Youni Italy 2024 -1 S.R.L.: 08 May 2024

After a five year absence, here is another stand-alone issue where the Notes and residual units will be backed by a portfolio of amortising fixed rate loan receivables deriving from consumer loan contracts entered into between individuals having the status of consumers domiciled in France, as borrowers, and Younited as lender.

The provisional pool (as at 23 April 2024) consists of 32,662 loans. Loan purpose (by current balance): living expenses – 40.70%, home improvements – 18.18%, car – 17.02%, debt consolidation – 12.62%, others – 11.48%. All loans are serviced via direct debit. The WA seasoning is 8.80 months.

EU & UK Risk Retention: Younited SA Italian Branch, in its capacity as originator, will retain on an ongoing basis a material net economic interest of not less than 5% in the securitisation, in accordance with option (c) of Article 6(3) of the EU Securitisation Regulation and the applicable Regulatory Technical Standards and in accordance with Article 6(3) of the UK Securitisation Regulation.

US Risk Retention: The Originator does not intend to retain at least 5% of the credit risk of the Issuer for the purposes of satisfying 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.

Compare/contrast: Youni 2019-1, ARTS Consumer Srl (2023), Sunrise SPV 95 (2024-1)