Penarth Master Issuer plc - Monthly Report October 2012 Combined Series Report For IPD Ending: 19 November 2012

Transcription

1 Combined Series Report For IPD Ending: 19 November 2012 Reporting Date 17 November 2012 Reporting Period 01 October October 2012 Interest Payment Date 19 November 2012 Contact Details Name Telephone Address Sarah Jackson st Floor Alexander House, Pier Head Street, Cardiff Bay, CF10 4PB Nathan Roberts st Floor Alexander House, Pier Head Street, Cardiff Bay, CF10 4PB Michael Wiltshire st Floor Alexander House, Pier Head Street, Cardiff Bay, CF10 4PB Key Parties Name Receivables Trustee Depositors Transferor Material Originator Servicer Cash Manager Account Bank Issuer Issuing Entity Issuer Corporate Servicers Provider Security Trustee Note Trustee Principal Paying Agent Paying Agent Agent Bank Calculation Agent Registrar Exchange Agent US Paying Agent Arranger & Dealer Swap providers Role Penarth Receivables Trustee Penarth Funding 1 Ltd Penarth Master Issuer plc Penarth Funding 1 Ltd Structured Finance Natixis, London Wells Fargo Bank, N.A. Credit Card Trust Portfolio Data Trust Receivables BOP Principal Receivables 6,346,953, Principal Collections - 1,455,471, Customer New Advances & Adjustments 1,367,386, New Principal Additions 247,908, Removals - breach of warranty 0.00 Charge Offs - 33,828, EOP Principal Receivables 6,472,948, BOP Receivables % Share Minimum Requirement Investor Share 3,654,860, % Sellers Share 2,940,002, % 6% Principal Receivables 6,594,862, % Principal Payment Rate 22.42% The Payment Rate numerator excludes non-cash collections Monthly Payment Rate 22.84% Includes Principal and Finance Charges Investor Yield and Expense Rate Gross Yield Rate 23.09% Less Charge off Rate 6.06% Portfolio Yield 17.03% Less Expense Rate 2.61% Excess Available Funds Percentage 14.42% Delinquent Principal Receivables EOP Principal Receivables % of Total Principal Receivables days delinquent 53,794, % 21, % days delinquent 37,879, % 12, % days delinquent 18,571, % 7, % days delinquent 12,143, % 4, % days delinquent 9,596, % 4, % 180+ days delinquent 6,428, % 4, % Non-Delinquent 6,334,535, % 6,402, % Total 6,472,948, % 6,457, % Note : On the 1st October 401m of receivables were removed and replaced with eligible receivables. The receivables removed were on accounts LBG is planning to divest in 2013, as directed by European regulators as a condition of the bank receiving state support in 2009, this is not expected to impact Trust performance.

2 Credit Card Trust Portfolio Data Unaudited Stratification Tables as at 31 October 2012 Composition by Credit Balance - 23,004, % 886, % No Balance % 1,834, % , ,671,033, % 3,346, % 5, , ,024,134, % 290, % 10, , ,156,467, % 93, % 15, , ,050, % 4, % 20, or more 7,865, % % Composition by Credit Limit Less than 5, ,020,850, % 3,876, % 5, , ,276,466, % 1,661, % 10, , ,485,271, % 883, % 15, , ,056, % 32, % 20, or more 14,903, % 2, % Composition by Account Age Not More Than 6 Months % % Over 6 Months to 12 Months 281,159, % 196, % Over 12 Months to 24 Months 488,897, % 692, % Over 24 Months to 36 Months 474,588, % 635, % Over 36 Months to 48 Months 486,690, % 568, % Over 48 Months to 60 Months 677,539, % 638, % Over 60 Months to 72 Months 572,829, % 483, % Over 72 Months 3,922,843, % 3,243, % Geographic Distribution East Anglia 829,274, % 741, % London 504,126, % 427, % Midlands 826,848, % 844, % North East England 870,761, % 859, % North West England 785,936, % 763, % Scotland 705,064, % 651, % South Central England 765,399, % 670, % South East England 696,032, % 585, % South West England 623,143, % 628, % Wales 287,013, % 274, % Other 10,948, % 11, %

3 Waterfall Revenue Waterfall Trust Finance Charge Collections 128,197, Sellers Share 56,727, Investor Share 71,470, Funding 1 Finance Charge Collections 59,631, Interchange 5,955, Recoveries 4,606, Investment proceeds 403, Principal Funding Account Interest 327, Interest and earnings accrued on Accumulation Reserve 19, Accumulation reserve Draw Amount 526, Total LNI Available Funds 71,470, Application of Funds: Senior Cost Items 44, Monthly Distribution Amount 6,075, Servicer Payment 3,012, Aggregate Investor Default Amount 18,747, Excess Available Funds 43,590, Expenses Loan 0.00 Accumulation reserve funding 11,776, Junior Costs 1, Excess Spread 31,812, Principal Waterfall Trust Principal Collections 1,455,471, Distributed to Funding 1 95,701, Funding 1 Principal Collections 95,701, Investor Defaults transferred from LNI Available Funds 18,747, Total LNI Available Principal Amounts 114,449, Application of Funds: Senior costs shortfall 0.00 Monthly distribution shortfall 0.00 Servicer payment shortfall 0.00 Expenses loan shortfall 0.00 Accumulated principal deposited to Principal Funding Account 95,701, Principal payments 0.00 Targeted pre-funding amounts deposited to Principal Funding Account 0.00 Loss make Up (Investor Defaults) transferred to Investment Account 18,747, Total 114,449,552.96

4 Notes Issued Series Name Class A: Series 2010 A3 Class A: Series A1 Class A: Series A2 Class A: Series A3 Class A: Series A1 Issue Date 24 August January December December June 2011 ISIN DE000A1A0AZ0 XS XS XS XS US70659PAA9 US70659PAB7 Stock Exchange Listing LSE LSE LSE LSE LSE Original Rating* Aaa/AAA/AAA Aaa/AAA/AAA Aaa/AAA/AAA Aaa/AAA/AAA Aaa/AAA/AAA Current Rating* Aaa/AAA/AAA Aaa/AAA/AAA Aaa/AAA/AAA Aaa/AAA/AAA Aaa/AAA/AAA Currency EUR GBP USD GBP USD Issue Size 250,000, ,000,000 $750,000, ,000,000 $750,000,000 Issue Size (GBP Equivalent) 206,150, ,000, ,940, ,000, ,333,660 Outstanding Amount (GBP) 206,150, ,000, ,940, ,000, ,333,660 Nominal Liquidation Amount (GBP) 171,791, ,000,000 80,490, ,000, ,944,635 Scheduled Redemption Date 18 August January December December May 2013 Final Maturity Date 18 August January December December May 2015 Reference Rate 1 month EURIBOR 1 month LIBOR 1 month USD LIBOR 1 month LIBOR 1 month USD LIBOR Current Reference Rate % % % % % Margin 0.78% 0.95% 0.75% 1.05% 0.65% Expected Interest Amount 295, , , , , Interest Amount Paid 295, , , , , Interest Shortfall Cumulative Interest Shortfall Scheduled Principal Payment Principal Amount Paid Principal Shortfall Cumulative Principal Shortfall Series Name Class A: Series A2 Class A: Series A1 Class A: Series A1 Class B: Series 2010 B1 Class B: Series B1 Issue Date 08 June November April June November 2010 ISIN XS XS XS XS US70659PAC59 US70659PAD33 XS Stock Exchange Listing LSE LSE LSE LSE LSE Original Rating* Aaa/AAA/AAA Aaa/AAA/AAA Aaa/AAA/AAA Aa3/A/A+ Aa3/A/A+ Current Rating* Aaa/AAA/AAA Aaa/AAA/AAA Aaa/AAA/AAA Aa3/A/A+ Aa3/A/A+ Currency GBP USD USD GBP GBP Issue Size 125,000,000 $600,000,000 $750,000, ,000, ,000,000 Issue Size (GBP Equivalent) 125,000, ,194, ,440, ,000, ,000,000 Outstanding Amount (GBP) 125,000, ,194, ,440, ,000, ,000,000 Nominal Liquidation Amount (GBP) 125,000, ,194, ,440, ,000, ,000,000 Scheduled Redemption Date 18 May November March May February 2015 Final Maturity Date 18 May November March May February 2017 Reference Rate 1 month LIBOR 1 month USD LIBOR 1 month USD LIBOR 1 month LIBOR 1 month LIBOR Current Reference Rate % % % % % Margin 1.00% 0.75% 0.57% 1.00% 1.25% Expected Interest Amount 164, , , , , Interest Amount Paid 164, , , , , Interest Shortfall Cumulative Interest Shortfall Scheduled Principal Payment Principal Amount Paid Principal Shortfall Cumulative Principal Shortfall Series Name Class C: Series 2010 C1 Class C: Series C1 Class D: Series 2010 D1 Class D: Series D1 Issue Date 02 June December June December 2010 ISIN XS XS XS XS Stock Exchange Listing LSE LSE LSE LSE Original Rating* Baa1/BBB+ Baa1/BBB+ Not Rated Not Rated Current Rating* Baa1/BBB+ Baa1/BBB+ Not Rated Not Rated Currency GBP GBP GBP GBP Issue Size 228,000, ,000, ,000, ,000,000 Issue Size (GBP Equivalent) 228,000, ,000, ,000, ,000,000 Outstanding Amount (GBP) 228,000, ,000, ,000, ,000,000 Nominal Liquidation Amount (GBP) 228,000, ,000, ,000, ,000,000 Scheduled Redemption Date 18 May February May February 2015 Final Maturity Date 18 May February May February 2017 Reference Rate 1 month LIBOR 1 month LIBOR 1 month LIBOR 1 month LIBOR Current Reference Rate % % % % Margin 1.50% 1.50% 1.60% 1.60% Expected Interest Amount 400, , , , Interest Amount Paid 400, , , , Interest Shortfall Cumulative Interest Shortfall Scheduled Principal Payment Principal Amount Paid Principal Shortfall Cumulative Principal Shortfall * Rating - Moody's/S&P/Fitch

5 Issuing Entity Swaps Payments to Swap Provider Payments to Investor Issue & Class Currency Swap Provider Principal Interest Principal Interest Class A: Series A , , Class A: Series A2 Natixis, London Branch , $0.00 $642, Class A: Series A1 Natixis, London Branch , $0.00 $575, Class A: Series A1 Natixis, London Branch , $0.00 $513, Class A: Series A1 Wells Fargo Bank, N.A , $0.00 $522, Credit Enhancement Nominal Liquidation Amount % of Total Actual Credit Enhancement Required Credit Enhancement* Class A Notes 2,296,860, % 37.2% 25.6% Class B Notes 530,000, % 22.7% 15.6% Class C Notes 403,000, % 11.6% 8.0% Class D Notes 425,000, % Total notes 3,654,860, % * Required credit enhancement reduced to 21.9% for Class A notes issued on or after 22nd December 2010, and to 21% for Class A notes issued on or after 8th June All Class A notes wi benefit from 25.6% credit enhancement until Class A notes issued prior to 22nd December 2010 are redeemed Excess Available Funds Percentage Current Month 14.42% 1 Month Previous 12.39% 2 Month Previous 11.58% 3 Month Average 12.79% Excess Available Funds - 3 Month Average Trigger 0% Reserves Swaps and Credit Enhancement Accumulation Reserve Accumulation Reserve - Required Amount Accumulation Reserve - Actual Amount 45,621,397 45,621,397 Series Cash Reserve Series Cash Reserve - Required Amount 0.00 Series Cash Reserve - Actual Amount 0.00 Provides liquidity support in relation to shortfalls of interest payable on certain Class A series. A Cash Reserve Fund will be funded upon the requisite ratings downgrade (see Ratings Triggers) Rating Triggers Ratings and Triggers Transaction Party Name Required Rating (Moody's/S&P/Fitch) Swap provider Short Term: P-1/A-1/F1 Swap provider Natixis, London Short Term: P-1/A-1/F1 Swap provider Wells Fargo Bank, N.A. Short Term: P-1/A-1/F1 Account Bank Short Term: P-1 / A-1 / F1 Long Term: A2/ n/a / A Account Bank Short Term: P-1 / A-1 / F1 Long Term: A2/ n/a / A Current Rating Long term: Aa3/AA-/AA- Within 30 days from the downgrade below the minimum rating open substitute accounts at a suitable Qualified Institution and transfer all funds standing to the credit of the accounts to the substitute accounts. Within 30 days from the downgrade below the minimum rating open substitute accounts at a suitable Qualified Institution and transfer all funds standing to the credit of the accounts to the substitute accounts. Transferor Long Term: Baa2,BBB+,BBB+ Material Originator Long Term: Baa2,BBB+,BBB+ Rapid amortisation of notes, principal and interest paid monthly and all series of notes become pass through. Rapid amortisation of notes, principal and interest paid monthly and all series of notes become pass through. Non Rating Triggers Trigger Type Trigger Event Level Breached Non Asset Trigger Breach of minimum sellers < 6% No share Non Asset Trigger Insolvency event n/a No Non Asset Trigger Servicer default n/a No Regulated amortisation of notes, principal is accumulated as defined in the final terms. Rapid amortisation of notes Termination of Servicer and appointment of Successor Servicer Asset Trigger Breach of excess available funds percentage 3 month average less than or equal to No 0% Regulated amortisation of notes, principal is accumulated as defined in the final terms. Reserve & Step Up Triggers Test Level Breached Moody's Rating Short term P1, long term A2 No Step Up Trigger Any notes not paid on step up date Ratings values taken at :31 October 2012 No Requirement to increase the series cash reserve account to the specified targeted amount for certain class A notes. Step up premium applies to future interest payments on certain Class A notes.