SASP S2 Investor Report
30-Jun-23
Information Date: | Jun-23 |
Period: | Jun-23 |
Period Number: | 12 |
Deal Name: | South African Securitisation Programme (RF) Ltd - Series 2 |
Issuer: | South African Securitisation Programme (RF) Ltd - Series 2 |
140 West Street | |
Sandown, Sandton | |
2196 | |
P.O Box 95104 | |
Grant Park, 2051 | |
Seller of the Receivables: | Sasfin Bank Limited |
Servicer Name: | Sasfin Bank Limited |
Contact: | Contact: Mr Dhesegan Govender |
Phone: +27 ( 011) 809 7892 | |
Email: Dhesegan.Govender@sasfin.com | |
Manager | Sasfin Bank Limited |
140 West Street | |
Sandown, Sandton | |
2196 |
Information Date: | 30-Jun-23 |
Period: | Jun-23 |
Period Number: | 12 |
Page | Tables of Contents |
- Additional Information
- Table of Contents
- Conterparties
- Deal Overview
- Balance Sheet and OC
- Notes Information I.
- Notes Information II.
- Performance Test
- Portfolio Covenants
- Priority Of Payments
- Pool Movement (Rands)
- Pool Movement (Deals)
- Pool Stratification
- Pool Ageing
- Delinquency Contracts
- Defaults
- Excess Spread
- Note Interest and Details
- Glossary
Information Date: | 30-Jun-23 |
Period: | Jun-23 |
Period Number: | 12 |
Deal Name:
South African Securitisation Programme (RF) Limited - Series 2
Issuer: | Series Security SPV: |
South African Securitisation Programme (RF) Ltd - Series 2 | Stonehage Fleming Corporate Services (Pty) Ltd |
140 West Street | (formerly: Maitland Corporate Services (Pty) Ltd (MCS(SA)) |
Sandown, Sandton | STONEHAGE FLEMING FINANCIAL SERVICES (PTY) LTD |
2196 | First Floor North Block Waterway House |
P.O Box 95104 | 3 Dock Road, Victoria & Alfred Waterfront |
Grant Park, 2051 | Cape Town |
8001 | |
South Africa |
Series Seller, Servicer and Manager Name: | Transfering Agent: |
Sasfin Bank Limited | Nedbank Limited |
140 West Street | (a division of Nedbank Limited) |
Sandown, Sandton | 135 Rivonia Road |
2196 | Sandton, 2196 |
Contact: Mr M Sassoon | South Africa |
P.O Box 1144 | |
Johannesburg, 2000 |
Paying Agent: | Series Standby Servicer: |
Nedbank Limited | STONEHAGE FLEMING CORPORATE SERVICES (PTY) LTD |
Braampark Forum IV | 54 Glenhove Road |
2nd Floor, 33 Hoofd Street | Melrose Johannesburg |
Braamfontein, 2001 | South Africa |
P.O Box 1144 | 2196 |
Johannesburg 2000 | |
South Africa Contact: Mrs L Currie |
Legal Adviser to the Arranger, the Issuer and the Security SPV:Edward Nathan Sonnenbergs Inc.
150 West Street
Sandown
Sandton, 2196
P.O Box 783347
Sandton, 2146
Contact: Mr S Von Schirnding
Independent Audiors to the Issuer and the Security SPV and Joint Independent Auditors to the Series Seller:
PricewaterhouseCoopers Inc.
4 Lisbon Lane Waterfall City 2090
Contact: Vincent Tshikhovhokhovho
Information Date: | 30-Jun-23 |
Period: | Jun-23 |
Period Number: | 12 |
Deal Overview | |||
Reporting Period: | Jun 23 | ||
Reporting Date: | 20-Jun-23 | 20th of each month (for previous month) | |
Reporting Frequency: | Monthly | ||
Period No.: | 12 | ||
Interest Payment Dates: | 20 Feb / 20 May / 20 Aug / 20 Nov | ||
Next payment Date: | 20-Jul-23 | ||
Asset Collection Period: | 1-Jun-23 | until | 30-Jun-23 |
Note Interest Accrual Period: | 20-May-23 | until | 20-Aug-23 |
Pool Information | Outstanding Principal | Number of Contracts | |
Balance | |||
Outstanding Pool | 576,837,311 | 2775 | |
Repurchased Operating Lease Contracts | - | - | |
(cumulative since Cut Off Date) | - | - | |
Type of Equipment Lease | Percentage of Leases | Outstanding Principal | Percentage of Balance |
(%) | Balance | (%) | |
New | 94.63% | 555,230,197 | 96.25% |
Used | 5.37% | 21,607,114 | 3.75% |
Total | 100.00% | 576,837,311 | 100.00% |
Information Date: | 2023/06/30 | |
Period: | Jun-23 | |
Period Number: | 12 | |
Balance Sheet | Over Collateralisation Calculation |
ASSETS
Pool Assets
- Instalments receivable
-
Arrear instalments receivable Provision for bad and doubtful advances Cash
Accounts receivable
EQUITY AND LIABILITIES
Share Capital and Retained Income Notes in Issue
Subordinated Loans Deferred Tax
Interest and Working Capital Payable Accounts payable
576,837,311
564,668,556
12,168,755
-15,114,345 53,600,999 87,430,825
702,754,790
36,440,821
500,000,000
50,000,000
0
111,432,293
4,881,676
702,754,790
Pool Assets | 576,837,311 |
Delinquents and Defaults | -21,314,604 |
Total Performing assets | |
555,522,707.18 | |
Notes in Issue | |
500,000,000.00 | |
Over collateralised amount: | |
50,000,000.00 | |
- Pool Assets | 55,522,707.18 |
- Cash Reserves | -5,522,707.18 |
Required over collateralisation %age | 10.00% |
Information Date: | 2023/06/30 | |||
Period: | Jun-23 | |||
Period Number: | 12 | |||
Information regarding the Notes: | ||||
Classes of Notes | LRFA4 | LRFB4 | LRFC4 | |
Rating at Issue Date | ||||
GCR | AAA(zaf) | AA+(zaf) | AA-(zaf) | |
Current Rating | ||||
GCR | AAA(zaf) | AA+(zaf) | AA-(zaf) | |
Information on Notes | LRFA4 | LRFB4 | LRFC4 | |
Final Maturity Date | 20-Nov-30 | 20-Nov-30 | 20-Nov-30 | |
Scheduled Repayment Date: | 20-Nov-25 | 20-Nov-25 | 20-Nov-25 | |
Issue Date: | 21-Nov-22 | 21-Nov-22 | 21-Nov-22 | |
ISIN: | ZAG000191818 | ZAG000191826 | ZAG000191834 | |
Common Code: | LRFA4 | LRFB4 | LRFC4 | |
Nominal Amount (ZAR): | 400,000,000 | 75,000,000 | 25,000,000 | |
Information on Interest | LRFA4 | LRFB4 | LRFC4 | |
First Interest Payment Date: | 20-Feb-23 | 20-Feb-23 | 20-Feb-23 | |
Rate Determination Date: | ||||
Spread/Margin: | 1.90% | 2.10% | 2.30% | |
Index Rate: | 3 Month Jibar | 3 Month Jibar | 3 Month Jibar | |
Fixed/ Floating: | Floating | Floating | Floating | |
Current Coupon: | 10.0080% | 10.2080% | 10.4080% | |
Day Count Convention | Actual / 365 | Actual / 365 | Actual / 365 |
Information Date: | 2023/06/30 | |||||
Period: | Jun-23 | |||||
Period Number: | 12 | |||||
Information regarding the Notes II. | ||||||
Monthly Period: | 12 | |||||
Next Payment Date: | 20-Jul-23 | |||||
Interest Accrual Period (from/until): | 20-May-23 | 20-Aug-23 | ||||
Days Accrued: | 92 | |||||
Base Interest Rate (3 Month Jibar): | 8.108% | |||||
Currency: | ZAR | |||||
Day Count Convention: | Actual/365 | |||||
Interest Payments | LRFA4 | LRFB4 | LRFC4 | |||
Total Interest Amount of the Reporting Period - 1 July 2022 - 30 June 2023 | 22,238,027 | 4,260,863 | 1,450,699 | |||
Paid interest - 1 July 2022 - 20 May 2023 | 17,646,027 | 3,382,603 | 1,152,192 | |||
Unpaid Interest | ||||||
Unpaid interest of the Reporting period - 1 June 2023 - 30 June 2023 | 3,290,301 | 629,260 | 213,863 | |||
Cumulative unpaid interest - 1 July 2022 - 30 June 2023 | 4,592,000 | 878,260 | 298,507 | |||
Note Balance | LRFA4 | LRFB4 | LRFC4 | |||
Note Balance (Cut Off Date): | ||||||
Note Balance (Beginning of Period): (ZAR) | - | - | - | |||
Unallocated Redemption Amount from Previous Period (ZAR) | - | - | - | |||
Available Redemtion Amount Reporting Period (ZAR) | - | - | - | |||
Total Available Redemtion Amount (ZAR) | - | - | - | |||
Redemption Amount per Class | - | - | - | |||
New Issue | 280,000,000 | 52,500,000 | 17,500,000 | |||
Note Balance (End of Period): | 280,000,000 | 52,500,000 | 17,500,000 | |||
Payments to Investors - Per R100'000 - Denomination | LRFA4 | LRFB4 | LRFC4 | |||
Interest | 4,592,000 | 878,260 | 298,507 | |||
Principal Repayment by Note: | - | - | - |
Information Date: | 2023/06/30 |
Period: | Jun-23 |
Period Number: | 12 |
Performance Test
Amortisation events:
- the occurrence of a Servicer Event of Default; or
- the occurrence of a Breach of a Performance Test; or
-
the occurrence of a Reserve Fund Test Event; or
(2.50% of the Σ outstanding Principal Amount of Notes) required on any Payment Date or the balance of the
Arrears Reserve Target Amount means: - at the Restatement Date or on any Measurement Date thereafter during the Revolving Period, an amount equal to the Σ NPV of the Delinquent EL; or
- during the Amortisation Period, an amount equal to zero; or
- during the Post-Enforcement Period, an amount equal to zero;
- the occurrence of a Net Default Test Event; or
means an event where the Net Default Test exceeds 4.000% the net of the following: - the Σ NPV of EL in Default which occurred in the past month e `
- the Σ amount of the Recoveries collected in the past month ending on the last day of that Due Period; divided by the Σ of
- the average NPV of EL for the past 12 months ending on the last day of that Due Period.
-
the occurrence of a Yield Test Event
means an event where Prime plus 3.0% exceeds the Yield Test Yield test means, for purposes of and as at a Payment Date - the Yield for the Due Period immediately preceding that Payment Date less any payments to the providers of guarantees, credit derivatives or other arrangements in terms of the Related Agreements for the Due Period preceding that Payment Date in terms of such Related Agreements; divided by
- the Σ NPV of all of the EL (excluding EL in default) at the start of the Due Period immediately preceding that Payment Date; multiplied by
- 12 (twelve)
- the occurrence of the first failure by the issuer to redeem in full, on a Scheduled Maturity Date, one or more Tranches of Notes having that Scheduled Maturity Date
- a Hedge Counterparty Default
Reserve Fund Tests | Reserve Fund Tests | Net Default Test | Yield Test | Hedge | ||||||||||||||||||
Reserve Fund | Arrears Reserve | Arrears Reserve | NPV of EL in | Amount of | Average NPV of EL | Servicer event of | Refinance event of | |||||||||||||||
Test event Balance | Reserve Fund | Fund 'Balance < | Arrears Reserve | Recoveries | Net Default trigger | Net Default Test | Prime as at Due | Yield test trigger | Counterparty | |||||||||||||
Month Ended | Required Amount | Fund Balance | Default during the | for the past 12 | Net Default % | Yield | Yield Test Pass? | default | default | |||||||||||||
< Required Pass? | Balance (ZAR) | Target 3 months | Fund Target (ZAR) | collected in the | 4.000% | Target Pass? | Period | (prime + 3.00%) | default | |||||||||||||
(ZAR) | (ZAR) | past month | months | |||||||||||||||||||
Pass? | past month | |||||||||||||||||||||
30-Jun-23 | Yes | 12,500,000 | 12,500,000 | Yes | 2,927,584 | 2,927,584 | 719,949 | 279,438 | 537,977,454 | 0.125% | 4.000% | Yes | 11.75% | 14.75% | 19.36% | Yes | No | No | No |
Information Date: | 2023/06/30 | ||||||
Period: | Jun-23 | ||||||
Period Number: | 12 | ||||||
Jun-23 | |||||||
Portfolio Concentration Limits (in relation to all of the EL as at any date) | Difference | Actual | Benchmark | ||||
1 | the Σ NPV of EL relating to any one Lessee (including affiliates), shall not exceed 7.5% of the Σ | No | 3.98% | 7.50% | |||
NPV of all of the EL | |||||||
the Σ NPV of the EL relating to the 10 largest Lessees (including Affiliates of such Lessees) - by | |||||||
2 | NPV, shall not exceed 20% of the Σ NPV of all the EL of the Issuer on the last day of any Due | No | 13.86% | 20.00% | |||
Period | |||||||
the Σ NPV of all EL relating to the 25 largest Lessees (including Affiliates of such Lessees) - by | |||||||
3 | NPV, shall not exceed 30% of the Σ NPV of all the EL of the Issuer on the last day of any Due | No | 24.86% | 30.00% | |||
Period | |||||||
the Σ NPV of all EL relating to the 50 largest Lessees (including Affiliates of such Lessees) - by | |||||||
4 | NPV, shall not exceed 40% of the Σ NPV of all the EL of the Issuer on the last day of any Due | No | 38.47% | 40.00% | |||
Period | |||||||
5 | the total number of all Lessees (excluding Lessees who are parties to EL in Default and EL with a | No | 1,353 | 1,000 | |||
NPV of zero or less), shall be 1,000 or more; | |||||||
the Σ NPV of Non-Scheduled Equipment shall not exceed 10% of the Σ NPV of all of the EL and | |||||||
6 | the Σ NPV of all such EL relating to any one Lessee (including affiliates), shall not exceed 5% of the | No | 9.77% | 10.00% | |||
Σ NPV of all EL relating to Non-Scheduled Equipment | |||||||
the Σ NPV of all EL where the Equipment is located outside the Common Monetary Area and the Σ | |||||||
7 | NPV of all EL which are Loan Agreements, Residual EL and Balloon EL may not exceed 5% of the | No | 0.00% | 5.00% | |||
Σ NPV of all of the EL | |||||||
8 | the Σ NPV of all EL in respect of which the Services are to be performed by a party other than the | No | 4.30% | 50.00% | |||
Series Servicer, may not exceed 50% of the Σ NPV of all EL | |||||||
the Σ NPV of all EL in respect of which the Services are to be performed by one individual SND, | |||||||
9 | may not exceed 10% of the Σ NPV of all EL unless such a SND has been approved by the rating | No | 1.05% | 10.00% | |||
agency | |||||||
Quantitative Eligibility Criteria | |||||||
1 | 4.2.20 no EL payment is subject to an escalation in excess of 15% per annum | No | 15.00% | 15.00% | |||
2 | 4.2.24 the original term of the relevant EL is not shorter than 6 months and the weighted ave | No | 36 | 60 | |||
remaining term for all EL does not exceed 60 months | |||||||
3 | 4.2.31 the discount rate is not less than Prime minus 1% | No | 10.75% | 10.75% |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Sasfin Holdings Limited published this content on 01 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 November 2023 09:29:47 UTC.