Orbita Funding 2023-1 plc: 17 November 2023

The fifth standalone transaction via the Orbita name, where again the Issuer will make payments on the Notes from a portfolio comprising of receivables under or in connection with Conditional Sale Contracts and Hire Purchase Contracts (including PCP Contracts) originated by Close Brothers Limited.

The provisional portfolio (as at 31 August 2023) comprises of 121,240 contracts, where the average current outstanding principal balance is £6,589 and the largest is for £76,266. The APR ranges from 4.10% - 30.00%. Distribution by type of Contract (by current balance): Used car – 69.86%, Used LCV 24.97%, others – 5.17%. Distribution by Product: Conditional Sale/ Hire Purchase – 91.95%, PCP – 8.05%. Customer Type: individual – 89.27%, corporate – 10.73%. Regional concentration: South East – 13.32%, London – 11.39%, the East of England – 9.99% and the North West – 9.79%.

UK & EU Risk Retention: The Seller, as "originator" for the purposes of the UK Securitisation Regulation, will retain on an ongoing basis a material net economic interest in the securitisation of not less than 5% as required by Article 6(1) of the UK Securitisation Regulation until the Final Redemption Date, by retaining the first loss tranche. The Seller will also undertake to retain on an ongoing basis a material net economic interest in the securitisation of not less than 5% as required by Article 6(1) of the EU Securitisation Regulation

US Risk Retention: The Seller does not intend to retain at least 5% of the credit risk of the securitised assets for purposes of compliance with the final rules promulgated under Section 15G of the Securities Exchange Act of 1934, as amended, 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 Seller as originator will, on or about the date of the Prospectus, procure a notification to be submitted to ESMA, in accordance with Article 27 of the Securitisation Regulation, and the FCA, that the requirements of Articles 19 to 22 of the Securitisation Regulation have been satisfied with respect to the Notes.

Compare/contrast: Orbita Funding 2022-1 plc, Azure Finance No.3 plc, PCL Funding VIII plc (Series 2023-1)