RevoCar 2023-1: 26 May 2023
As with their previous transactions, the payments of interest and principal on the Notes are from the collections on a portfolio of fixed rate auto loan receivables originated by Bank11 für Privatkunden und Handel GmbH (Bank11) with (i) consumers (Verbraucher) resident or (ii) entrepreneurs (Unternehmer) located in the Federal Republic of Germany. All are governed by German law and are denominated in Euros.
At the cut-off date (30 April 2023) the portfolio consists of 27,570 contracts, where the WA outstanding loan amount is Eur18,136 and all are payable via direct debit. Client Type: private - 94.53%, commercial - 5.47%. Borrower concentration (by current balances): top 1 – 0.03%, top 5 – 0.12%, top 15 – 0.36%. Loan Type (by current balances): EvoSmart - 64.90%, EvoClassic – 35.10%. Vehicle Type: New – 19.51%, Used - 80.49%. The WA seasoning is 4.6 months. Regional concentration: North Rhine-Westphalia - 22.18%, Bavaria - 17.68%, Baden-Wurttemberg - 13.66% and Lower Saxony - 8.55%.
EU Risk Retention: The Originator will retain, on an ongoing basis, a material net economic interest of not less than 5% of the nominal value of each of the tranches sold or transferred to the investors, as set out in Article 6 para 1 and para 3(a) of the Regulation (EU) 2017/2402.
US Risk Retention: The issuance of the Notes was not designed to comply with the US Risk Retention Rules other than the exemption under Section 20 of the US Risk Retention Rules, and no other steps have been taken by the Issuer, the Seller, the Arranger, the Lead Manager or any of their affiliates or any other party to accomplish such compliance.
STS: The transaction has been structured to comply with the requirements for simple, transparent and standardised securitisation transactions as set out in Articles 20, 21 and 22 of the Securitisation Regulation, and the transaction will be verified by STS Verification International GmbH on the Closing Date.
Compare/contrast: RevoCar 2022-1, Autonoria DE 2023 FdT, Silver Arrow SA Compartment 15