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FCT Ginkgo Personal Loans 2023: 25 October 2023

After another 3½ year absence, this is again a consumer loan securitisation where the originator is Credit Agricole Consumer Finance, a wholly-owned subsidiary of Credit Agricole and a major European consumer lender. CACF originates personal, auto and revolving loans. In this instance, the transaction is a portfolio of fixed rate consumer receivables arising from Personal Loan Agreements and Debt Consolidation Loan Agreements granted to private individual borrowers in France.

The provisional pool (as at 30 September 2023) comprised 127,090 fixed-rate personal loan receivables advanced to 109,899 borrowers. The average outstanding principal balance per borrower was Eur8,189 and the WA seasoning is 17.0 months. The pool is highly granular, with the top 20 debtors accounting for just 0.17% of outstandings. Region of Residence: Ile de France – 22.44%, Rhône Alpes – 10.65%, Hauts-de-France – 9.94% and Provence Alpes Cote d'Azur – 9.63%.

EU & UK Risk Retention: The Seller as “originator” will retain on an ongoing basis a material net economic interest in the securitisation of not less than 5%.

US Risk Retention: The Seller, as the Sponsor under the US Risk Retention Rules, 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.

EU STS: The securitisation is intended to qualify as a EU STS securitisation within the meaning of Article 18 of the Regulation (EU) 2017/2402 of the European Parliament.

Compare/contrast: FCT Ginkgo Personal Loans 2020-1, FCT Ginkgo Auto Loans 2022 FCT, FCT Noria 2023