Autonoria Spain 2025 FdT: 20 June 2025

AutoNoria Spain 2025 FT is a revolving securitisation of a portfolio of fully amortising auto loans originated in Spain by Banco Cetelem SAU. Cetelem is a specialist lender fully owned by BNP Paribas SA. For the eligibility criteria, please see the relevant section in the offering circular (available in the EuroABS database).

As at the cut-off date (5 June 2025) the initial portfolio consists of 88,818 French Amortisation type auto loan contracts advanced to private individuals, where the average outstanding balance per debtor is Eur11,471 and the largest is for Eur125,356. The pool is highly granular, with the top 10 obligors accounting for only 0.10% of current outstandings. Vehicle type: new - 56.98%, used - 43.02%. The WA seasoning is 18.42 months. Regional concentration (by current balances): Andalucia - 19.19%, Cataluna - 17.07%, Madrid - 13.22% and Valencia - 11.63%.

EU Risk Retention: The Originator will undertake to retain, on an ongoing basis, a material net economic interest of at least 5% in the securitisation transaction in accordance with Article 6(3)(c) of the EU Securitisation.

US Risk Retention: The transaction will not involve the retention by the Seller of at least 5% of the credit risk of the Issuer for the purposes of the US Risk Retention Rules. The Seller intends to rely on the exemption provided for in Section 20 of the US Risk Retention Rules regarding non-US transactions that meet certain requirements.

STS: The securitisation transaction described in the Prospectus is intended to qualify as a simple, transparent and standardised securitisation (STS securitisation) within the meaning of Article 18 of the EU Securitisation Regulation.

Compare/contrast: AutoNoria Spain 2023 FdT, BBVA Consumer 2025-1