Bumper NL 2024-1 B.V.: 26 September 2024

The third in the Netherland series of Bumper transactions, where once again the ultimate source of funds for the payment of principal and interest on the Notes will be the right of the Issuer to receive (i) Lease Collections from a portfolio of Lease Agreements between Lessees in the Netherlands and LPNL and (ii) Vehicle Realisation Proceeds from the associated Purchased Vehicles. All past transactions and investor reports can be found on the EuroABS website.

The Seller and Servicer, Axus Nederland NV (formerly known as LeasePlan Nederland NV) was founded in 1928 in the Netherlands and since the 1960s has been active as an equipment lessor by a number of different shareholders.

The initial portfolio (as at 31 August 2024) consists of 28,642 lease agreements. Business sector (by no. of lease agreements / percentage of discounted balance): Corporate - 17,411/65.65%, SME - 6,920/23.82%, Private Lease - 4,148/10.00%, Govt - 163/0.53%. Product Type: Closed Calculation - 24,727/85.01%, Open Calculation - 3,915/14.99%. The top 1 client accounts for 1.22% of discounted balances and the top 30 for 18.90%. Vehicle age: New - 27,943/97.68%, Used - 699/2.32%. The WA seasoning is 17.7 months. Geographic Region by discounted balance): Noord-Holland - 25.20%, Zuid-Holland - 21.83%, Noord-Brabant - 15.89% and Utrecht - 13.72%.

EU Risk Retention: The Originator acts as "originator" within the meaning of Article 2(3) of the EU Securitisation Regulation and shall retain for the life of the transaction a material net economic interest of not less than 5 per cent in the transaction in accordance with Article 6(3)(d) of Regulation (EU 2017/2402).

US Risk Retention: The issuance of the Notes was not designed to comply with the US Risk Retention Rules and the Seller, as the sponsor under the US Risk Retention Rules, does not intend to retain 5% of the credit risk of the securitised assets for purposes of the US Risk Retention Rules, but rather intends to rely on a "safe harbor" exemption for foreign related transactions under Section 20 of the US Risk Retention Rules.

STS: Pursuant to Article 27(1) of the Securitisation Regulation, the Reporting Entity will submit a STS Notification to the European Securities and Markets Association that, in its opinion, the requirements of Articles 19 to 22 of the Securitisation Regulation have been satisfied with respect to the Notes.


Compare/contrast: Bumper NL 2023-1 BV, HILL FL 2024-1 BV