Sasfin : SASP S2 Investor Report 31 March 2024

SASP S2 Investor Report

31-Mar-24

Information Date:	31-Mar-24
Period:	Mar-24
Period Number:	9

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: [e-mail]
Manager	Sasfin Bank Limited
	140 West Street
	Sandown, Sandton
	2196

Information Date:	31-Mar-24
Period:	Mar-24
Period Number:	9

Page	Tables of Contents

1. Additional Information
2. Table of Contents
3. Conterparties
4. Deal Overview
5. Balance Sheet and OC
6. Notes Information I.
7. Notes Information II.
8. Performance Test
9. Portfolio Covenants

1. Priority Of Payments
2. Pool Movement (Rands)
3. Pool Movement (Deals)
4. Pool Stratification
5. Pool Ageing
6. Delinquency Contracts
7. Defaults
8. Excess Spread
9. Note Interest and Details
10. Glossary

Information Date:	31-Mar-24
Period:	Mar-24
Period Number:	9

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: Costa Natsas

Information Date:	31-Mar-24
Period:	Mar-24
Period Number:	9

Deal Overview
Reporting Period:	Mar 24
Reporting Date:	20-Mar-24	20th of each month (for previous month)
Reporting Frequency:	Monthly
Period No.:	9
Interest Payment Dates:	20 Feb / 20 May / 20 Aug / 20 Nov
Next payment Date:	20-Apr-24
Asset Collection Period:	1-Mar-24	until	31-Mar-24
Note Interest Accrual Period:	20-Feb-24	until	20-May-24
Pool Information	Outstanding Principal	Number of Contracts
Balance
Outstanding Pool	573,151,956	2155
Repurchased Operating Lease Contracts	-	-
(cumulative since Cut Off Date)	-	-
Type of Equipment Lease	Percentage of Leases	Outstanding Principal	Percentage of Balance
(%)	Balance	(%)
New	96.15%	560,513,782	97.79%
Used	3.85%	12,638,174	2.21%
Total	100.00%	573,151,956	100.00%

	Information Date:	31-Mar-24
	Period:	Mar-24
	Period Number:	9
Balance Sheet	Over Collateralisation Calculation

ASSETS

Pool Assets

• Instalments receivable
• Arrear instalments receivable Provision for bad and doubtful advances Cash
  -Reserve; Provision; Arrear Reserve -Money Market
  -BankAccounts Accounts receivable

EQUITY AND LIABILITIES

Share Capital and Retained Income Notes in Issue

Subordinated Loans Deferred Tax

Interest and Working Capital Payable Accounts payable

573,151,956		Pool Assets	573,151,956
	557,685,385		Delinquents and Defaults	-25,327,007
	15,466,570
-17,153,367		Total Performing assets	547,824,949.13
38,373,669
26,348,542.20
8,165,218.03
3,859,909.05
	103,243,169
697,615,427		Notes in Issue	500,000,000.00
			Over collateralised amount:
			50,000,000.00
44,133,955		- Pool Assets	47,824,949.13
500,000,000		- Cash Reserves	2,175,050.87
50,000,000
0		Required over collateralisation %age	10.00%
98,636,569
	4,844,902
697,615,427

		Information Date:	31-Mar-24
		Period:	Mar-24
		Period Number:	9
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:	10.2670%	10.4670%	10.6670%
Day Count Convention	Actual / 365	Actual / 365	Actual / 365

				Information Date:	31-Mar-24
				Period:	Mar-24
				Period Number:	9
Information regarding the Notes II.
Monthly Period:	9
Next Payment Date:	20-Apr-24
Interest Accrual Period (from/until):	20-Feb-24	20-May-24
Days Accrued:	90
Base Interest Rate (3 Month Jibar):	8.367%
Currency:	ZAR
Day Count Convention:	Actual/365
Interest Payments			LRFA4	LRFB4	LRFC4
Total Interest Amount of the Reporting Period - 1 July 2022 - 31 March 2024	30,821,490	5,892,043	2,001,686
Paid interest - 1 July 2023 - 31 March 2024		26,208,372	5,010,234	1,702,133
Unpaid Interest
Unpaid interest of the Reporting period - 1 March 2024 - 31 March 2024	3,487,967	666,734	226,491
Cumulative unpaid interest - 1 July 2022 - 31 March 2024		4,613,118	881,809	299,553
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		4,613,118	881,809	299,553
Principal Repayment by Note:		-	-	-

Information Date:	31-Mar-24
Period:	Mar-24
Period Number:	9

Performance Test

Amortisation events:

1. the occurrence of a Servicer Event of Default; or
2. the occurrence of a Breach of a Performance Test; or
3. 1. 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
      (2.50% of the Σ outstanding Principal Amount of Notes) required on any Payment Date or the balance of the
      Arrears Reserve Account is less than the Arrears Reserve Target Amount on any 3 consecutive Payments Dates, as the case may be

Arrears Reserve Target Amount means:

1. 1. 1. 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
      2. during the Amortisation Period, an amount equal to zero; or
      3. during the Post-Enforcement Period, an amount equal to zero;
   2. 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:
   3. 1. the Σ NPV of EL in Default which occurred in the past month en `
      2. 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
      3. the average NPV of EL for the past 12 months ending on the last day of that Due Period.
   4. 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
   5. 1. 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
      2. 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
      3. 12 (twelve)
2. 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
3. a Hedge Counterparty Default

Reserve Fund Tests

Reserve Fund Tests

Net Default Test

Yield Test

Reserve Fund

Arrears Reserve

Arrears Reserve

NPV of EL in

Amount of

Average NPV of EL

Servicer event of

Refinance event of

Hedge

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

31-Mar-24

Yes

12,500,000

12,500,000

Yes

4,005,615

4,005,615

115,901

76,263

572,486,885

1.494%

4.000%

Yes

11.75%

14.75%

20.06%

Yes

No

No

No

			Information Date:	31-Mar-24
			Period:		Mar-24
			Period Number:		9
					Mar-24
	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		2.84%	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		15.27%	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		26.46%	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		39.98%	40.00%
		Period
	5	the total number of all Lessees (excluding Lessees who are parties to EL in Default and EL with a	No		1,102	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		8.48%	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		6.61%	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		2.76%	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		10.78%	10.75%