The programme
The current programme finances French electric vehicle finance contracts. Series 1 is outstanding and amortizing; Series 2 is open for subscription. Figures are as issued and as they stand today.
The notes
| Class A | Class B | Class C | |
|---|---|---|---|
| Ranking | Senior | Mezzanine | Junior |
| Issued amount | 100,000 EURC | 70,000 EURC | 45,000 EURC |
| Share of issuance | 46.5% | 32.6% | 20.9% |
| Notes issued | 1,000 | 700 | 450 |
| Denomination | 100 EURC | 100 EURC | 100 EURC |
| Coupon | EURIBOR 1M + 0.60%, floor 0% | 1.00% fixed | 1.50% fixed |
| Day count | Actual/360 on outstanding nominal | Actual/360 | Actual/360 |
| Amortization | Sequential, A before B before C | ||
| Note factor today | 70.5477% | 100% | 100% |
| Principal repaid | 29,452.29 EURC | 0 | 0 |
Total issuance 215,000 EURC. Notes are indivisible: the smallest transferable unit is one note of 100 EURC. Amortization reduces the nominal of each note and never changes the number of notes outstanding.
Credit enhancement
| Class | Subordination | Cash reserve | Total enhancement |
|---|---|---|---|
| A | 115,000 EURC (53.5%) | 5,000 EURC (2.3%) | 55.8% |
| B | 45,000 EURC (20.9%) | 5,000 EURC (2.3%) | 23.3% |
| C | none | 5,000 EURC (2.3%) | 2.3% |
Percentages are of the total notes issued. On top of subordination and the reserve, the pool is overcollateralized: 275,500 EUR of receivables against 215,000 EURC of notes, an excess of 60,500 EUR, or 28.1% of the notes.
The cash reserve is funded at closing by a subordinated loan from the seller, not out of the issue proceeds. It is released in full into the available amount at the top of every waterfall and refunded at its own rank, so it is available to cover fees and senior interest in any period where collections fall short.
Parties and terms
| Issuer | CARA7 platform: subscription escrow, priority of payments, cash reserve |
| Seller and servicer | Originator of the contracts; collects and reports each period |
| Calculation and paying agency | Performed by the platform, with independent reconciliation each period |
| Settlement asset | EURC, the euro stablecoin issued by Circle, natively issued on Stellar |
| Reference rate | EURIBOR 1M, published to the platform with a staleness limit |
| Payment frequency | Set per series |
Performance
Three payment dates have been made. Each applied 9,900 EURC of collections, produced a distributable amount of 14,900 EURC once the cash reserve was released, paid 50 EURC of fees, paid all three coupons in full with no shortfall, replenished the reserve, and amortized Class A.
| Payment date | Collections | Distributable | Interest A / B / C | Class A principal | Factor A |
|---|---|---|---|---|---|
| 1 | 9,900 | 14,900.00 | 23.41 / 5.83 / 5.63 | 9,815.13 | 90.1849% |
| 2 | 9,900 | 14,900.00 | 21.11 / 5.83 / 5.63 | 9,817.43 | 80.3674% |
| 3 | 9,900 | 14,900.00 | 18.81 / 5.83 / 5.63 | 9,819.73 | 70.5477% |
Class A interest falls each period because it accrues on a shrinking outstanding nominal. Class B and C interest is unchanged because neither has amortized.
Series 2
Open for subscription: Class A 10,000 EURC, Class B 7,000, Class C 4,500. Same structure, same denomination of 100 EURC per note, at one tenth the size of Series 1.
Subscription is at par in whole notes, refundable in full until closing. See for investors.
Before subscribing, read the risk factors and status and legal.