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Qander Consumer Finance, a Chenavari-owned Dutch consumer lender, has securitized its entire loan book in a rare Dutch consumer ABS deal.
The EUR 310.8m deal, Aurorus 2016, was closed as a part private, part pre-placed transaction. The notes are backed by a EUR 286m provisional pool of unsecured floating rate revolving consumer credits, including credit card borrowing and standalone revolving loans.
The loans allow borrowers to make additional drawings up to a maximum credit limit. The deal structure allows for the growth in the portfolio during a two year revolving period, by the over-issuance of mezzanine notes in the structure.
Qander has a one year call option on the deal, at which point it could pay a premium on the issued notes to call them, up until the end of the revolving period in August 2018, when an additional step-up margin of 100bp would be payable on the 'A' to 'F' notes.
The EUR 191.8m 'A' class, rated AA- by S&P Global Ratings and Fitch Ratings, was placed with a...