Red & Black Auto Germany 10 UG: 07 October 2023
Another static cash securitisation of auto loans originated in Germany by Bank Deutsches Kraftfahrzeuggewerbe AG, controlled by Société Générale. The portfolio of underlying assets consists of auto loans distributed through car dealerships in Germany.
As of 31 August 2023, the portfolio consists of 52,281 fixed rate loan contracts advanced to 52,014 debtors. The average balance per debtor is Eur14,419 and the portfolio is highly granular, with the top 20 debtors accounting for just 0.23% of outstanding balances. Loan type (by current balances): balloon - 66.93%, amortising - 33.07%. All loans are serviced monthly. Vehicle type (by current balances): new - 6.72%, newly used - 18.33% and used - 74.95%. Client type: private - 100.00%, commercial - 0.00%. The WA original LTV was 88.14% and the WA seasoning is 9.15mnths. Regional concentration (by balance outstanding): Bayern - 18.67%, Northrhein-Westphalia - 16.35%, Baden-Wurttemburg - 16.11% and Hessen - 9.77%.
Please note, Société Générale SA will purchase all Notes on the closing date (subject to certain conditions) and may from time to time subsequently offer Notes at terms (including varying prices) pursuant to documentation to be agreed and determined at the time of sale.
EU Risk Retention: Bank Deutsches Kraftfahrzeuggewerbe AG, as originator, will retain for the life of the transaction a material net economic interest of not less than 5% in the transaction in accordance with Article 6 paragraph 3c of the Securitisation Regulation. The originator will retain an interest in randomly selected exposures.
US Risk Retention: The Originator does not intend to retain at least 5% of the credit risk of the Issuer for the purposes of the US Risk Retention Rules, but rather intends to rely on an exemption provided for in Section __.20 of the US Risk Retention Rules regarding non-US transactions.
STS: This transaction meets the requirements for simple, transparent and standardised non-ABCP securitisations provided by Article 19-22 of the Securitisation Regulation.
Compare/contrast: Red & Black Germany Auto 9, Globaldrive Auto Receivables BV 2023-A, RevoCar 2023-1