FCT Noria 2023: 24 July 2023
The Issuer will make payments on the Notes from payments received in respect of a portfolio comprising fixed rate consumer loan receivables under or in connection with the Loan Agreements originated by the Seller. The portfolio is comprised of personal loan receivables, sales finance loan receivables and debt consolidation loan receivables.
In accordance with the Master Receivables Sale and Purchase Agreement, and subject to the satisfaction of certain conditions precedent, the Issuer shall purchase from the Seller additional receivables on each Purchase Date during the Revolving Period.
At the cut-off date (5 July 2023) the portfolio consists of 67,390 fixed-rate loans advanced to 65,783 borrowers, where the average outstanding balance is Eur7,419. At cut-off, none were in arrears. Loan type: personal loans – 50.66%, sales finance – 30.23% and debt consolidation – 19.12%. Obligor concentration: top 1 – 0.0195%, top 10 – 0.1419%. The WA seasoning is 18.71 months. Regional concentration: Ile de France – 15.09%, Hauts-de-France – 11.79% and Nouvelle-Aquitaine – 11.30%.
EU & UK Risk Retention: As at the Closing Date, the Seller intends to retain a material net economic interest of not less than 5% in the securitisation through the holding of not less than 5% of the nominal value of the Class A, the Class B, the Class C, the Class D, the Class E, the Class F and the Class G Notes in accordance with Article 6(3)(a) of the EU Securitisation Regulation and the applicable Regulatory Technical Standards, and Article 6(3)(a) of the UK Securitisation Regulation.
US Risk Retention: The Seller, as the sponsor under the US Risk Retention Rules, does not intend to retain at least 5% of the credit risk of the securitised assets for purposes of compliance with the final rules promulgated under Section 15G of the Securities Exchange Act of 1934, as amended, but rather intends to rely on an exemption provided for in Section _.20 of the US Risk Retention Rules regarding non-US transactions.
STS: The securitisation is intended to qualify as an STS-securitisation within the meaning of Article 18 of the EU Securitisation Regulation.
Compare/contrast: FCT Noria 2021, BPCE Consumer Loans FCT 2022