Scandinavian Consumer Loans VI Ltd: 07 October 2017

The sixth Scandinavian Consumer Loans transaction, with the first deal having been launched in July 2006 (Offering Circular available on EuroABS website). All previous transactions have been redeemed.

This new transaction sees Nordax Bank AB as the originator and seller, where the portfolio will comprise promissory notes issued by consumers resident in Norway, and each transferred promissory note evidences an unsecured loan to a customer.

The portfolio consists of 12,879 fully-current promissory notes (as at pool cut date 31 July 2017), with an average current balance of NOK234,444 and WA seasoning of 20.89 months. The largest note is for NOK506,065, however please note that, during the revolving period, the issuer may purchase additional promissory notes. Origination channel (by capital balance): direct mail 66.34%, unaddressed mail 17.27% and others 16.38%. At the time of origination of the notes, the customer was resident in Norway and each customer is a natural person and all are denominated and payable in Norwegian Kroner.

Significant Investor: Nordax will, on the Closing Date, purchase 100% of the Class E Notes


CRR/405: Nordax in its capacity as the originator will undertake to retain a material net economic interest of at least 5.0% in accordance with each of Article 405 of Regulation (EU) No.575/2013 (the Capital Requirements Regulation) and Article 51 of Regulation (EU) No 231/2013. As at the closing date, such interest will be comprised of an interest in the first loss tranche, in this case the Class E Notes.

The Volcker Rule: The Issue was structured so as not to constitute a "covered fund" for purposes of the regulations adopted to implement Section 619 of the U.S. Dodd-Frank Act.


Compare/contrast: Scandinavian Consumer Loans V, Bilkreditt VII Limited