Bumper NL 2023-1 B.V.: 25 September 2023
The second in the Netherland series of Bumper transactions, where once again the ultimate source of funds for the payment of principal and interest on the Notes will be the right of the Issuer to receive (i) Lease Collections from a portfolio of Lease Agreements between Lessees in the Netherlands and LPNL and (ii) Vehicle Realisation Proceeds from the associated Purchased Vehicles. All past transactions and investor reports can be found on the EuroABS website.
The initial portfolio (as at 31 August 2023) consists of 26,355 lease agreements. Business sector (by no. of lease agreements / percentage of discounted balance): Corporate 16,695/63.35%, SME 7,730/29.33%, Private Lease 1,785/6.77%, Govt 145/0.55%. Product Type: Closed calculation 22,859/86.73%, Open Calculation 3,496/13.27%. The top 1 client accounts for 2.00% of discounted balances, and the top 30 for 21.79%. Vehicle age: New 25,299/95.71%, Used 1.056/4.29%. The WA seasoning is 19.46 months. Geographic Region by discounted balance): Zuid-Holland - 20.49%, Noord-Holland - 25.20%, Noord-Brabant - 19.30% and Utrecht - 13.38%.
EU Risk Retention: The Originator acts as "originator" within the meaning of Article 2(3) of the EU Securitisation Regulation and shall 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(3)(d) of Regulation (EU 2017/2402). The Subordinated Loan Provider will retain, on an ongoing basis until the earlier of the redemption of the Notes in full and the Final Maturity Date, a first loss tranche constituted by the claim for repayment of a loan advance in an initial principal amount of EUR 125,000,000 under a subordinated loan agreement (the "Subordinated Loan Agreement") made available by the Subordinated Loan Provider to the Issuer under the Subordinated Loan Agreement as of the Closing Date so that the principal amount of the Initial Subordinated Loan Advance is at least 5% of the nominal value of the securitised exposures. As at the Closing Date the actual risk retention percentage is 20.0%.
US Risk Retention: The issuance of the Notes was not designed to comply with the US Risk Retention Rules and the Seller, as the sponsor under the US Risk Retention Rules, does not intend to retain 5% of the credit risk of the securitised assets for purposes of the US Risk Retention Rules, but rather intends to rely on a "safe harbor" exemption for foreign related transactions under Section 20 of the US Risk Retention Rules.
STS: Pursuant to Article 27(1) of the Securitisation Regulation, LeasePlan Nederland N.V. will submit a STS Notification to the European Securities and Markets Association that, in its opinion, the requirements of Articles 19 to 22 of the Securitisation Regulation have been satisfied with respect to the Notes.
Compare/contrast: Bumper NL 2020-1 BV, HILL FL 2023-1 BV, Silver Arrow Athlon NL 2021-1 BV