KBRA Assigns Preliminary Rating to Bumper NL 2024-1 B.V.
20 Aug 2024 | Dublin
KBRA Europe (KBRA) assigns a preliminary rating to the Class A notes issued by Bumper NL 2024-1 B.V., a Dutch operating auto lease transaction. Credit enhancement consists of subordination, excess spread and cash reserves.
Bumper NL 2024-1 will be collateralised by a revolving pool of lease receivables and associated leased vehicles made to Axus Nederland N.V.'s (formerly known as LeasePlan Nederland N.V.) clients operating or residing in the Netherlands. The preliminary portfolio consists of an aggregate discounted balance of approximately €625.0 million, comprising a lease receivables component of €328.2 million and a residual value component of €296.8 million. The leases, as a percent of the aggregate discounted balance, are extended to corporates (64.9%), SMEs (26.9%), individuals (7.6%) and government entities (0.6%). The leases are predominantly backed by passenger vehicles (93.0%) with 51.2% of the portfolio consisting of leases of electric vehicles. The transaction features a 12-month revolving period.
Bumper NL 2024-1 represents the latest public ABS securitisation for Axus Nederland N.V. (formerly known as LeasePlan Nederland N.V.) from LeasePlan Corporation N.V.’s (LPC) Bumper securitisation program (part of the Ayvens Group), which has previously issued public securitisation transactions in Germany, the Netherlands, the United Kingdom, France and Belgium. LPC has used securitisation as a financing tool for more than 17 years, dating back to 2006.
KBRA applied its ABS General Global Rating Methodology for Asset Backed Securities as well as its Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology as part of its analysis of the transaction’s underlying collateral pool and the proposed capital structure.
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