Youni Italy 2025 -1 S.R.L.: 02 April 2025

Like London buses, and after a five year absence, another stand-alone issue from Youni within a year of the last one, and where on this occasion the principal source of payment of interest or Variable Return and repayment of principal on the Notes will be the collections and recoveries made in respect of monetary claims and connected rights arising out of consumer loan agreements entered into by Younited SA Italian Branch.

The provisional pool consists of 42,370 loans. Average current loan balance: Eur6,354. Loan purpose (by current balance): living expenses – 41.02%, car – 17.84%, home improvements – 17.54% and debt consolidation – 11.79%. All loans are serviced via direct debit. The WA seasoning is 14.10 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.

STS: The Securitisation is intended to qualify as a simple, transparent and standardised securitisation within the meaning of Article 18 of Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017.

Compare/contrast: Youni 2024-1, Brignole CQ 2024 Srl, Red & Black Auto Italy Srl 2024