Securitisation
The main objective of LeasePlan’s securitisation programme, Bumper, is to increase funding diversification allowing LeasePlan to tap an additional window to liquidity. The Bumper transactions are Auto ABS Transactions backed by the lease receivables and the future residual value claims of a LeasePlan subsidiary’s fleet of vehicles. The transactions are not structured with an aim of obtaining off-balance sheet treatment. In relation with residual value risk, LeasePlan feels it is in a better position than any other market participant to assess the residual value risk embedded in the fleet.
In December 2006 a first own book securitisation transaction was launched for the lease portfolio of LeasePlan Nederland N.V. called Bumper I. This involved € 1.02 billion of debt securities issued. Bumper 1 involved the sale of a major part of the lease portfolio (EUR 1.275 billion) of LeasePlan Nederland N.V. The transaction was rated by Fitch Ratings. The vast majority of the debt securities had been given a triple-A rating. In February 2011 the Bumper 1 transaction was unwound.
In March 2008 LeasePlan completed its second own book transaction Bumper 2 in LeasePlan Germany. The €875.6 million Bumper 2 Transaction, including over €663 million in triple-A bonds, was rated by Standard & Poor’s Rating Agency. In 2011 a new ECB rule became effective which requires that all notes (including existing notes) which are used for collateral purposes with the ECB need to be assessed by at least two external credit assessment institutions. Therefore LeasePlan restructured the Bumper 2 transaction in order to have the notes rated by two external credit assessment institutions. In March 2011 Bumper 2 S.A. bought back all Bumper 2 notes issued in 2008 and issued new notes. The debt securities issued in March 2011 are divided into A-notes (EUR 602.4 million), B-notes (EUR 47.9 million) and C-notes (EUR 225.9 million) which are listed on the Irish Stock Exchange. The transaction was assessed by Standard & Poor’s and Fitch Ratings.
LeasePlan completed its third transaction Bumper 3 in LeasePlan UK in April 2009. The £887 million retained transaction provides LeasePlan with over €733 million AAA Notes. Bumper 3 is rated by Fitch Ratings. The highest rated notes of the three transactions are listed on the Irish Stock Exchange.
The fourth transaction Bumper 4 in 2011 involved the sale of future lease instalment receivables and associated residual value receivables (EUR 1.019 billion) originated by LeasePlan Netherlands N.V. The transaction was rated by Standard & Poor’s and Moody’s.
In April 2012 LeasePlan completed a follow-on transaction in LeasePlan UK. The GBP 838 million Bumper 5 transaction provides LeasePlan with over GBP 582 million AAA Notes. The AAA notes from Bumper 5 are rated by Standard & Poor’s and Fitch ratings.
LeasePlan is currently in the process of conducting further feasibility studies for LeasePlan France, LeasePlan Spain, LeasePlan Italy and LeasePlan USA.
Downloads
BUMPER 1
Bumper
1 Prospectus (pdf)
Bumper 1 Fitch
Issue Report (pdf)
BUMPER 2
Bumper
2 Prospectus (pdf)
Bumper 2 Fitch
Issue Report (pdf)
Bumper 2 S&P
Issue Report (pdf)
BUMPER 3
Bumper 3
Prospectus (pdf)
Bumper 3 Fitch
Issue Report (pdf)
Bumper 3
Fitch Issue Report (update) (pdf)
BUMPER 4
Bumper
4 Prospectus (pdf)
Bumper 4 S&P
Issue Report (pdf)
Bumper 4 Moody's
Issue Report (pdf)
BUMPER 5
Bumper 5
prospectus (pdf)
Bumper 5 S&P
presale report (pdf)
Bumper 5
Fitch presale report (pdf)
More information
For further information, please contact Meindert de Vreeze, Director Structured
Finance & Securitisation, or call +31 36 529 3432 / +31 6 22944 681.
