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LT Autorahoitus V DAC: 20 February 2024

The principal asset from which the Issuer will make payments of interest on, and payments of principal of, the Notes is a loan to LT Autohallinto DAC. The principal asset from which the Purchaser will make payments of interest and principal in respect of the loan is a portfolio of hire purchase agreements made by LocalTapiola Finance Ltd for the hire purchase of vehicles purchased by the Purchaser from the Seller on or prior to the Note Issuance Date.

As at the cut-off date (2 January 2024) the portfolio consisted of 23,907 loans to individuals, where the average outstanding balance is Eur20,502 and the largest is for Eur111,808. Borrower type: individual – 90.77%, organisation – 9.23%. Vehicle type (by current balances): used – 92.21%, new – 7.79%. Contract type: Balloon – 73.37%, Standard – 26.63%. Obligor exposure: top 10 – 0.21%. WA seasoning – 6.37 months. Regional concentration: Greater Helsinki – 22.40%, SW Finland – 12.40%, Uusimaa – 11.75% and Western Tavastia – 11.22%.

EU & UK Risk Retention: The Seller, as originator for the purposes of Regulation (EU) no. 2017/2402 and the EU Securitisation Regulation as retained under the domestic laws of the United Kingdom as "retained EU law", by operation of the European Union (Withdrawal) Act 2018, will retain, on an ongoing basis, a material net economic interest of not less than 5% in the securitisation, which will take the form of a first loss tranche comprising the Class C Notes having a Note Principal Amount of not less than 5% of the Aggregate Outstanding Asset Principal Amount.

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 US Risk Retention Rules, but rather intends to rely on an exemption provided for in Section 20 of the US Risk Retention Rules regarding non-US transactions that meet certain requirements.

STS: The securitisation is intended to qualify as a simple, transparent and standardised securitisation within the meaning of Article 18 of the EU Securitisation Regulation.

Compare/contrast: LT Autorahoitus IV, Pony S.A. (German Auto Loans 2023-1)