan Invest NV/SA (Compartment SME Loan 2020)