Investor Report - Santander Consumer Bank

Semi-Annual Report 20-Oct-2014
Investor Report
Golden Bar (Securitisation) S.r.l. 2012-2
Appropriate disclosure will be displayed here.
Table of Contents
Golden Bar (Securitisation) S.r.l. 2012-2 20-Oct-2014
Report
Page
IPD and Deal Details
2
Note Level Data
3
Issuer Available Funds
4
Pre-Enforcement Priority of Payments
6
Deal Details
9
Servicer Report
10
Contact Information
13
@Copyright 2007, The Bank of New York. All Rights Reserved.
contents
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IPD and Deal Details
Golden Bar (Securitisation) S.r.l. 2012-2 20-Oct-2014
IPD and Deal Details
Collection Period Beginning Date (inclusive) Collection Period End Date (inclusive) Current Accrual Day Count
Calculation Date - 3 Business Days Before Payment Date
Fixed Rate Junior Notes
Fixed Rate Senior Notes
Current 6 Months EURIBOR
Final Maturity Date
01-April-2014
30-September-2014
181
15-October-2014
1.000%
1.500%
0.426%
20-October-2027
ISSUER - GOLDEN BAR (SECURITISATION) S.R.L.
STICHTINGEN CORPORATE SERVICER PROVIDER - WILMINGTON TRUST SP SERVICES (LONDON) LIMITED
SERVICER - SANTANDER CONSUMER BANK S.P.A.
ACCOUNT BANK - BNY MELLON, LONDON BRANCH
REPRESENTATIVE OF THE NOTEHOLDERS - BNY MELLON CORPORATE TRUSTEE SERVICES LIMITED
PAYING AGENT - BNY MELLON (LUXEMBOURG) S.A., ITALIAN BRANCH
SUBORDINATED LOAN PROVIDER - SANTANDER CONSUMER BANK S.P.A.
ORIGINATOR - SANTANDER CONSUMER BANK S.P.A.
COMPUTATION AGENT - BNY MELLON, LONDON BRANCH
© Copyright 2014, BNY Mellon. All Rights Reserved.
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Note Level Data
Golden Bar (Securitisation) S.r.l. 2012-2 20-Oct-2014
Notes Outstanding
Class A Note - ISIN: IT0004852452
Class A2 Note - ISIN: IT0005029308
Original Moody's Rating - A3
Original DBRS Rating - A
Current Moody's Rating - A3
Current DBRS Rating - A
Original Face Class A
Beginning Principal Class A
Principal Paid Class A
Interest Paid Class A
Total Paid Class A
Ending Principal Class A
Unpaid Interest Class A
Interest and Principal Due Class A
Original Moody's Rating - A3
Original DBRS Rating - A
Current Moody's Rating - A3
Current DBRS Rating - A
Original Face Class A2
Beginning Principal Class A2
Principal Paid Class A2
Interest Paid Class A2
Total Paid Class A2
Ending Principal Class A2
Unpaid Interest Class A2
Interest and Principal Due Class A2
€955,360,000.00
€598,180,703.23
€107,165,628.96
€4,511,279.47
€111,676,908.43
€491,015,074.27
€0.00
€111,676,908.43
Junior Notes will not be assigned a rating
Original Face Class C
Beginning Principal Class C
Principal Paid Class C
Interest Paid Class C
Total Paid Class C
Ending Principal Class C
Unpaid Interest Class C
Interest and Principal Due Class C
© Copyright 2014, BNY Mellon. All Rights Reserved.
€266,650,000.00
€47,771,041.10
€1,299,918.75
€49,070,959.85
€218,878,958.90
€0.00
€49,070,959.85
Class B2 Note - ISIN: IT0005029324
Class B Note - ISIN: IT0004852676
Original Moody's Rating - Ba1
Current DBRS Rating - BB
Current Moody's Rating - Baa3
Original DBRS Rating - BB
Original Face Class B
Beginning Principal Class B
Principal Paid Class B
Interest Paid Class B
Total Paid Class B
Ending Principal Class B
Unpaid Interest Class B
Interest
Due Class B
Class
C and
NotePrincipal
- ISIN: IT0004852684
€266,650,000.00
€72,559,000.00
€72,559,000.00
€0.00
€547,215.79
€547,215.79
€72,559,000.00
Original Moody's Rating - Baa3
Original DBRS Rating - BB
Original Face Class B2
Beginning Principal Class B2
Principal Paid Class B2
Interest Paid Class B2
Total Paid Class B2
Ending Principal Class B2
Unpaid Interest Class B2
Interest and Principal Due Class B2
€100,000.00
€100,000.00
€0.00
€487.50
€487.50
€100,000.00
€0.00
€487.50
€0.00
€547,215.79
Class C2 Note
€181,398,000.00
€181,398,000.00
€0.00
€19,467,192.83
€19,467,192.83
€181,398,000.00
€0.00
€19,467,192.83
3
Junior Notes will not be assigned a rating
Original Face Class C2
Beginning Principal Class C2
Principal Paid Class C2
Interest Paid Class C2
Total Paid Class C2
Ending Principal Class C2
Unpaid Interest Class C2
Interest and Principal Due Class C2
€100,000.00
€100,000.00
€0.00
€10,553.98
€10,553.98
€100,000.00
€0.00
€10,553.98
https://gctinvestorreporting.bnymellon.com/
Issuer Available Funds
Golden Bar (Securitisation) S.r.l. 2012-2 20-Oct-2014
€200,547,851.99
ISSUER AVAILABLE FUNDS
Means, on any Calculation Date prior to the service of an Issuer Acceleartion Notice, an amount equal to the sum of:
€179,137,421.45
(a) the Interest and Principal Components received by the Issuer in respect of the Loans in the Portfolio during
the Collection Period immediately preceding such Calculation Date;
€0.00
(b) without duplication with (a) above, an amount invested in
Eligible Investments (if any) during the immediately preceding Collection Period from the
Collection Account, following liquidation thereof on the preceding Liquidation Date;
€21,303,442.58
(c) the Cash Reserve
€0.00
(d) without duplication with (c) above, an amount equal to the sums invested in Eligible Investments (if
any) during the immediately preceding Collection Period from the Cash Reserve Account, following
liquidation thereof on the preceding Liquidation Date;
€5,695.95
(e) without duplication with (c) above and (j) below, all amounts of interest accrued and paid on the Cash Accounts
during the Collection Period immediately preceding such Calculation Date;
€0.00
(f) without duplication with (e) above, payments made to the Issuer by any other party to the
Transaction Documents during the Collection Period immediately preceding such Calculation Date
excluding those amounts constituting Issuer Available Funds;
(g) the Revenue Eligible Investments Amount realised on the preceding Liquidation Date, if any;
€101,292.01
(h) any recoveries (including any purchase price received in relation to the sale of any Defaulted
€0.00
Claims) received by the Issuer in respect of any Defaulted Claim during the Collection Period
immediately preceding such Calculation Date;
€0.00
(i) any other amount standing to the credit of the Collection Account as at the end of the Collection
Period immediately preceding the relevant Calculation Date but excluding those amounts constituting
Principal Available Funds; and
€0.00
(j) the amounts actually credited to and/or retained in, on the immediately preceding Interest
Payment Date, the Collection Account under item (i) of the Pre-Enforcement Principal
Priority of Payments and item (xiii) of the Pre-Enforcement Interest Priority of Payments, if any;
€0.00
(k) payments made to the Issuer by the Originator pursuant to the Warranty and Indemnity Agreement and/or
the Transfer Agreement during the Collection Period immediately preceding such Calculation Date in
respect of indemnities or damages for breach of representations or warranties;
€0.00
(l) any purchase price received by the Issuer in relation to the sale of any Claims (other
than Defaulted Claims) made in accordance with the Transfer Agreement and the Warranty and
Indemnity Agreement during the Collection Period immediately preceding such Calculation Date;
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Issuer Available Funds
Golden Bar (Securitisation) S.r.l. 2012-2 20-Oct-2014
€200,547,851.99
ISSUER AVAILABLE FUNDS
Means, on any Calculation Date prior to the service of an Issuer Acceleartion Notice, an amount equal to the sum of:
€0.00
(m) on the Calculation Date immediately preceding the Final Redemption Date and on any Calculation Date
thereafter, the balance standing to the credit of the Expenses Account at such dates.
€0.00
(n) to the extent that the funds under (a) to (m) (inclusive) above would not be sufficient to make
the payments falling due on the immediately following Interest Payment Date under items (i) to (v) of
the Pre-Enforcement Priority of Payments,the Liquidity Reserve
€200,547,851.99
TOTAL ISSUER AVAILABLE FUNDS
© Copyright 2014, BNY Mellon. All Rights Reserved.
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Pre-Enforcement Priority of Payments
Golden Bar (Securitisation) S.r.l. 2012-2 20-Oct-2014
€200,547,851.99
ISSUER AVAILABLE FUNDS
Prior to the service of an Issuer Acceleration Notice, the Issuer Available Funds as calculated on each Calculation Date will be applied
by the Issuer on the Interest Payment Date immediately following such Calculation Date in making payments or provisions in the
”
Pre-Enforcement Priority of Payments ) but, in each case, only if and to the extent that payments or
“
following order of priority (the
Payment Amount
provisions of a higher priority have been made in full:
(i) in or towards satisfaction, pro rata and pari passu, according to the respective amounts thereof,
€0.00
of any and all outstanding taxes due and payable by the Issuer in relation to this Securitisation
(ii) A. any and all outstanding fees, costs, liabilities and any other expenses to be
€43,427.54
paid in order to preserve the corporate existence of the Issuer,
B. any and all outstanding fees,costs, expenses and taxes required to be paid in connection with the listing, deposit or ratings of the
€0.00
Notes, or any notice to be given to the Noteholders or the other parties to the Transaction Documents,
C. Representative of the Noteholders fees
€2,250.00
D. the amount necessary to replenish the Expenses Account up to the Retention Amount
€0.00
(iii) in or towards satisfaction, pro rata and pari passu, according to the respective amounts thereof,of:
€10,542.08
any and all outstanding fees, costs and expenses of any and all other amounts due and payable to
the Paying Agent, the Computation Agent, the Corporate Services Provider, the Stichtingen
Corporate Services Provider, and the Account Bank, each under the Transaction Document(s) to which each of them is a party
(iv) in or towards satisfaction of any and all outstanding fees, costs and expenses of and all other
€1,064,335.69
amounts due and payable to the Servicer (other than the amounts due in respect of (i) the Servicer's Advance
and (ii) the insurance premiums
(v) in or towards satisfaction, pro rata and pari passu, of all amounts of interest due and payable on the
€5,811,198.22
Class A Notes;
(vi) following the occurrence of a Servicer Report Delivery Failure Event, but only if, on such Interest
€0.00
Payment Date, the Servicer Report Delivery Failure Event is still outstanding, to credit to or retain in,
as the case may be, all amounts to the Collection Account;
(vii) prior to the occurrence of a Principal Deficiency Trigger Event, in or towards satisfaction
€547,703.29
of all amounts of interest due and payable on the Class B Notes;
(viii) to credit the Liquidity Reserve Account with amount required ,if any ,such that Liquidity Reserve equals the Target Liquidity Reserve Amount
€0.00
(ix) in or towards repayment, pro rata and pari passu, of the Principal Amount
€154,936,670.06
Outstanding of the Class A Notes in an amount equal to the excess, if any, of the
Principal Amount Outstanding on the Class A Notes over the Class A Target Principal Amount;
(x) following the occurrence of a Principal Deficiency Trigger Event, in or towards satisfaction
© Copyright 2014, BNY Mellon. All Rights Reserved.
€0.00
6
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Pre-Enforcement Priority of Payments
Golden Bar (Securitisation) S.r.l. 2012-2 20-Oct-2014
€200,547,851.99
ISSUER AVAILABLE FUNDS
Prior to the service of an Issuer Acceleration Notice, the Issuer Available Funds as calculated on each Calculation Date will be applied
by the Issuer on the Interest Payment Date immediately following such Calculation Date in making payments or provisions in the
”
Pre-Enforcement Priority of Payments ) but, in each case, only if and to the extent that payments or
“
following order of priority (the
Payment Amount
provisions of a higher priority have been made in full:
pro rata and pari passu, of all amounts of interest due and payable on the Class B Notes;
(xi) following redemption in full of the Class A Notes, in or towards
€0.00
repayment, pro rata and pari passu, of the Principal Amount Outstanding of the
Class B Notes in an amount equal to the excess, if any, of the Principal Amount
Outstanding on the Class B Notes over the Class B Target Principal Amount;
(xii) to credit the Cash Reserve Account the amount required, so that the Cash Reserve equals the
€18,316,969.63
Target Cash Reserve Amount;
(xiii) in or towards satisfaction of all amounts due and payable to the Arranger
€0.00
(xiv) in or towards satisfaction of all amounts of interest due and payable to the Subordinated Loan Provider
€0.00
(xv) in or towards satisfaction of all amounts of principal due and payable to the Subordinated Loan Provider
€0.00
(xvi) in or towards satisfaction, pro rata and pari passu, according to the respective amounts thereof,
of all amounts due and payable to Santander:
(A) in respect of the Originator's Claims
€337,008.67
(B) in connection with a Limited Recourse Loan
€0.00
(xvii) all amounts due and payable to the Servicer in respect of:
(A) the Servicer's Advance and (B) the insurance premiums advanced by Santander in its capacity as Servicer
€0.00
(xviii) any and all outstanding fees, costs, liabilities and any other expenses to be paid to fulfil obligations
€0.00
to any Other Issuer Creditor incurred in the course of the Issuer's business in relation to this Securitisation
(xix) in or towards satisfaction, pro rata and pari passu, of (a) the Junior Notes Interest Amount due and payable on the Junior Notes and
€912,353.83
(b) the Junior Notes Interest Amount Arrears (if any).
€0.00
(xx) following redemption in full of the Class A Notes and the Class B Notes, in or towards repayment, pro rata and pari passu, of the Principal
€0.00
Amount Outstanding of the Class C Notes in an amount equal to the excess, if any, of the Principal Amount Outstanding on the Class C Notes over the Class C
Target Principal Amount, until the Principal Amount Outstanding of such Junior Notes is equal to 30,000;
(xxi) on the Final Redemption Date and on any date thereafter, in or towards satisfaction,
€0.00
pro rata and pari passu of the Principal Amount Outstanding of the Junior Notes until such Notes are repaid in full;
(xxii) up to, but excluding the Final Redemption Date, in or towards satisfaction,
€18,565,392.98
pro rata and pari passu of the Junior Notes Additional Remuneration
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Deal Details
Golden Bar (Securitisation) S.r.l. 2012-2 20-Oct-2014
Expense Account Detail
Beginning Balance
Cash Reserve Account Detail
€30,000.00
Account Withdrawals
Account Additions
Ending Balance
€0.00
€0.00
€30,000.00
Liquidity Reserve Account
Beginning Balance
© Copyright 2014, BNY Mellon. All Rights Reserved.
Account Withdrawals
Account Additions
Target Amount
€21,303,442.58
€21,303,442.58
€18,316,969.63
€18,316,969.63
Ending Balance
€18,316,969.63
Subordinated Loan Detail
€24,186,000.00
Account Withdrawals
Account Additions
Target Amount
Ending Balance
Beginning Balance
€0.00
€0.00
€0.00
Beginning Balance
Additional Loan Withdrawal
Loan Repayment
€0.00
€0.00
€0.00
Ending Balance
€0.00
€22,000,000.00
8
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Servicer Report
Golden Bar (Securitisation) S.r.l. 2012-2 20-Oct-2014
Portfolio Outstanding
Outstanding Balance at the Previous Valuation Date
852,137,453.27
New portfolio transferred with reference date May, 8th
266,851,648.39
Principal Amounts due (except from Defaulted Loans and Prepaid Capital) during the Reference Period
72,088,384.98
Amounts received in relation to the Warranty & Indemnity Agreement for the Reference Period**
21,061,957.57
Outstanding Balance of the Prepaid Loans for the Reference Period
60,783,730.87
Outstanding Balance of the Defaulted Loans for the Reference Period
Portfolio Outstanding Balance at the current Valuation Date
1,369,194.05
965,140,289.34
** Repurchased Loans Outstanding Balance (as of the Warranty & Indemnity Agreement)
Revenues for the Reference Period
Theoretical
Current
Revenues from Principal Instalments
76,610,147.77
72,088,384.98
Revenues from Interests Instalments
26,340,361.26
25,203,348.03
Revenues from Payments in Arrear
0.00
0.00
Revenues from Prepayments
0.00
60,783,730.87
Revenues from Prepayments Fees
0.00
0.00
Revenues from Recoveries on Arrears
0.00
0.00
-of which Principal components
0.00
0.00
-of which Interest components
0.00
0.00
Interest Components received by the issuer in respect of the consumer loans in the portfolio during the collection
period.
Revenues from recoveries on Defaulted
0.00
25,203,348.03
0.00
0.00
Other Revenues in the Reference Period
0.00
21,061,957.57
-of which Principal components
0.00
20,976,696.47
-of which Interest components (cancellation )
TOTAL PRINCIPAL COMPONENTS
TOTAL INTEREST COMPONENTS
TOTAL COLLECTIONS
-of which to be paid back to Santander Consumer Bank (rateo interessi)
0.00
85,261.10
76,610,147.77
153,848,812.32
26,340,361.26
25,288,609.13
102,950,509.03
179,137,421.45
337,008.67
RISK DISCLOSURE ON SECURITISED LOANS
Payments in Arrear (N° of instalments)
N. of Loans
Principal
Interest
Total
1 instalment
0
0.00
0.00
0
2 instalments
0
0.00
0.00
0
3 instalments
0
0.00
0.00
0
4 instalments
0
0.00
0.00
0
5 instalments
0
0.00
0.00
0
6 instalments
0
0.00
0.00
0
7 instalments
0
0.00
0.00
0
N. of Loans
Principal
Interest
Total
1 instalment
0
0.00
0.00
0
2 instalments
0
0.00
0.00
0
3 instalments
0
0.00
0.00
0
4 instalments
0
0.00
0.00
0
5 instalments
0
0.00
0.00
0
6 instalments
0
0.00
0.00
0
7 instalments
0
0.00
0.00
0
Matured & Unpaid
Outstanding
Defaulted Loans
N. of Defaulted Loans for the reference period
0
Defaulted Loans Outstanding Balance for the reference Period
0.00
Recoveries on Defaulted Loans for the Reference Period
0.00
-of which sold
0.00
RISK DISCLOSURE ON UNDERLYING LOANS
Payments in Arrear (N° of instalments)
Matured & Unpaid
N. of Loans
Principal
Interest
Total
1 instalment
5,044
809,040.00
261,206.00
1,069,828
2 instalments
1,046
342,547.00
94,465.00
649,354
3 instalments
272
140,052.00
37,257.00
234,905
4 instalments
52
30,588.00
5,871.00
83,851
5 instalments
48
34,486.00
10,354.00
69,346
6 instalments
24
18,810.00
6,609.00
39,551
7 instalments
1
1,240.00
601.00
38,879
N. of Loans
Principal
Interest
Total
1 instalment
5,044
63,215,865.00
11,777,260.00
76,634,698
2 instalments
1,046
11,563,175.00
2,093,823.00
25,209,274
3 instalments
272
3,438,003.00
622,336.00
4,856,146
4 instalments
52
374,868.00
50,511.00
1,261,652
5 instalments
48
508,498.00
102,104.00
878,838
6 instalments
24
266,969.00
57,145.00
399,958
7 instalments
1
14,230.00
2,865.00
411,407
Outstanding (not Matured) and Future Interest
Defaulted Loans
N. of Defaulted Loans for the reference period
Defaulted Loans Outstanding Balance for the reference Period
Recoveries on Defaulted Loans for the Reference Period
-of which sold
Repurchased Defaulted Loans
Cumulated default
111
1,369,194.05
0.00
0.00
2,038,097.94
1,369,194.05
Other information
Weighted average Seasoning
35.35
0.05
Weighted average Coupon
Total number of Loans in the portfolio
67,157.00
Portfolio
Portfolio Outstanding Principal at the Valuation Date (A)
965,140,289.34
Outstanding of the Notes
1,118,987,704.18
Portfolio Breakdown for Product at the
CQS
585,980,597.95
CQP
170,057,148.56
DP
209,102,542.83
TOTAL
965,140,289.34
Portfolio Breakdown for Geographical Area at the
Center
191,939,521.79
North
300,897,216.28
South
472,303,551.27
TOTAL
965,140,289.34
Servicer Fee
1,064,336.69
Servicing Fee (Percentage of 0,125%)
Invoice
0.00
TOTAL
1,064,335.69
Principal Amount still due
Defaulted Claims sold
11
%
60.71%
17.62%
21.67%
%
19.89%
31.18%
48.94%
Contact Information
Golden Bar (Securitisation) S.r.l. 2012-2 20-Oct-2014
BNY Mellon Contacts:
Client Sevice Manager
Paola Magno
Tel +39 02 8790 9849
Fax +39 02 8790 9851
[email protected]
[email protected]
Associate Client Service Manager
Silvia Milanesi
Tel 00.39 02 8790 9846
Fax 00.39 02 8790 9851
[email protected]
[email protected]
Trust Administrator
Fabrizio Meraviglia
Tel 00.39 02 8790 9843
Fax 00.39 02 8790 9851
[email protected]
[email protected]
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