Pony S.A. (German Auto Loans 2023-1) : 02 December 2023

The Notes are backed by a portfolio of loan claims secured by security interests in certain passenger cars and light commercial vehicles located in Germany. The Issuer will, on the Note Issuance Date, purchase and acquire from Hyundai Capital Bank Europe GmbH receivables and related collateral constituting the Portfolio on the Note Issuance Date. The Issuer will, subject to certain requirements, on each Payment Date during a period of 12 months following the Note Issuance Date, purchase and acquire from the Seller further receivables and related collateral offered by the Seller from time to time.

The portfolio (as at cut-off 31 October 2023) consists of 25,355 loans, where the average balance is Eur19,719. Type of Loan (Balloon): Yes – 68.52%, No – 31.48%. Vehicle Type: New – 80.32%, Used – 19.68%. Borrower concentration (by current balances): top 1 - 0.0693%, top 5 – 0.2994, top 25 – 0.82435. The WA seasoning is 14.22 months. Regional distribution: North Rhine-Westphalia – 22.76%, Bavaria – 16.22%, Baden-Wuerttemberg – 10.59% and Hesse – 9.49%.

EU Risk Retention: Hyundai Capital Bank Europe GmbH will, whilst any of the Notes remain outstanding, retain for the life of the transaction a material net economic interest of not less than 5% with respect to the transaction in accordance with Article 6(3)(d) of Regulation (EU) 2017/2042.

US Risk Retention: The Retention Holder intends to rely on the "Safe harbor for certain foreign-related transactions" contained in the US Risk Retention Rules.

STS: The Seller 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: Pony SA (German Auto Loans 2021-1), Bavarian Sky SA (Comp German Auto Leases 8)