Lusitano SME No. 3: 02 December 2016

The source of funds for the payment of principal and interest on the notes will be the right of the Issuer to receive interest and principal collections from a portfolio of Portuguese SME Receivables sold to it by Novo Banco S.A.

At the cut-off date (11 November 2016) the initial portfolio consisted of 4,545 loans advanced to 3,321 borrower groups. The average current balance by loan is Eur137,958 and the largest current loan is Eur14.04mln. The top borrower accounts for 2.26% of total current balances, while the top 5 borrowers account for 10.98%, the top 10 for 20.52% and the top 50 for 43.03%. Interest Rate Type (by current balances): floating 99.25%. Interest Payment Frequency: quarterly 51.09%, monthly 19.85%, irregular 18.23%. Amortisation Profile: repayment 92.03%, interest-only 7.97%. Collateral: autonomous guarantee only 35.30%, mortgage only 34.12%, other guarantees 12.06%. The WA seasoning is 4.12yrs. Geographical concentration: Lisbon 31.93%, Centre 29.88% and Porto 28.51%.

CRR 405: The Originator, for the purposes of Article 4(1)(13) of the CRR, will undertake in the SME Receivables Sale Agreement to retain a material net economic interest of not less than 5% of the nominal amount of the securitised exposures. The Originator will retain the net economic interest in the securitisation through total or partial retention of the Class E Notes and the Class D Notes until the Final Legal Maturity Date.


Compare/contrast: Lusitano SME No. 2, Atlantes SME No 5, Pelican SME No 2