Auto ABS Spanish Loans 2022-1: 02 May 2022
This will be another Spanish auto securitisation from PSA Financial Services Spain, where 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, where all of the loans are originated and serviced by PSA Financial Services Spain EFC SA., the Spanish financial captive of the French car manufacturer Peugeot SA.
The deal features a revolving period, which will end on the Payment Date falling on 28 December 2022.
For the relevant eligibility criteria, please see the relevant section in the offering circular (available in the EuroABS database).
As at the cut-off date the initial portfolio consists of 77,781 fixed-rate auto loan contracts advanced to private individuals, where the average outstanding balance per debtor is Eur10,899 and the largest is for Eur50,353. The pool is highly granular, with the top 20 obligors accounting for only 0.20% of current outstandings. Vehicle type: new - 87.29%, used - 12.71%. The WA seasoning is 20.00 months. Regional concentration (by current balances): Cataluna - 20.74%, Andalucia - 20.19%, Valencia - 14.67% and Madrid - 12.60%.
EU Risk Retention: The Originator will undertake to retain, on an ongoing basis, a material net economic interest of at least 5% in the securitisation transaction in accordance with Article 6(3)(c) of the EU Securitisation.
US Risk Retention: The transaction will not involve the retention by the Seller of at least 5% of the credit risk of the Issuer for the purposes of the US Risk Retention Rules. The Seller intends to rely on the exemption provided for in Section 20 of the US Risk Retention Rules regarding non-US transactions that meet certain requirements.
STS: The securitisation transaction described in the Prospectus is intended to qualify as a simple, transparent and standardised securitisation (STS securitisation) within the meaning of Article 18 of the EU Securitisation Regulation.
Compare/contrast: Auto ABS Spanish Loans 2020-1, FTA Santander Consumer Spain Auto 2021-1