FCT CA Leasing 2023-1: 18 November 2023

A securitisation of French equipment lease contracts granted by Lixxbail to small and medium enterprises located France. Crédit Agricole Leasing & Factoring will service the receivables. Lixxbail is one of the wholly owned subsidiaries of Crédit Agricole Leasing & Factoring.

As at the provisional portfolio date (31 July 2023) there are 62,925 lease receivables in the pool, contracted with 53,755 lessees. The average discounted principal balance per lease receivable is Eur8,361, with the largest being Eur520,801. Lessee distribution (by principal balance): Top 1 – 0.13%, top 5 – 0.55%, top 20 – 0.99%. Type of product: Operating lease – 72.78%, Financial lease – 27.22%. Category of asset: auto – 33.45%, office equipment – 30.70%, other equipment – 12.33%. Regional concentration: Ile de France – 18.25%, Nouvelle-Aquitaine – 12.04%, Grand Est – 10.66%. The WA seasoning is 16.9 months.

EU & UK Risk Retention: Crédit Agricole Leasing & Factoring, as “originator” for the purposes of Article 6(1) of the EU Securitisation Regulation, has undertaken that it shall comply at all times with the provisions of Article 6 (Risk retention) of the EU Securitisation Regulation and the equivalent UK provisions, and shall retain on an ongoing basis a material net economic interest in the transaction which, in any event, shall not be less than 5%.

US Risk Retention: No party involved in the transaction intends to obtain on the Issue Date or retain any Notes intended to satisfy the US Risk Retention Rules nor will any party included in the transaction seek to satisfy any requirements set forth under the US Risk Retention Rules.

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

Compare/contrast: FCT Pulse France 2022