Youni 2019-1: 03 June 2019

A stand-alone issue, where the notes and residual units will be backed by a portfolio of amortising fixed rate loan receivables deriving from consumer loan contracts entered into between individuals having the status of consumers domiciled in France, as borrowers, and Younited as lender.

Younited is authorised and regulated as a Credit Institution and Investment Service Provider by the ECB. Younited’s ambition is to provide consumer credits to European households. In addition to its head office in Paris, it operates in Italy and Spain through branches in Rome and Barcelona, and in Portugal under a Freedom to Provide Service passport.

The provisional pool (as at 3 March 2019) consists of 45,061 loans advanced to 39,777 obligors, and where the average outstanding balance is Eur5,631 (borrower) and the maximum borrower balance is Eur56,504. Loan purpose (by current balance): living expenses – 36.39%, debt consolidation – 21.59%, home improvements – 17.84%, car – 15.52%, others – 11.40%. All loans are serviced via direct debit. The WA seasoning is 12.60 months.

EU Risk Retention: The seller shall retain on an on-going basis a material net economic interest of not less than 5% in the securitisation in accordance with the text of Article 6 of the STS Regulation, Article 405 of the Capital Requirement Regulations, Article 51 (1) of the AIFM and Article 254 (2) of Solvency II. As at the issue date, such interest will take the form of the holding by the seller of no less than 5% of the nominal value of the Class A, Class B, Class C, Class D, Class E, Class F and Class G notes.

Compare/contrast: Auto ABS French Leases 2018, FCT Noria 2018-1