08 July 2016
A-BEST FOURTEEN: new securitisation of auto loans of FCA BANK
FCA Bank has carried out a new securitisation transaction in the European market selling a portfolio of €950 million of auto loans to the special purpose vehicle ASSET-BACKED EUROPEAN SECURITISATION TRANSACTION FOURTEEN S.r.l. (A-Best Fourteen).
The initial portfolio comprises 89.485 loans granted to individuals to purchase new or used cars mainly in the North and Central Italy.
A-Best Fourteen has issued six classes of asset backed securities with legal maturity in April 2030, out of which four classes, with a fixed rate interest, are listed on the Luxembourg Stock Exchange and have a rating by DBRS and Fitch.
| Class | Euro | DBRS | Fitch |
| Class A (Senior Notes) | 821.700.000 | AAA(sf) | AA+ (sf) |
| Class B (Mezzanine Notes) | 57.000.000 | A (high) (sf) | A (sf) |
| Class C (Mezzanine Notes) | 28.500.000 | BBB (high) (sf) | BBB (sf) |
| Class D (Mezzanine Notes) | 23.800.000 | BBB (sf) | BBB- (sf) |
Instead, the two classes of junior notes are unrated and unlisted:
- Class M1, Euro 32.200.000, Asset-Backed Fixed Rate Notes
- Class M2, Euro 100,000, Asset-Backed Fixed Rate and Variable Return Note
The transaction provides monthly interest payment date, while the notes will begin to amortize starting from June 2018, immediately after the end of the revolving period during which FCA Bank may sell additional portfolio of receivables to A-Best Fourteen.
In the context of the transaction Securitisation Services supports FCA Bank in preparing the reports loan by loan required by the ECB for the eligibility of securities and acts as:
- Representative of the Noteholders
- Corporate Administrator
- Back-up Servicer Facilitator