abc SME Lease Germany (Compartment 9): 25 October 2023
As per the previous abc deals, the transaction is backed by a pool of lease receivables relating to movable lease objects, where the relevant receivables were originated by either abcfinance GmbH or milon financial services GmbH, Hako Finance GmbH, or ETL Leasing GmbH.
Eligibility criteria (includes): the receivable is subject to German law and the lease object is located in Germany; is denominated and payable in Euros; has a remaining period of at least 6 months; is neither a defaulted receivable nor a delinquent receivable nor a disputed receivable; at least 1 due lease instalment has been fully paid.
At the cut-off date the pool consists of 14,558 contracts, where the average borrower lease contract is Eur39,162 and the largest is for Eur1.467mln. Product type (by number of contracts / current balances): partial amortisation – 4,988 / 38.47%, hire purchase – 3,338 / 40.45%, full amortisation – 3,997 / 16.65% and hire – 2,235 / 4.43%. Regional concentration: North Rhine – Westphalia - 26.11%, Bavaria - 15.54%, Baden-Wuerttemberg - 12.86% and Hesse - 9.00%. The WA seasoning is 8.06 months.
EU Risk Retention: The Seller will retain on an ongoing basis for the life of the transaction a material net economic interest of not less than 5% in the transaction in accordance with Article 6(1) and 6(3)d of the Securitisation Regulation. The Seller will retain on an ongoing basis Class C Notes equal to at least 5% of the nominal amount of the securitised exposures as of the issue date.
STS: The transaction has been structured to comply with the STS criteria, and the seller has provided ESMA with a STS notification in respect of the transaction.
Compare/contrast: abc SME Lease Germany (Compartment 8)