Sasfin : SASP S3 Investor Report 30 October 2023

SASP S3 Investor Report

31-Oct-23

	Information Date:	31-Oct-23
	Period:	Oct-23
	Period Number:	4
Deal Name:	South African Securitisation Programme (RF) Ltd- Series 3
Issuer:	South African Securitisation Programme (RF) Ltd- Series 3
	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: [e-mail]
Manager	Sasfin Bank Limited
	140 West Street

Sandown, Sandton 2196

Information Date:	31-Oct-23
Period:	Oct-23
Period Number:	4

Page	Tables of Contents

1. Additional Information
2. Contents
3. Conterparties
4. Deal Overview
5. Balance Sheet and OC
6. Notes Information I.
7. Notes Information II.
8. Performance Test
9. Portfolio Covenants

1. Priority Of Payments
2. Pool Movement (Rands)
3. Pool Movement (Deals)
4. Pool Ageing
5. Pool Stratification
6. Delinquency Contracts
7. Defaults
8. Excess Spread
9. Note Interest and Details
10. Glossary

Information Date:	31-Oct-23
Period:	Oct-23
Period Number:	4

Balance Sheet

ASSETS

Pool Assets

• Instalments receivable
• Arrear instalments receivable

Provision for bad and doubtful advances Cash

-Reserve; Provision; Arrear Reserve -Money Market

-Bank accounts

EQUITY AND LIABILITIES

Share Capital and Retained Income Notes in Issue

Subordinated Loans NPL Loan

Interest and Working Capital Payable Accounts payable

				Over Collateralisation Calculation
		1,751,946,487		Pool Assets		1,751,946,487
		1,674,180,251		Delinquents and Defaults	-	126,387,524
		77,766,236		NPL Deals	-	463,753
-	98,419,876
				Total Performing assets
		152,551,934			1,625,095,210
108,521,573.93
41,285,825.55
2,744,534.12
		1,806,078,544.97		Notes in Issue		1,515,000,000
				Over collateralised amount:
					121,200,000.00
		81,071,298		- Pool Assets		110,095,210
		1,515,000,000		- Cash Reserves		11,104,790
		128,320,500
		463,753
		76,773,816		Required over collateralisation %age		8.00%
		4,449,178
		1,806,078,544.97

		Information Date:	31-Oct-23
		Period:	Oct-23
		Period Number:	4
		Deal Name:
	South African Securitisation Programme (RF) Limited - Series 3
Issuer:		Series Security SPV:
South African Securitisation Programme (RF) Ltd - Series 3	Stonehage Fleming Corporate Services (Pty) Ltd
(Maitland Corporate Services (Pty) Ltd (MCS(SA))
140 West Street		STONEHAGE FLEMING FINANCIAL SERVICES (PTY) LTD
Sandown, Sandton		First Floor North Block Waterway House
2196		3 Dock Road, Victoria & Alfred Waterfront
P.O Box 95104		Cape Town
Grant Park, 2051		8001
		South Africa
		Contact: Mr B Harmse

Series Seller, Servicer and Manager Name:

Sasfin Bank Limited

140 West Street Sandown, Sandton 2196

Contact: Mr M Sassoon

Paying Agent:

Nedbank Limited

Braampark Forum IV

2nd Floor, 33 Hoofd Street Braamfontein, 2001

P.O Box 1144 Johannesburg 2000

South Africa Contact: Mrs L Currie

Legal Adviser to the Arranger, the Issuer and the Security SPV:

Edward Nathan Sonnenbergs Inc.

150 West Street

Sandown

Sandton, 2196

P.O Box 783347

Sandton, 2146

Contact: Mr S Von Schirnding

Transfering Agent:

Nedbank Limited

(a division of Nedbank Limited) 135 Rivonia Road

Sandton, 2196 South Africa P.O Box 1144 Johannesburg, 2000

Series Standby Servicer:

Singular Systems (Pty) Ltd

25 Scott Street

Sandton

Johannesburg, South Africa Contact: Mr Tsungi Akino

[phone] / [phone]

Independent Audiors to the Issuer and the Security SPV and Joint Independent Auditors to the Series Seller:

PricewaterhouseCoopers Inc.

4 Lisbon Lane Waterfall City 2090

Director: Costa Natsas

		Information Date:	31-Oct-23
		Period:	Oct-23
		Period Number:	4
Deal Overview
Reporting Period:	Oct 23
Reporting Date:	15-Oct-23	15th of each month (for previous month)
Reporting Frequency:	Monthly
Period No.:	4
Interest Payment Dates:	15 Feb / 15 May / 15 Aug / 15 Nov
Next payment Date:	15-Nov-23
Asset Collection Period:	1-Oct-23	until	31-Oct-23
Note Interest Accrual Period:	15-Aug-23	until	15-Nov-23
Pool Information	Outstanding Principal	Number of Contracts
Balance
Outstanding Pool	1,751,946,487	17,284
Repurchased Operating Lease Contracts	-	-
(cumulative since Cut Off Date)	-	-
Type of Equipment Lease	Percentage of Leases	Outstanding Principal	Percentage of Balance
(%)	Balance	(%)
New	95.1%	1,721,455,953.73	98.3%
Used	4.9%	30,490,533.18	1.7%
Total	100.00%	1,751,946,487	100.00%

Information Date:

31-Oct-23

Period:

Oct-23

Period Number:

4

Information regarding the Notes:

Classes of Notes

SLRA6

SLRA7

SLRA8

SLRA9

SLRB6

SLRB7

SLRB8

SLRB9

SLRC6

SLRC7

SLRC8

SLRC9

Rating at Issue Date

GCR

AAA(zaf)

AAA(zaf)

AAA(zaf)

AAA(zaf)

AA+(zaf)

AA+(zaf)

AA(zaf)

AA(zaf)

A-(zaf)

A-(zaf)

BBB-(zaf)

BBB-(zaf)

Current Rating

GCR

AAA(zaf)

AAA(zaf)

AAA(zaf)

AAA(zaf)

AA(zaf)

AA(zaf)

AA(zaf)

AA(zaf)

BBB-(zaf)

BBB-(zaf)

BBB-(zaf)

BBB-(zaf)

Information on Notes

SLRA6

SLRA7

SLRA8

SLRA9

SLRB6

SLRB7

SLRB8

SLRB9

SLRC6

SLRC7

SLRC8

SLRC9

Final Maturity Date

15-Nov-25

15-Nov-25

15-Nov-30

15-Nov-30

15-Nov-25

15-Nov-25

15-Nov-30

15-Nov-30

15-Nov-25

15-Nov-25

15-Nov-30

15-Nov-30

Scheduled Repayment Date:

15-Nov-23

15-Aug-24

15-Aug-25

15-Aug-27

15-Nov-23

15-Aug-24

15-Aug-25

15-Aug-27

15-Nov-23

15-Aug-24

15-Aug-25

15-Aug-27

Issue Date:

16-Nov-20

16-Aug-21

15-Aug-22

15-Aug-22

16-Nov-20

16-Aug-21

15-Aug-22

15-Aug-22

16-Nov-20

16-Aug-21

15-Aug-22

15-Aug-22

ISIN:

ZAG000172230

ZAG000178559

ZAG000188822

ZAG000188855

ZAG000172214

ZAG000178542

ZAG000188830

ZAG000188863

ZAG000172222

ZAG000178583

ZAG000188848

ZAG000188871

Common Code:

SLRA6

SLRA7

SLRA8

SLRA9

SLRB6

SLRB7

SLRB8

SLRB9

SLRC6

SLRC7

SLRC8

SLRC9

Nominal Amount (ZAR): (initial)

357,000,000

276,000,000

323,000,000

248,000,000

31,000,000

45,000,000

18,000,000

81,000,000

25,000,000

20,000,000

30,000,000

61,000,000

Nominal Amount (ZAR): (balance)

357,000,000

276,000,000

323,000,000

248,000,000

31,000,000

45,000,000

18,000,000

81,000,000

25,000,000

20,000,000

30,000,000

61,000,000

Information on Interest

SLRA6

SLRA7

SLRA8

SLRA9

SLRB6

SLRB7

SLRB8

SLRB9

SLRC6

SLRC7

SLRC8

SLRC9

First Interest Payment Date:

15-Feb-21

15-Nov-21

15-Nov-22

15-Nov-22

15-Nov-22

15-Nov-22

15-Feb-21

15-Nov-21

15-Feb-21

15-Nov-21

15-Nov-22

15-Nov-22

Rate Determination Date:

Spread/Margin:

1.95%

1.90%

1.80%

2.10%

2.30%

2.20%

2.00%

2.30%

2.50%

2.45%

2.40%

2.70%

Index Rate:

3 Month Jibar

3 Month Jibar

3 Month Jibar

3 Month Jibar

3 Month Jibar

3 Month Jibar

3 Month Jibar

3 Month Jibar

3 Month Jibar

3 Month Jibar

3 Month Jibar

3 Month Jibar

Fixed/ Floating:

Floating

Floating

Floating

Floating

Floating

Floating

Floating

Floating

Floating

Floating

Floating

Floating

10.3580%

10.3080%

10.2080%

10.5080%

10.7080%

10.6080%

10.4080%

10.7080%

10.9080%

10.8580%

10.8080%

11.1080%

Day Count Convention

Actual / 365

Actual / 365

Actual / 365

Actual / 365

Actual / 365

Actual / 365

Actual / 365

Actual / 365

Actual / 365

Actual / 365

Actual / 365

Actual / 365

											Information Date:	31-Oct-23
												Period:	Oct-23
											Period Number:	4
Information regarding the Notes II.
		SLRA6	SLRA7	SLRA8	SLRA9	SLRB6	SLRB7	SLRB8	SLRB9	SLRC6	SLRC7	SLRC8	SLRC9
Monthly Period:	4
Next Payment Date:	15-Nov-23
Interest Accrual Period (from/until):	15-Aug-2315-Nov-23
Days Accrued:	92
Base Interest Rate (3 Month Jibar):	8.408%
Currency:	ZAR
Day Count Convention:	Actual/365
Interest Payments		SLRA6	SLRA7	SLRA8	SLRA9	SLRB6	SLRB7	SLRB8	SLRB9	SLRC6	SLRC7	SLRC8	SLRC9
Interest Payable for the quarter on Interest Payment date		7,902,161	6,079,743	7,046,037	5,568,952	709,368	1,020,112	400,352	1,853,511	582,756	464,068	692,896	1,447,996
Total Interest Amount of the Reporting Period - YTD 1 July 2023 - 31 October 2023
	12,318,055	9,476,699	10,981,637	8,682,439	1,106,198	1,590,607	624,111	2,890,388	908,945	723,786	1,080,624	2,258,937
Paid interest 1 July 2023 - 31 October 2023		4,415,894	3,396,955	3,935,600	3,113,487	396,830	570,495	223,760	1,036,878	326,188	259,718	387,727	810,941
Unpaid Interest
Unpaid interest of the Reporting Month - Interest from period 1 October 2023 - 31 October 2023	3,140,602	2,416,308	2,800,348	2,213,301	281,928	405,429	159,114	736,652	231,608	184,437	275,382	575,486
Cumulative unpaid interest - Interest from period 1 July 2023 - 31 October 2023		7,902,161	6,079,743	7,046,037	5,568,952	709,368	1,020,112	400,352	1,853,511	582,756	464,068	692,896	1,447,996
Note Balance		SLRA6	SLRA7	SLRA8	SLRA9	SLRB6	SLRB7	SLRB8	SLRB9	SLRC6	SLRC7	SLRC8	SLRC9
Note Balance (Cut Off Date):
Note Balance (Beginning of Period): (ZAR)		357,000,000	276,000,000	323,000,000	248,000,000	31,000,000	45,000,000	25,000,000	20,000,000	25,000,000	45,000,000	30,000,000	61,000,000
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):		357,000,000	276,000,000	323,000,000	248,000,000	31,000,000	45,000,000	25,000,000	20,000,000	25,000,000	45,000,000	30,000,000	61,000,000
Payments to Investors - Per R100'000 - Denomination		SLRA6	SLRA7	SLRA8	SLRA9	SLRB6	SLRB7	SLRB8	SLRB9	SLRC6	SLRC7	SLRC8	SLRC9
Interest		7,902,161	6,079,743	7,046,037	5,568,952	709,368	1,020,112	400,352	1,853,511	582,756	464,068	692,896	1,447,996
Principal Repayment by Note:

			Information Date:		31-Oct-23
			Period:		Oct-23
			Period Number:		4
					Oct-23
	Portfolio Concentration Limits (in relation to all of the Participating Assets as at any date)	Difference		Actual	Benchmark
	1	the aggregate NPV in repsect of the aggregate Equipment leases with the same Lessee	No		0.60%	1.00%
	2	the aggregate NPV in repsect of the aggregate Equipment leases with all the Lessees whose	No		4.40%	10.00%
	Equipment Leases constitute the 10 Equipment Leases with the highest NPV
	3	the aggregate NPV in repsect of the aggregate Equipment leases with all the Lessees whose	No		7.47%	18.00%
	Equipment Leases constitute the 20 Equipment Leases with the highest NPV
	4	the aggregate NPV in repsect of the aggregate Equipment leases with all the Lessees whose	No		9.57%	25.00%
	Equipment Leases constitute the 30 Equipment Leases with the highest NPV
	5	the total number of all Lessees (excluding Lessees who are parties to EL in Default and EL with a	No		11,622	4,200
	NPV of zero or less), shall be 5,000 or more;
	6	the aggregate NPV of Equipment leases in respect of which the subject matter is not specified	No		0.59%	10.00%
	equipment
	7	the aggregate NPV of a lease with Series 3 Participating Asset payments exceeding 6 monthly	No		0.00%	1.00%
	intervals
	8	the aggregate NPV of Equipments Leases which include maintenance obligations in terms of	No		0.00%	2.00%
	Maintenance Agreement on the part of the lessor in respect of the Equipment
	9	the aggregate NPV in respect of Equipment Leases with a maturity longer than 5 years	No		0.28%	2.00%
		the Σ NPV of all EL in respect of which the Services are to be performed by one individual SND,
	10	may not exceed 10% of the Σ NPV of all EL unless such a SND has been approved by the rating	No		3.62%	10.00%
		agency
	11	the aggregate NPV in respect of Equipment Leases in terms of which the Lessee is granted the right	No		0.00%	2.00%
	to exercise a Payment Holiday option
	12	the aggregate NPV in respect of Equipment Leases not located in the Common Monetary Area	No		0.00%	1.00%
	13	the aggregate NPV in respect of the aggregate Equipment Leases with all lessees where the	No		0.00%	3.00%
	Lessee falls within the definition of the CPA
	13	Percentage of the aggregate NPV of fixed rate Equipment Leases to be hedged	No		100.51%	95% - 105%

Information Date:	31-Oct-23
Period:	Oct-23
Period Number:	4

Performance Test

Amortisation events:

1. the occurrence of a Servicer Event of Default; or
2. the occurrence of a Breach of a Performance Test; or

1. 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
   (1.00% of the Σ outstanding Principal Amount of Notes) required on any Payment Date or the balance of the
   Arrears Reserve Account is less than the Arrears Reserve Target Amount on any 3 consecutive Payments Dates, as the case may be
2. 1. 
      Arrears Reserve Target Amount means:
   2. 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
   3. during the Amortisation Period, an amount equal to zero; or
   4. during the Post-Enforcement Period, an amount equal to zero;
3. 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:
4. 1. the Σ NPV of EL in Default which occurred in the past month ending on the last day of that Due Period: less
   2. the Σ amount of the Recoveries collected in the past month 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.
5. the occurrence of a Yield Test Event
   means an event where Prime plus 4.0% exceeds the Yield Test Yield test means, for purposes of and as at a Payment Date
6. 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)

1. 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
2. a Hedge Counterparty Default

Reserve Fund Tests

Reserve Fund Tests

Net Default Test

Yield Test

Hedge

Reserve Fund

Arrears Reserve

Arrears Reserve

NPV of EL in

Amount of

Average NPV of EL

Servicer event of

Refinance event of

Test event Balance

Reserve Fund

Fund 'Balance <

Arrears Reserve

Recoveries

Net Default trigger

Net Default Test

Prime as at Due

Yield test trigger

Counterparty

Month Ended

Required Amount

Fund Balance

Default during the

for the past 12

Net Default %

Yield

Yield Test Pass?

default

default

< Required Pass?

(ZAR)

Balance (ZAR)

Target 3 months

Fund Target (ZAR)

(ZAR)

past month

collected in the

months

4.50%

Target Pass?

Period

(prime + 4.0%)

default

Pass?

past month

31-Oct-23

Yes

15,150,000

15,150,000

Yes

16,166,299

16,166,299

3,546,224

1,457,654

1,741,290,159

1.4715%

4.500%

Yes

11.75%

15.750%

17.94%

Yes

No

No

No