Aurorus 2020 B.V.: 16 August 2020

This will be the third 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 2020) the initial portfolio comprised 56,074 contracts with 52,460 borrowers.

Product type……………….No of Contracts …… .. No of Borrowers……… ……..NPV%
Amortising…………………….3,578………………………3,433………………… 0.6%
Credit Cards………………….12,630…………… ……… 12,503………………..5.4%
Fixed Term Loans..………..... 10,071…………… …...…... 10,006…………… 47.3%
Revolving Loans……………..29,795……………… … .. 29,416……………..… 46.8%

Interest rate type: floating – 52.7%, fixed – 47.3%. Repayment method: Direct Debit – 96.4%, other – 3.6%. Regional concentration: Zuid-Holland – 22.69%, Noord Holland – 16.25%, Noord Brabant- 13.64% and Gelderland – 11.3%.


EU Risk Retention: 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 6 of the Securitisation Regulation. As at the Closing Date, such material net economic interest will be held by the Seller, in accordance with Article 6(3)(a) of the Securitisation Regulation, by the retention of 5% of the nominal value of each of the Classes of Asset-Backed Notes sold or transferred to investors.

STS: The transaction is intended to qualify as an STS securitisation within the meaning of Article 18 of the Securitisation Regulation.


Compare/contrast: Aurorus 2017, Magoi B.V.