Auto ABS Spanish Loans 2018-1: 17 September 2018

This will be the fifth Spanish auto securitisation from PSA Financial Services Spain, (and the second since the creation of the JV in 2015) where the principal source of payment of interest and repayment of principal on the notes will be from collections made in respect of receivables and connected rights arising from Auto Loans Contracts, where all of the loans are originated and serviced by PSA Financial Services Spain, E.F.C, S.A., the Spanish financial captive of the French car manufacturer Peugeot S.A.

For the relevant eligibility criteria, please see the relevant section in the offering circular (available in the EuroABS database).

As at the cut-off date the initial portfolio consists of 112,793 fixed-rate auto loan contracts, where the average outstanding balance per debtor is Eur6,573 and the largest is for Eur34,478. The pool is highly granular with the top 20 obligors accounting for only 0.17% of current outstandings. Debtor type: private 95.28%, commercial 4.72%. Vehicle type: new 80.34%, used 19.66%. The WA seasoning is 13.44 months. Regional concentration (by current balances): Andalucia 21.35%, Cataluna 15.32%, Valencia 13.20% and Madrid 11.99%. The deal features an 18 month revolving period.

The Class A notes have been rated AAA by DBRS, and AA+ by Fitch.

Compare/contrast: Auto ABS Spanish Loans 2016-1, BBVA Consumer Auto 2018-1, Driver Espana Five