PCL Funding X Plc (Series 2025-1): 17 October 2025
This will be another standalone transaction where the Issuer’s primary source of funds to make payments on the Notes will be the payments it receives from the collections in respect of a portfolio of advances made by Premium Credit Limited to fund insurance premia and other payment plan receivables which will be purchased by the Asset Trustee on an ongoing basis.
At the cut-off date (31 July 2025) the portfolio consists of 2,370,166 receivables, where the average principal balance is £688. Product type (by number of receivables & % balances): C&C 135,695 – 52.88%, PL&S 2,141,757 – 40.46%, DDMS 79,084 – 5.87% and SFP 13,630 – 0.58%. Customer type (by number of receivables & % balances): Corporate 135,767 – 54.62%, Retail 2,234,399 – 45.38%. Obligor concentration: Top 1 – 0.56%, Top 5 – 2.01%, Top 10 – 3.12%. The WA seasoning is 4.62 months.
EU & UK Risk Retention: Premium Credit Limited (the “Retention Holder”) as “originator” as defined in Article 2(3) of each of the Securitisation Regulations will, for the life of the transaction, retain a material net economic interest of not less than 5% in the securitisation in accordance with (i) Article 6(1) of Regulation (EU) No. 2017/2402 and (ii) Article 6(1) of Regulation (EU) No. 2017/2402 as it forms part of UK domestic law by virtue of the EUWA. As at the Series 2025-1 Closing Date, such interest will take the form of a first loss tranche in accordance with Article 6(3)(d) of each of the Securitisation Regulations comprising the Class D Notes, having a Principal Amount Outstanding of not less than 5% of the Aggregate Receivable Principal Balance.
US Risk Retention: The Seller intends to rely on an exemption provided for in Section __.20 of the US Risk Retention Rules regarding non-US transactions that meet certain requirements.
STS: The Series 2025-1 Notes are not intended to be designated as a STS securitisation for the purposes of the Securitisation Regulation.
Compare/contrast: PCL Funding IX plc (Series 2023-1), Asimi Funding 2025-1 plc