Aurorus 2017 B.V.: 15 August 2017

This will be the second consumer finance securitisation under the AURORUS name. The initial transaction, issued in 2016, was listed on the Vienna 3rd Market and privately placed via BNP Paribas Fortis.

The issuer will make payments on the notes from payments of principal and interest received from a portfolio comprising revolving and amortising consumer loans originated by the seller. Legal title to the resulting Loan Receivables will be assigned to the issuer on the closing date and thereafter, subject to certain conditions being met, on each Weekly Transfer Date during the Revolving Period or, with respect to Further Advance Receivables, on each Weekly Transfer Date.

The seller, Qander is a consumer credit provider, active in the Dutch market and has a 20 year track record in consumer lending. Until the end of 2014, the company was known as ‘LaSer Nederland’ and part of LaSer Cofinoga. In December 2014, LaSer Cofinoga divested LaSer Nederland to funds managed or advised by Chenavari Credit Partners LLP

At the cut-off date (31 July 2017) the initial portfolio comprised 79,382 contracts with 73,212 borrowers.

Product type……………….No of Contracts …… .. No of Borrowers……… ……..NPV%
Amortising…………………….6,828………………………6,509……………………..1.7%
Credit Cards………………….27,834…………………… 27,599……………… …..11.7%
Fixed Term Loans..………..... 4,212………………………4,188………………… ..21.8%
Revolving Loans……………..40,508…………………… 39,909……………..……64.8%


Interest rate type: floating – 78.2%, fixed – 21.8%. Repayment method: Direct Debit – 97.3%, other – 2.7%. Regional concentration: Zuid-Holland – 26.5%, Noord Holland – 17.8%, Noord Brabant- 13.1% and Gelderland – 10.5%.


CRR 405: The Seller has undertaken that, for as long as the Notes are outstanding, it will at all times retain a material net economic interest in the securitisation transaction which shall in any event not be less than 5%, in accordance with Article 405 of the CRR, Article 51 of the AIFMR and Article 254 of the Solvency II Regulation. At the date of the Prospectus such interest is retained by the Seller retaining loan receivables randomly selected by it, equivalent to no less than 5% of the aggregate Outstanding Principal Amount of the Loan Receivables sold and assigned by it to the Issuer, where such retained loan receivables would otherwise have been securitised by selling and transferring such retained loan receivables to the Issuer as part of the securitisation transaction.

Volcker Rule: The Issuer is structured so as not to constitute a “covered fund” for the purposes of regulations adopted under Section 13 of the Bank Holding Company Act of 1956, as amended.


Compare/contrast: Kigoi 2013 BV, Matsuba 2016 B.V