Silk Finance No. 6: 03 June 2025

The underlying assets of the fund will be a portfolio of Portuguese leases, asset leases and long term rental contracts sold to it by the originator Banco Santander Consumer Portugal SA. Santander Consumer Portugal is the largest selective participant in the Portuguese car financing market focused on providing financial services to all participants along the car distribution chain, from the importer to the end customer, through its distribution network. In addition, Santander Consumer Portugal's origination capacity is strengthened by special agreements with SIVA (the importer of Volkswagen, Audi and Skoda), Mitsubishi, Seat, Kia, Isuzu and more recently Mazda, through a pan-European agreement entered into by Santander Consumer Finance.

As at the cut-off date, the initial portfolio consisted of 28,048 fixed-rate loans. Client type (by outstanding loan value): individual – 70.22%, company – 23.37%, self employed – 5.37% and professional – 1.05%. Product type: loan – 89.52%, leasing – 8.56%, LTR – 1.92%. Amortisation type: French – 92.3%, Balloon – 7.7%. Vehicle status (by outstanding loan value): new – 63.11%, used – 36.89%. The various loans are widely distributed throughout Portugal but, as per normal, with the greater concentration in Lisbon (19.94%), Porto (18.42%) and Setubal (10.38%).

EU Risk Retention: The Originator will retain on an ongoing basis during the life of the transaction a material net economic interest of not less than 5% in the securitisation as required by Article 6(1) of the Securitisation Regulation. Such retention requirement will be satisfied by the Originator retaining, in accordance with Article 6(3)(c) of the Securitisation Regulation and Article 6 of the Delegated Regulation 2023/2175, randomly selected exposures equivalent to not less than 5% of the nominal value of the securitised exposures.

Compare/contrast: Silk Finance No.5, Consumer Totta 2 2024