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Globaldrive Auto Receivables UK 2023-A: 01 May 2023

After an absence of over 2½ years, this is another securitisation from originator FCE Bank plc where the Notes will be backed by a pool of new and used car and light commercial vehicle receivables originated in the United Kingdom.

Eligibility criteria (includes): is payable in Stg; has a positive net present value; is evidenced by a loan agreement entered into to finance the purchase of a new, ex-demonstration or used car or light commercial vehicle; arises from a loan agreement that has been entered into with a borrower residing in the European Economic Area; has had at least one full payment applied; has been originated within the last 18 months; is not more than 30 days delinquent.

The initial portfolio is highly granular and, as of the cut-off date, the pool was comprised of 33,161 fixed-rate loan contracts. The average NPV loan size is £15,078 and the largest is £60,222. Vehicle type (by NPV): new - 99.68%, used - 0.32%. Customer type (by NPV): private - 85.25%, commercial - 14.75%. The WA seasoning is 9.8mnths. Regional concentration: East of England - 14.87%, South East - 14.31%, North West - 12.77%, West Midlands - 11.91% and Scotland - 8.17%.

UK Risk Retention: The Class C Notes will be purchased by FCE, as the originator, pursuant to and in accordance with the Junior Note Purchase Agreement. FCE will retain on an ongoing basis a material net economic interest of not less than 5% in this securitisation transaction in compliance with Article 6 of the Securitisation Regulation.

US Risk Retention: The issuance of the Notes is not designed to comply with the US Risk Retention Rules other than under the "foreign offering" exemption under Section _.20 of the US Risk Retention Rules.

STS: The securitisation transaction described in the prospectus is intended to qualify as a simple, transparent and standardised securitisation or an "STS securitisation" within the meaning of Article 18 of Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017.

Compare/contrast: Globaldrive Auto Receivables UK 2020-B, Azure Finance No.3 plc, Bavarian Sky UK 5 plc