Titrisocram Compartment 2024: 29 April 2024
After a 7 year absence Titrisocram returns to the market, where the assets in the deal are again a portfolio of fixed-rate amortising loan receivables deriving from vehicle loan contracts (autos, motorcycles and recreational vehicles). All loan contracts are with individuals having the status of consumers domiciled in France.
Eligibility criteria (includes): each loan contract has been executed between the seller and individual acting for non-business purposes; each loan is fully disbursed; the loan’s maturity does not exceed 84 months; there is a remaining term of at least 12 months; each receivable is paid by automatic direct debit; at least one instalment has been paid.
As at the cut-off date (31 March 2024) the initial portfolio consists of 52,557 performing receivables advanced to 51,212 primary borrowers, and all are serviced by direct debit. Car status (by outstanding balance): Used - 76.13%, new - 23.87%. The average outstanding balance is Eur9,262 and the largest loan is for Eur74,298. The WA seasoning is 17.9 months. Regional concentration: Ile de France - 14.1%, Hauts-de-France – 12.5%, Rhone-Alpes - 11.9% & Nouvelle-Aquitaine – 9.2%.
EU Risk Retention: As at the Issue Date, the Seller intends to retain a material net economic interest of not less than 5% in the securitisation through the holding of all Class B Notes in accordance with Article 6(3)(d) of the EU Securitisation Regulation.
US Risk Retention: The Seller, as the seller 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, but rather intends to rely on an exemption provided for in Section _.20 of the US Risk Retention Rules regarding non-US transactions.
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: Titrisocram Compartment 2017, Auto ABS French Leases 2023