Auto ABS Italian Rainbow Loans S.r.l. (2022-1): 05 May 2022

The principal source of payment of interest and repayment of principal on the Notes will be from collections made in respect of receivables and connected rights arising from Auto Loans Contracts (contratti di finanziamento per l’acquisto di autoveicoli) originated and classified as performing by Banca PSA Italia SpA. The issuer may purchase additional Receivables during the Revolving Period, provided that the Contracts Eligibility Criteria, the Receivables Eligibility Criteria and the Global Portfolio Limits are met.

At the cut-off date (11 April 2022) the portfolio consists of 23,180 loans advanced to 23,118 obligors, where the average outstanding loan principal amount is Eur13,805. Finance type: Linear – 22.2%, Balloon – 77.8%. Customer type: private – 95.5%, commercial – 4.5%. Car type: New – 93.4%, used – 6.6%. The WA original LTV (where applicable) was 79.0% and the WA seasoning is 9.4 months. Regional concentration (by outstanding balance): North – 48.3%, South – 25.9% and Central – 25.8%.

EU Risk Retention: The Seller has undertaken that it will retain at the origination and maintain on an ongoing basis a material net economic interest of at least 5% in the securitisation in accordance with option (d) of Article 6 paragraph 3 of the Regulation (EU) No. 2017/2402 (the Securitisation Regulation).

Compare/contrast: Auto ABS Italian Rainbow Loans 2020-1 Srl, Silver Arrow Merfina 2021-1 Srl, Sunrise SPV 94 (2022-1)