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New Issue: GC Sabadell Empresas 2, Fondo De Titulizacion De Activos €1 Billion Floating-Rate Notes

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New Issue: GC Sabadell Empresas 2, Fondo De Titulizacion De Activos €1 Billion Floating-Rate Notes April 8, 2008 New Issue: GC Sabadell Empresas 2, Fondo de Titulizacion de Activos €1 Billion Floating-Rate Notes Primary Credit Analyst: Isabel Plaza, Madrid (34) 91-7887203; [email protected] Secondary Credit Analyst: Soledad Martinez-Tercero, Madrid (34) 91-3896-954; [email protected] Surveillance Credit Analyst: Chiara Sardelli, Madrid (34) 91-389-6966; [email protected] Table Of Contents Transaction Summary Notable Features Strengths, Concerns, And Mitigating Factors Transaction Structure Collateral Description Credit Analysis Cash Flow Analysis Monitoring And Surveillance Criteria Referenced Related Articles www.standardandpoors.com/ratingsdirect 1 Standard & Poor's. All rights reserved. No reprint or dissemination without S&P?s permission. See Terms of 641628 | 300376393 Use/Disclaimer on the last page. New Issue: GC Sabadell Empresas 2, Fondo de Titulizacion de Activos €1 Billion Floating-Rate Notes Ratings Detail Class Rating* Amount (Mil. €) Available credit support (%) Interest Legal final maturity A1 AAA 200.0 8.37 Three-month EURIBOR plus 35 bps March 4, 2031 A2 AAA 747.5 8.37 Three-month EURIBOR plus 55 bps March 4, 2031 B A 40.0 4.37 Three-month EURIBOR plus 125 bps March 4, 2031 C BBB- 12.5 3.12 Three-month EURIBOR plus 175 bps March 4, 2031 *Standard & Poor's ratings address timely interest and ultimate principal. Transaction Participants Issuer GC Sabadell Empresas 2, Fondo de Titulización de Activos (GC Sabadell Empresas 2) Originator Banco de Sabadell, S.A. Arranger GestiCaixa S.G.F.T, S.A. Servicer Banco de Sabadell, S.A. Sociedad gestora (trustee) GestiCaixa S.G.F.T, S.A. Interest swap counterparty Banco de Sabadell, S.A. Transaction account provider (treasury and amortization account) Banco de Sabadell, S.A. Supporting Ratings Institution/role Ratings Banco de Sabadell, S.A. as bank account provider, servicer, and interest swap counterparty A+/Stable/A-1 Transaction Key Features* Closing date March 27, 2008 Collateral Leasing receivables to Spanish enterprises and self-employed borrowers Country of origin Spain Significant concentrations Top industry: real estate (18.88%). Top region: Madrid (28.82%). Top borrower: (0.97%) Total receivables €1 billion (6,418 contracts) Weighted-average principal balance (€) 155,811.76 Weighted-average seasoning (months) 21.6 Delinquencies (30 or more days) No loans in arrears at closing Weighted-average interest rate (%) 5.3 Cash reserve (Mil. €/%) 31.2/3.12 *As of March 19, 2008. Standard & Poor’s RatingsDirect | April 8, 2008 2 Standard & Poor's. All rights reserved. No reprint or dissemination without S&P?s permission. See Terms of Use/Disclaimer on the last page. 641628 | 300376393 New Issue: GC Sabadell Empresas 2, Fondo de Titulizacion de Activos Transaction Summary Standard & Poor's Ratings Services has assigned credit ratings to the €1 billion floating-rate notes issued by GC Sabadell Empresas 2. The originator, Banco de Sabadell S.A. (Banco Sabadell), at closing sold to GC Sabadell Empresas 2 a €1 billion closed portfolio of leasing receivables to Spanish enterprises and self-employed borrowers. To fund this purchase, GestiCaixa, S.G.F.T., S.A., as trustee, issued three series of floating-rate, quarterly paying notes on behalf of GC Sabadell Empresas 2. Series A is divided in two classes, A1 and A2. Class A1 has a lock-up period of 15 months after the closing date. The ratings on the notes issued by GC Sabadell Empresas 2 reflect the subordination of the respective classes of notes below them, the reserve fund, the presence of the interest rate swap, comfort provided by various other contracts, and the rating on Banco Sabadell (A+/Stable/A-1). Notable Features GC Sabadell Empresas 2 is the 13th ABS transaction completed by Banco Sabadell of its loans originated to small and midsize enterprise (SME), self-employed, and corporate clients. Banco Sabadell issued another transaction with leasing receivables as collateral, which closed in July 2006. This is the first transaction Standard & Poor's has rated. The fund has the right to receive: • All principal payments and prepaid amounts, except the payment of the residual value; • All interest payments, excluding interest on the residual value; and • Insurance and guarantor payments. The ownership of the leased assets was not transferred to GC Sabadell Empresas 2; Banco Sabadell remains the lessor under the lease agreements. This is the first Spanish transaction to include the option of setting up a contingent commingling reserve if the servicer is downgraded below 'A-2'. Strengths, Concerns, And Mitigating Factors Strengths • Credit enhancement provided by subordination, the available excess spread, and the fully funded reserve fund is adequate to cover the various stresses applied to the transaction. • Banco Sabadell is an experienced originator and servicer, with eight SME loan transactions, two RMBS transactions, and three leasing receivables transaction to date. • A swap agreement hedges the interest rate risk and pays a spread of 25 bps, plus the servicer fees if the servicer is replaced, plus the weighted-average cost of bonds. • Historical data was consistent and of good quality. www.standardandpoors.com/ratingsdirect 3 Standard & Poor's. All rights reserved. No reprint or dissemination without S&P?s permission. See Terms of Use/Disclaimer on the last page. 641628 | 300376393 New Issue: GC Sabadell Empresas 2, Fondo de Titulizacion de Activos Concerns and mitigating factors • There appears to be some doubt as to whether by law, in Banco Sabadell's insolvency, the lease contracts could be terminated at the request of the bank's insolvency officer. The priority of payments in the transaction includes those extraordinary expenses that may be necessary for the maintenance of the finance leases (see "Priority of payments"). A continuation of the leases would also enable the insolvency officer to earn the excess spread from the transaction. In addition, whilst the continuation should not be costly or burdensome for the insolvent estate—since the leases are financial in nature and do not involve any provision of maintenance or servicing by the bank—it is likely to be costly and time consuming to repossess and remarket the specific assets backing the contracts in a termination. Taking this and the legal advice reviewed into account, we consider the likelihood of an insolvency officer of the bank (assuming he would actually be entitled to do so by the letter of the law) terminating the lease contracts, to be rating-remote. • Title to the leased assets remains with the lessor (Banco Sabadell) and the assets are neither transferred nor pledged or otherwise secured to or in favor of the fund. The fund's rights regarding the assets in case of the lessee's default are limited to a contractual claim against the lessor for transfer of the proceeds of realization of the assets. In an insolvency of the lessor, these claims would constitute an unsecured claim against the insolvent estate, ranking pari passu with other ordinary creditors. Based on this and the historical data provided by Banco Sabadell, Standard & Poor's has given limited credit to recoveries in its recovery assumptions to calculate the loss severity. • Until the 15th month of the transaction, principal accrues in the issuer's bank account, and amortization of the notes starts on this payment date. However, the swap covers the negative carry created by the amortization of the assets and the non-amortization of the liabilities. Transaction Structure Chart 1 shows the transaction structure. Standard & Poor’s RatingsDirect | April 8, 2008 4 Standard & Poor's. All rights reserved. No reprint or dissemination without S&P?s permission. See Terms of Use/Disclaimer on the last page. 641628 | 300376393 New Issue: GC Sabadell Empresas 2, Fondo de Titulizacion de Activos Series A is divided in two subtranches: class A1 and class A2. The amortization between them is sequential. There are specific pro rata rules if certain conditions are met. The transaction features a lockout period from closing lasting 15 months before it starts amortizing the class A1 notes. As in other Spanish transactions, interest and principal from the underlying assets are combined into a single priority of payments, with cumulative default triggers and asset-liability tests triggers in the payment of the interest, to protect senior noteholders. On the issuer's behalf, the sociedad gestora entered into certain contracts (bank accounts, a swap agreement, and two guarantee and subordinated loan agreements) needed to protect it against certain credit losses assumed to arise in connection with holding the leases. In this transaction, the sociedad gestora's main responsibilities are to represent the issuer, issue the notes on its behalf, calculate the interest rate on the notes, notify noteholders of any relevant information applicable to the notes and assets, and organize the annual audit. www.standardandpoors.com/ratingsdirect 5 Standard & Poor's. All rights reserved. No reprint or dissemination without S&P?s permission. See Terms of Use/Disclaimer on the last page. 641628 | 300376393 New Issue: GC Sabadell Empresas 2, Fondo de Titulizacion de Activos Standard & Poor's based its analysis on the credit quality of the pool, its concentrations, and the structural features of the transaction. Originator The ratings on Spanish-based Banco Sabadell are supported by its strengthened franchise and more diversified profile, conservative growth management, sound asset quality track record, and healthy operating performance. These positive factors are counterbalanced by the bank's high exposure to the real estate sector, meaningful customer concentration, and lower business and geographic diversification than the largest domestic players. Banco Sabadell has leveraged its strong position in its historical core market of SMEs in the Autonomous Community of Catalonia (AA/Stable/—), one of the richest and most economically diversified regions in Spain, to undertake prudently managed expansion, enhancing the depth and diversification of its business profile.
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