Sasfin : SASP S1 Investor Report 30 June 2023

November 01, 2023 at 09:30 am

SASP S1 Investor Report

30-Jun-23


Information Date:	30-Jun-23
Period:	Jun-23
Period Number:	12

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-Jun-23
Period:	Jun-23
Period Number:	12

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-Jun-23
Period:	Jun-23
Period Number:	12

	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: Vincent Tshikhovhokhovho
Contact: Mr S Von Schirnding


Information Date:	30-Jun-23
Period:	Jun-23
Period Number:	12

Deal Overview
Reporting Period:	Jun 23
Reporting Date:	17-Jun-23	17 th of each month (for previous month)
Reporting Frequency:	Monthly
Period No.:	12
Interest Payment Dates:	17 Feb / 17 May / 17 Aug / 17 Nov
Next payment Date:	17-Jul-23
Asset Collection Period:	1-Jun-23	until	30-Jun-23
Note Interest Accrual Period:	17-May-23	until	17-Aug-23

	Outstanding	Number of
Pool Information	Principal
Contracts
	Balance

Outstanding Pool	2,000,539,850	26,291

Repurchased Operating Lease Contracts	-	-

(cumulative since Cut Off Date)	-	-


	Percentage of	Outstanding	Percentage of
Type of Equipment Lease	Leases	Balance
Principal Balance
	(%)	(%)

New	96.08%	1,873,161,479	93.63%

Used	3.92%	127,378,372	6.37%

Total	100.00%	2,000,539,850	100.00%


Information Date:	30-Jun-23
Period:	Jun-23
Period Number:	12

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
2,000,539,850		Pool Assets
1,902,210,017		Delinquents and Defaults
98,329,833
(123,465,312)		Total Performing assets
233,834,715
129,427,658
41,863,922
2,282,200,833		Notes in Issue
		Over collateralised amount

252,091,641
1,658,000,000		Actual over collateralisation %age
207,913,200
141,741,694		Required over collateralisation %age
21,648,241
806,056

2,282,200,833

-

2,000,539,850 -132,752,279

1,867,787,571

1,658,000,000

209,787,571.35

12.65%

12.54%

Information Date:

30-Jun-23

Period:

Jun-23

Period Number:

Information regarding the Notes:

Classes of Notes

Class A28

Class A29

Class A30

Class A31

Class B8

Class B9

Class B10

Class C8

Class C9

Class C10

Rating at Issue Date

GCR

AAA(zaf)

Current Rating

GCR

AAA(zaf)

Information on Notes

Class A28

Class A29

Class A30

Class A31

Class B8

Class B9

Class B10

Class C8

Class C9

Class C10

Final Maturity Date

17-Nov-30

Scheduled Repayment Date:

17-Aug-23

17-May-25

17-May-27

17-Feb-28

17-May-25

17-May-27

17-Feb-28

17-May-25

17-May-27

17-Feb-28

Issue Date:

17-Aug-20

17-May-22

17-Feb-23

17-May-22

17-Feb-23

17-May-22

17-Feb-23

ISIN:

ZAG000169731

ZAG000185760

ZAG000185778

ZAG000193574

ZAG000185794

ZAG000185802

ZAG000193509

ZAG000185810

ZAG000185786

ZAG000193517

Common Code:

ERSA28

ERSA29

ERSA30

ERSA31

ERS3B8

ERS3B9

ERSB10

ERS3C8

ERS3C9

ERSC10

Nominal Amount (ZAR):

263,000,000

431,000,000

344,000,000

387,000,000

46,000,000

79,000,000

46,000,000

21,000,000

24,000,000

17,000,000

Information on Interest

Class A28

Class A29

Class A30

Class A31

Class B8

Class B9

Class B10

Class C8

Class C9

Class C10

First Interest Payment Date:

17-Nov-20

17-Aug-22

17-May-23

17-Aug-22

17-May-23

17-Aug-22

17-May-23

Rate Determination Date:

Spread/Margin:

2.05%

1.70%

2.00%

2.20%

1.90%

2.20%

2.40%

2.05%

2.35%

2.55%

Index Rate:

3 Month Jibar

Fixed/ Floating:

Floating

Current Coupon:

10.1330%

9.7830%

10.0830%

10.2830%

9.9830%

10.2830%

10.4830%

10.1330%

10.4330%

10.6330%

Day Count Convention

Actual / 365

									Information Date:	30-Jun-23
										Period:	Jun-23
										Period Number:	12

Information regarding the Notes II.
		Class A28	Class A29	Class A30	Class A31	Class B8	Class B9	Class B10	Class C8	Class C9	Class C10
Monthly Period:	12
Next Payment Date:	17-Jul-23
Interest Accrual Period (from/until):	17-May-2317-Aug-23
Days Accrued:	92
Base Interest Rate (3 Month Jibar):	8.083%
Currency:	ZAR
Day Count Convention:	Actual/365

Interest Payments		Class A28	Class A29	Class A30	Class A31	Class B8	Class B9	Class B10	Class C8	Class C9	Class C10
Total Interest Amount of the Reporting Period - Financial YTD 1 July 2022 - 30 June 2023	22,537,111	35,424,941	29,306,199	14,012,422	3,872,852	6,888,203	1,699,335	1,799,541	2,128,619	637,377
Paid interest - Financial 01 July 2022 - 17 May 2023	19,251,521	30,226,550	25,029,902	9,106,163	3,306,693	5,886,667	1,104,819	1,537,194	1,819,916	414,521
Unpaid Interest
Unpaid interest of the Reporting Period - Interest relating to 1 June 2023 - 30 June 2023	2,190,394	3,465,594	2,850,865	3,270,839	377,439	667,691	396,344	174,898	205,802	148,571
Cumulative unpaid interest - Interest from last payment date to 1 July 2022 - 30 June 2023	3,285,591	5,198,391	4,276,297	4,906,259	566,159	1,001,536	594,515	262,348	308,702	222,856

Note Balance		Class A28	Class A29	Class A30	Class A31	Class B8	Class B9	Class B10	Class C8	Class C9	Class C10
Note Balance (Cut Off Date):		-	-	-	-	-	-	-	-	-	-
Note Balance (Beginning of Period): (ZAR)	263,000,000	431,000,000	344,000,000	387,000,000	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):		263,000,000	431,000,000	344,000,000	387,000,000	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 A28	Class A29	Class A30	Class A31	Class B8	Class B9	Class B10	Class C8	Class C9	Class C10
Interest		19,251,521	30,226,550	25,029,902	9,106,163	3,306,693	5,886,667	1,104,819	1,537,194	1,819,916	414,521
Principal Repayment by Note:		-	-	-	-	-	-	-	-	-	-
									p		p

Information Date:	30-Jun-23
Period:	Jun-23
Period Number:	12

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:
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;
the occurrence of a Net Default Test Event; or
means an event where the Net Default Test exceeds 2.625% the net of the following:
1. the Σ NPV of EL in Default which occurred in the past 12 months ending on the last day of that Due Period: less
2. 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
3. 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
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)

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

Net Default Test

Yield Test

Hedge

Reserve Fund

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

< 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-Jun-23

Yes

79,446,800

Yes

23,209,039

3,632,252

1,911,898

1,742,957,726

1.3624%

4.000%

Yes

11.750%

16.750%

26.74%

Yes


		Information Date:	30-Jun-23
		Period:		Jun-23
		Period Number:		12


				Jun-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		0.48%	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		3.95%	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		6.40%	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		26.35%	40.00%
	Period
5	the total number of all Lessees (excluding Lessees who are parties to EL in Default and EL with a	No		17,682	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		1.05%	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		0.25%	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		15.47%	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		2.73%	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%

Attachments

Original Link
Original Document
Permalink

Disclaimer

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 09:29:47 UTC.

End-of-day quote Johannesburg S.E. Other stock markets 23:00:00 27/05/2024 BST			5-day change	1st Jan Change
16.51 ^ZAR	0.00%		+0.36%	-33.96%

05-10	Sasfin Holdings Limited Announces Management Changes	CI
03-27	Sasfin Holdings Limited Reports Earnings Results for the Half Year Ended December 31, 2023	CI

Sasfin Holdings Limited Announces Management Changes	05-10	CI
Sasfin Holdings Limited Reports Earnings Results for the Half Year Ended December 31, 2023	03-27	CI
Sasfin Holdings Limited and Sasfin Bank Limited Announces Changes in Board Committees and Directors	03-20	CI
Sasfin Bank Limited and Sasfin Holdings Limited Announces Changes to the Board	02-12	CI
Sasfin Holdings Limited Announces Chairman Changes	11-06	CI
Sasfin Holdings Limited Provides Earnings Guidance for the Year Ended 30 June 2023	28/10/23	CI
Sasfin Holdings Limited Announces Further Delay in Publication of Annual Results	13/10/23	CI
Sasfin Holdings Limited Announces Delay in Publication of Financial Results for the Year Ended 30 June 2023	29/09/23	CI
Sasfin Holdings Limited Reports Earnings Results for the Full Year Ended June 30, 2023	28/08/23	CI
Capricorn Capital Transfers Sasfin Stake to Advised Entity CV Partners	27/03/23	MT
South Africa's Sasfin Drops 8% as Fiscal H1 Profit Shrinks	02/03/23	MT
Sasfin Holdings Limited Omits to Pay Interim Dividend for the Six Months Ended 31 December 2022	02/03/23	CI
Sasfin Holdings Limited Reports Earnings Results for the Half Year Ended December 31, 2022	29/01/23	CI
Sasfin Holdings Limited Reports Earnings Results for the Full Year Ended June 30, 2022	20/09/22	CI
Capricorn Capital Partners Investments Pty Ltd. acquired a 3.56% stake in Sasfin Holdings Limited.	14/03/22	CI
Sasfin Holdings Limited Declares Gross Ordinary Share Cash Dividend for the Half Year Ended 31 December 2021, Payable on 28 March 2022	03/03/22	CI
Sasfin Holdings Limited Announces the Resignation of Angela Pillay as Financial Director of the Company	11/01/22	CI
Sasfin Holdings Limited Reports Earnings Results for the Half Year Ended December 31, 2021	30/12/21	CI
Sasfin Holdings Limited Announces Changes to the Board, with Effect from 25 November 2021	29/11/21	CI
Sasfin Holdings Limited Declares Dividend for the Year Ended 30 June 2021, Payable 27 September 2021	31/08/21	CI
Sasfin Holdings Limited Announces Board Changes	31/08/21	CI
Sasfin Holdings Limited Reports Earnings Results for the Full Year Ended June 30, 2021	30/08/21	CI
Sasfin Holdings Limited Provides Earnings Guidance for the Year Ended 30 June 2021	16/08/21	CI
Sasfin Holdings Limited and Sasfin Bank Limited Announces Resignation of Thabang Elvis Magare as Independent Non-Executive Director	21/06/21	CI
Sasfin Holdings Limited Appoints Tapiwa Hudson Njikizana as an Independent Non-Executive Director	03/05/21	CI

	1st Jan change	Capi.
SASFIN HOLDINGS LIMITED	-33.96%	27.61M
AGRICULTURAL BANK OF CHINA LIMITED	+23.26%	211B
PT BANK CENTRAL ASIA TBK	-1.06%	71.34B
ANZ GROUP HOLDINGS LIMITED	+7.68%	56.84B
INDUSTRIAL BANK CO., LTD.	+13.02%	52.28B
CRÉDIT AGRICOLE S.A.	+23.87%	52.07B
CHINA CITIC BANK CO., LTD.	+34.24%	48.49B
JAPAN POST BANK CO., LTD.	+7.21%	34.91B
QATAR NATIONAL BANK (Q.P.S.C.)	-21.36%	32.98B
INVEST BANK	-96.60%	32.24B

Sasfin Holdings Limited

Equities

SFN

ZAE000006565

Banks

Sasfin : SASP S1 Investor Report 30 June 2023

Latest news about Sasfin Holdings Limited

Chart Sasfin Holdings Limited

Company Profile

Income Statement Evolution

Sector Commercial Banks