SASP S1 Investor Report
30-Sep-23
Information Date: | 30-Sep-23 |
Period: | Sep-23 |
Period Number: | 3 |
Deal Name: | South African Securitisation Programme (RF) Ltd - Series 1 |
Issuer: | South African Securitisation Programme (RF) Ltd - Series 1 |
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-Sep-23 |
Period: | Sep-23 |
Period Number: | 3 |
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
- CRD Retention
- Note Interest and Details
- Glossary
Information Date: | 30-Sep-23 |
Period: | Sep-23 |
Period Number: | 3 |
Deal Name: | |
South African Securitisation Programme (RF) Limited - Series 1 | |
Issuer: | Series Security SPV: |
South African Securitisation Programme (RF) Ltd | Stonehage Flemming 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 Flemming Corporate Services (Pty) Ltd |
Braampark Forum IV | STONEHAGE FLEMING CORPORATE SERVICES (PTY) LTD |
2nd Floor, 33 Hoofd Street | 54 Glenhove Road |
Braamfontein, 2001 | Melrose Johannesburg |
P.O Box 1144 | South Africa |
Johannesburg 2000 | 2196 |
Legal Adviser to the Arranger, the Issuer and the Security SPV: | Independent Audiors to the Issuer and the Security SPV and |
Edward Nathan Sonnenbergs Inc. | Joint Independent Auditors to the Series Seller: |
150 West Street | PricewaterhouseCoopers Inc |
Sandown | 4 Lisbon Lane |
Sandton, 2196 | Waterfall City |
P.O Box 783347 | 2090 |
Sandton, 2146 | Contact: Costa Natsas |
Contact: Mr S Von Schirnding |
Information Date: | 30-Sep-23 |
Period: | Sep-23 |
Period Number: | 3 |
Deal Overview | ||||
Reporting Period: | Sep 23 | |||
Reporting Date: | 17-Sep-23 | 17 th of each month (for previous month) | ||
Reporting Frequency: | Monthly | |||
Period No.: | 3 | |||
Interest Payment Dates: | 17 Feb / 17 May / 17 Aug / 17 Nov | |||
Next payment Date: | 17-Oct-23 | |||
Asset Collection Period: | 1-Sep-23 | until | 30-Sep-23 | |
Note Interest Accrual Period: | 17-Aug-23 | until | 17-Nov-23 | |
Outstanding | Number of | |||
Pool Information | Principal | |||
Contracts | ||||
Balance | ||||
Outstanding Pool | 2,029,993,484 | 26,077 | ||
Repurchased Operating Lease Contracts | - | - | ||
(cumulative since Cut Off Date) | - | - | ||
Percentage of | Outstanding | Percentage of | ||
Type of Equipment Lease | Leases | Balance | ||
Principal Balance | ||||
(%) | (%) | |||
New | 96.29% | 1,915,306,711 | 94.35% | |
Used | 3.71% | 114,686,773 | 5.65% | |
Total | 100.00% | 2,029,993,484 | 100.00% | |
Information Date: | 30-Sep-23 |
Period: | Sep-23 |
Period Number: | 3 |
Balance Sheet
ASSETS
Pool Assets
- Instalments receivable
- Arrear instalments receivable
Provision for bad and doubtful advances Cash
Interest and Working Capital Receivable Accounts receivable
EQUITY AND LIABILITIES
Share Capital and Retained Income Notes in Issue
Subordinated Loans Deferred Tax
Interest and Working Capital Receivable Accounts payable
Over Collateralisation Calculation | ||
2,029,993,484 | Pool Assets | |
1,928,308,149 | Delinquents and Defaults | |
101,685,335 | ||
(124,743,572) | Total Performing assets | |
257,022,365 | ||
110,599,357 | ||
22,685,368 | ||
2,295,557,002 | Notes in Issue | |
Over collateralised amount | ||
254,317,692 | ||
1,658,000,000 | Actual over collateralisation %age | |
207,913,200 | ||
141,741,694 | Required over collateralisation %age | |
27,713,186 | ||
5,871,230 | ||
2,295,557,002 | ||
- | ||
2,029,993,484 -156,864,838
1,873,128,647
1,658,000,000
215,128,646.58
12.98%
12.54%
Information Date: | 30-Sep-23 | |||||||||||
Period: | Sep-23 | |||||||||||
Period Number: | 3 | |||||||||||
Information regarding the Notes: | ||||||||||||
Classes of Notes | Class A29 | Class A30 | Class A31 | Class A32 | Class B8 | Class B9 | Class B10 | Class C8 | Class C9 | Class C10 | ||
Rating at Issue Date | ||||||||||||
GCR | AAA(zaf) | AAA(zaf) | AAA(zaf) | AAA(zaf) | AAA(zaf) | AAA(zaf) | AAA(zaf) | AAA(zaf) | AAA(zaf) | AAA(zaf) | ||
Current Rating | ||||||||||||
GCR | AAA(zaf) | AAA(zaf) | AAA(zaf) | AAA(zaf) | AAA(zaf) | AAA(zaf) | AAA(zaf) | AAA(zaf) | AAA(zaf) | AAA(zaf) | ||
Information on Notes | Class A29 | Class A30 | Class A31 | Class A32 | Class B8 | Class B9 | Class B10 | Class C8 | Class C9 | Class C10 | ||
Final Maturity Date | 17-Nov-30 | 17-Nov-30 | 17-Nov-30 | 17-Nov-30 | 17-Nov-30 | 17-Nov-30 | 17-Nov-30 | 17-Nov-30 | 17-Nov-30 | 17-Nov-30 | ||
Scheduled Repayment Date: | 17-May-25 | 17-May-27 | 17-Feb-28 | 17-Aug-26 | 17-May-25 | 17-May-27 | 17-Feb-28 | 17-May-25 | 17-May-27 | 17-Feb-28 | ||
Issue Date: | 17-May-22 | 17-May-22 | 17-Feb-23 | 17-Aug-23 | 17-May-22 | 17-May-22 | 17-Feb-23 | 17-May-22 | 17-May-22 | 17-Feb-23 | ||
ISIN: | ZAG000185760 | ZAG000185778 | ZAG000193574 | ZAG000198029 | ZAG000185794 | ZAG000185802 | ZAG000193509 | ZAG000185810 | ZAG000185786 | ZAG000193517 | ||
Common Code: | ERSA29 | ERSA30 | ERSA31 | ERSA32 | ERS3B8 | ERS3B9 | ERSB10 | ERS3C8 | ERS3C9 | ERSC10 | ||
Nominal Amount (ZAR): | 431,000,000 | 344,000,000 | 387,000,000 | 263,000,000 | 46,000,000 | 79,000,000 | 46,000,000 | 21,000,000 | 24,000,000 | 17,000,000 | ||
Information on Interest | Class A29 | Class A30 | Class A31 | Class A32 | Class B8 | Class B9 | Class B10 | Class C8 | Class C9 | Class C10 | ||
First Interest Payment Date: | 17-Aug-22 | 17-Aug-22 | 17-May-23 | 17-Nov-23 | 17-Aug-22 | 17-Aug-22 | 17-May-23 | 17-Aug-22 | 17-Aug-22 | 17-May-23 | ||
Rate Determination Date: | ||||||||||||
Spread/Margin: | 1.70% | 2.00% | 2.20% | 1.90% | 1.90% | 2.20% | 2.40% | 2.05% | 2.35% | 2.55% | ||
Index Rate: | 3 Month Jibar | 3 Month Jibar | 3 Month Jibar | 3 Month Jibar | 3 Month Jibar | 3 Month Jibar | 3 Month Jibar | 3 Month Jibar | 3 Month Jibar | 3 Month Jibar | ||
Fixed/ Floating: | Floating | Floating | Floating | Floating | Floating | Floating | Floating | Floating | Floating | Floating | ||
Current Coupon: | 10.1083% | 10.4083% | 10.6083% | 10.3083% | 10.3083% | 10.6083% | 10.8083% | 10.4583% | 10.7583% | 10.9583% | ||
Day Count Convention | Actual / 365 | Actual / 365 | Actual / 365 | Actual / 365 | Actual / 365 | Actual / 365 | Actual / 365 | Actual / 365 | Actual / 365 | Actual / 365 |
Information Date: | 30-Sep-23 | ||||||||||||
Period: | Sep-23 | ||||||||||||
Period Number: | 3 | ||||||||||||
Information regarding the Notes II. | |||||||||||||
Class A29 | Class A30 | Class A31 | Class A32 | Class B8 | Class B9 | Class B10 | Class C8 | Class C9 | Class C10 | ||||
Monthly Period: | 3 | ||||||||||||
Next Payment Date: | 17-Oct-23 | ||||||||||||
Interest Accrual Period (from/until): | 17-Aug-2317-Nov-23 | ||||||||||||
Days Accrued: | 92 | ||||||||||||
Base Interest Rate (3 Month Jibar): | 8.408% | ||||||||||||
Currency: | ZAR | ||||||||||||
Day Count Convention: | Actual/365 | ||||||||||||
Interest Payments | Class A29 | Class A30 | Class A31 | Class A32 | Class B8 | Class B9 | Class B10 | Class C8 | Class C9 | Class C10 | |||
Total Interest Amount of the Reporting Period - Financial YTD 1 July 2023 - 30 September 2023 | 10,800,677 | 8,880,614 | 10,185,782 | 3,342,431 | 1,175,930 | 2,079,268 | 1,233,902 | 544,777 | 640,750 | 462,435 | |||
Paid interest - Financial 01 July 2023 - 30 September 2023 | 5,429,431 | 4,466,355 | 5,124,315 | - | 591,322 | 1,046,049 | 620,938 | 274,007 | 322,423 | 232,761 | |||
Unpaid Interest | |||||||||||||
Unpaid interest of the Reporting Period - Interest relating to 1 September 2023 - 30 September 2023 | 3,580,831 | 2,942,840 | 3,374,311 | 2,228,287 | 389,738 | 688,813 | 408,643 | 180,513 | 212,219 | 153,116 | |||
Cumulative unpaid interest - Interest from last payment date to 1 July 2023 - 30 September 2023 | 5,371,246 | 4,414,260 | 5,061,467 | 3,342,431 | 584,608 | 1,033,219 | 612,964 | 270,770 | 318,328 | 229,674 | |||
Note Balance | Class A29 | Class A30 | Class A31 | Class A32 | Class B8 | Class B9 | Class B10 | Class C8 | Class C9 | Class C10 | |||
Note Balance (Cut Off Date): | - | - | - | - | - | - | - | - | - | - | |||
Note Balance (Beginning of Period): (ZAR) | 431,000,000 | 344,000,000 | 387,000,000 | 263,000,000 | 46,000,000 | 79,000,000 | 46,000,000 | 21,000,000 | 24,000,000 | 17,000,000 | |||
Unallocated Redemption Amount from Previous Period (ZAR) | - | - | - | - | - | - | - | - | - | - | |||
Available Redemtion Amount Reporting Period (ZAR) | - | - | - | - | - | - | - | - | - | - | |||
Total Available Redemtion Amount (ZAR) | - | - | - | - | - | - | - | - | - | - | |||
Redemption Amount per Class | - | - | - | - | - | - | - | - | - | - | |||
New Issue | - | - | - | - | - | - | - | - | - | - | |||
Note Balance (End of Period): | 431,000,000 | 344,000,000 | 387,000,000 | 263,000,000 | 46,000,000 | 79,000,000 | 46,000,000 | 21,000,000 | 24,000,000 | 17,000,000 | |||
Payments to Investors - Per R100'000 - Denomination | Class A29 | Class A30 | Class A31 | Class A32 | Class B8 | Class B9 | Class B10 | Class C8 | Class C9 | Class C10 | |||
Interest | 5,429,431 | 4,466,355 | 5,124,315 | - | 591,322 | 1,046,049 | 620,938 | 274,007 | 322,423 | 232,761 | |||
Principal Repayment by Note: | - | - | - | - | - | - | - | - | - | - | |||
p | p |
Information Date: | 30-Sep-23 |
Period: | Sep-23 |
Period Number: | 3 |
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
means an event where the balance on the Reserve Account is less than the Reserve Fund Required Amount 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 2.625%. Effective 17 August 2023, Net default of 4.00%. (Upon maturity of ERSA28 as final note which was part of the active notes at time of increase in Trigger level) the net of the following: - the Σ NPV of EL in Default which occurred in the past 12 months ending on the last day of that Due Period: less
- the Σ amount of the Recoveries collected in the past 12 months 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 5% 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 | Counterparty | ||||||||||||||
Test event Balance | Reserve Fund | Fund 'Balance < | Arrears Reserve | Recoveries | Net Default trigger | Net Default Test | Prime as at Due | Yield test trigger | ||||||||||||||
Month Ended | Required Amount | Fund Balance | Default during the | for the past 12 | Net Default % | Yield | Yield Test Pass? | default | default | |||||||||||||
default | ||||||||||||||||||||||
< Required Pass? | (ZAR) | Balance (ZAR) | Target 3 months | Fund Target (ZAR) | (ZAR) | past month | collected in the | months | 2.625% | Target Pass? | Period | (prime + 5%) | ||||||||||
Pass? | past month | |||||||||||||||||||||
30-Sep-23 | Yes | 79,446,800 | 79,446,800 | Yes | 29,026,240 | 29,026,240 | 5,183,485 | 825,930 | 1,856,507,176 | 1.4782% | 4.000% | Yes | 11.750% | 16.750% | 24.96% | Yes | No | No | No |
Information Date: | 30-Sep-23 | ||||||
Period: | Sep-23 | ||||||
Period Number: | 3 | ||||||
Sep-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 0.5%/1.75% of | No | 0.45% | 0.50% | |||
the Σ 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 5% (10% prior to Jan 2011) of the Σ NPV of all the EL of the Issuer on the | No | 3.72% | 5.00% | |||
last day of any Due Period | |||||||
the Σ NPV of all EL relating to the 20 largest Lessees (including Affiliates of such Lessees) - by | |||||||
3 | NPV, shall not exceed 10% (17.5% prior to Jan 2011)of the Σ NPV of all the EL of the Issuer on | No | 6.00% | 10.00% | |||
the last day of any Due Period | |||||||
the Σ NPV of all EL relating to the 300 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 | 26.10% | 40.00% | |||
Period | |||||||
5 | the total number of all Lessees (excluding Lessees who are parties to EL in Default and EL with a | No | 17,232 | 5,000 | |||
NPV of zero or less), shall be 5,000 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 | No | 0.25% | 10.00% | |||
the 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 | |||||||
7 | Σ NPV of all EL which are Loan Agreements, Residual EL and Balloon EL may not exceed 5% of | No | 0.21% | 5.00% | |||
the 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 | 18.55% | 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 | 2.93% | 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 | 35 | 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% |
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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 06:49:54 UTC.