RevoCar 2023-2: 24 October 2023
As with their previous transactions, the payments of interest and principal on the Notes are from the collections on a portfolio of fixed rate auto loan receivables originated by Bank11 für Privatkunden und Handel GmbH (Bank11) with (i) consumers (Verbraucher) resident or (ii) entrepreneurs (Unternehmer) located in the Federal Republic of Germany. All are governed by German law and are denominated in Euros.
At the cut-off date (30 September 2023) the portfolio consists of 24,346 contracts, where the WA outstanding loan amount is Eur20,537 and all are payable via direct debit. Client Type: private - 94.27%, commercial - 5.73%. Borrower concentration (by current balances): top 1 – 0.03%, top 5 – 0.15%, top 15 – 0.37%. Loan Type (by current balances): EvoSmart - 73.87%, EvoClassic – 26.13%. Vehicle Type: New – 30.58%, Used - 69.42%. The WA seasoning is 4.8 months. Regional concentration: North Rhine-Westphalia - 21.95%, Bavaria - 18.50%, Baden-Wurttemberg - 13.50% and Hesse - 8.61%.
EU Risk Retention: The Originator will retain, on an ongoing basis, a material net economic interest of not less than 5% of the nominal value of each of the tranches sold or transferred to the investors, as set out in Article 6 para 1 and para 3(a) of the Regulation (EU) 2017/2402.
US Risk Retention: The issuance of the Notes was not designed to comply with the US Risk Retention Rules other than the exemption under Section 20 of the US Risk Retention Rules, and no other steps have been taken by the Issuer, the Seller, the Arranger, the Lead Manager or any of their affiliates or any other party to accomplish such compliance.
STS: The Originator intends to notify the European Securities Markets Authority that the transaction will meet the requirements of Articles 20 to 22 of the Securitisation Regulation.
Compare/contrast: RevoCar 2023-1, Red & Black Auto Germany 10 UG, Volkswagen Car Lease No.39