Red & Black Auto Italy S.r.l. - Compartment 2: 22 October 2023
The principal source of payments of interest and repayment of principal on the Notes, as well as payment of Class J Variable Return (if any) on the Class J Notes, will be the proceeds of the portfolio and the other securitisation assets. The Receivables comprised in the portfolio arise from consumer loans and personal credit facilities granted by the Originator to the relevant borrowers in Italy for the purpose of purchasing new cars or used cars.
The originator, Fiditalia SpA, is a joint stock company incorporated under the laws of the Republic of Italy. It was incorporated by Barclays Bank Group in 1981 in order to develop consumer loan and credit card activity. By 2001 Societè Génèrale became the sole shareholder of Fiditalia, with the aim to consolidate its own specialised consumer retail company in Italy.
As of 30 September 2023, the portfolio consists of 45,960 fixed rate loan contracts advanced to 45,713 debtors. The average balance per debtor is Eur11,935 and the portfolio is highly granular with the top 20 debtors accounting for just 0.30% of outstanding balances. Loan type (by current balances): amortising - 100.00%. All loans are serviced monthly. Vehicle type (by current balances): new - 50.1% and used - 49.9%. Client type: private - 100.00%, commercial - 0.00%. The WA original LTV was 79.92% and the WA seasoning is 1.40 years. Regional concentration (by balance outstanding): North – 46.00%, South – 32.97%, Centre – 21.03%.
EU Risk Retention: The Originator has undertaken that, from the Issue Date, it will retain, on an on-going basis, a material net economic interest of not less than 5% in the securitisation in accordance with option (c) of Article 6(3) of the EU Securitisation Regulation.
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: The securitisation is intended to qualify as a simple, transparent and standardised (STS) securitisation within the meaning of Article 18 of Regulation (EU) no. 2402 of 12 December 2017.
Compare/contrast: Red & Black Auto Italy Srl, Autoflorence 3 Srl, Golden Bar Srl 2023-2