Ayvens BUMPER BE GREEN 2026-1 includes €270m Belgian EV lease receivables

Ayvens’ Belgian operating business is preparing a new asset-backed securitisation built on €270m of electric-vehicle lease receivables, forming part of a €516m collateral pool that also contains vehicle residual values.

KBRA assigned a preliminary rating on 7 September to the Class A notes of BUMPER BE GREEN 2026-1, issued through Bumper BE NV/SA’s third compartment. The transaction will be backed by a revolving pool of leases originated by Axus NV to Ayvens customers in Belgium, together with the residual value of the vehicles supporting those contracts.

The distinction between the two components matters. The preliminary discounted portfolio is approximately €516m, but only €270m consists of lease receivables. A further €246m represents residual vehicle value. Describing the transaction as a €516m receivables securitisation would therefore overstate the cash-flow asset represented by contractual lease payments.

All vehicles in the pool are battery electric. Corporate customers account for 85.3% of its discounted value, SMEs for 14.6% and government entities for 0.1%. Passenger vehicles represent 99.1% of the collateral, with light commercial vehicles making up the remainder. The structure includes a 12-month revolving period.

Credit enhancement for the notes includes subordination, excess spread and cash reserves. Investors are exposed not only to the performance of lease receivables but also to assumptions around vehicle residual values, which introduces a different risk profile from a conventional invoice-backed securitisation. Weak used-EV prices, for example, could affect recoveries even where contractual lease payments perform as expected.

The deal is the second public ABS securitisation for Axus NV in Belgium and forms part of Ayvens’ wider Bumper programme, which has previously issued transactions in Germany, the Netherlands, the UK, France and Belgium.

For receivables financiers, BUMPER BE GREEN demonstrates how contractual corporate payment streams can be combined with underlying asset value to create institutional funding. It also shows why the headline portfolio size needs to be separated carefully between receivable cash flows and collateral-dependent residual value.