Globaldrive Auto Receivables B.V. 2023-A: 03 August 2023
As per previous transactions, this is an auto loan receivables deal originated by the German branch of FCE Bank plc and is backed by a pool of new, ex-demonstration and used car and light commercial vehicle loan receivables originated in Germany by Ford Bank GmbH. The securitised loans are either fully amortising standard loans or partially amortising balloon loans with a large balloon payment when the contract ends.
Eligibility criteria (includes): is payable in Euro; 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; is not more than 30 days delinquent.
The static portfolio is highly granular and, as of the cut-off date, the pool was comprised of 22,375 fixed-rate loan contracts. The average NPV loan size is Eur19,664 and the largest is Eur70,697. Vehicle type (by NPV): new - 92.94%, ex-demo – 3.40% and used - 3.66%. Customer type (by NPV): private - 87.49%, commercial - 12.51%. Loan type: TCM - 74.30%, Standard - 25.70%. The WA seasoning is 13 months. Regional concentration: Nordrhein-Westfalen – 33.12%, Baden-Wurttemberg - 12.51% and Bayern - 10.18%.
EU Risk Retention: Ford Bank, as the originator, will retain the Class C notes, which constitute a material net economic interest of not less than 5% of the nominal value of the securitised exposures (measured as at the closing date) in this securitisation transaction in compliance with Article 6(3)(d) of the EU 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 from the US Risk Retention Rules, and no other steps have been taken by the issuer, the seller, the joint arrangers or the joint lead managers or any of their affiliates or any other party to accomplish such compliance.
STS: As at the closing date, the Notes will not be designated as a STS securitisation for the purposes of the EU Securitisation Regulation and therefore will not be eligible as high-quality liquid assets for the purposes of liquidity coverage ratio from such date.
Compare/contrast: Globaldrive Auto Receivables BV 2021-A, Silver Arrow SA Compartment 15