A retailer offers loans to customers to finance purchases of high-priced merchandise. If a customer defaults on a loan, the retailer will repossess and resell the merchandise. The retailer securitizes USD 30 million of these loans by selling them to a special purpose vehicle (SPV). Subsequently, the SPV will sell asset-backed securities (ABS) to investors. Based on this information, for the ABS, which of the following descriptions is most appropriate?
A. The retailer is the issuer.
B. The SPV is the depositor.
C. The merchandise financing loans are the collateral.