Asset Backed Securities of Primero SV1

About company

Launched in 2019, Primero Finance is a used car financing company that focuses on near-prime customer base and holds a license for provision of consumer credit services.

The Group is based in Riga, Latvia and offers its clients consumer loans for car purchases, car leasing and leaseback (secured by cars) with a term up to 7 years and amounts up to EUR 25 000.

Primero works both in online and offline environment, as the Group has more than 200 partners, including not only used car dealers but also official new vehicle dealerships.

Signet Bank AS is the majority shareholder (51%) of Primero while minority is owned by AS Eleving Stella (49%), providing Primero with access to funding from the Bank and sector know-how and business infrastructure from Eleving Group.

Term Sheet

Issuer

Primero SV1 OÜ

Security type

Asset backed securities

Offer type

Private placement

Collateral

Commercial pledge on the assets of the Issuer

Coupon rate

Total size: EUR 9.4 m
Senior tranche: EUR 8.6m
Junior tranche: EUR 0.9m

Interest rate

Senior tranche: 4.5%
Junior tranche: 13.5%

Eligible investors

Senior tranche: Professional, Retail (portfolio management, investment advice)
Junior tranche: Professional only

Payment frequency

Quarterly

Maturity

7 years
Regular principal repayments on Senior Tranche notes, based on portfolio cash flows

Early redemption

Clean-up Call option: if less than 10% of the initial portfolio remains outstanding

Nominal value

EUR 1 000

Minimum subscription

EUR 100 000

Arranger

Signet Bank AS

Collateral agent

ZAB Vilgerts SIA

Additional information

Asset Backed Securities of Primero SV1

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Terms Primero SV1

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Primero SV1 Notes Investor Report Q3 2022

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Primero SV1 Notes Investor Report Q4 2022

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Primero SV1 Notes Investor Report Q2 2023

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Where to invest?