Santander Consumer Bank completes €700 million new public securitization of auto loans

Client(s) Santander Consumer Bank

Jones Day advised Santander Consumer Bank (a member of the Santander Group) in connection with a new public securitization of receivables arising from auto loans granted by the bank to its customers, for a total value of approximately €700 million.

The securitization was structured in compliance with the simplicity, transparency, and standardization (STS) requirements set out under European regulations (EU Reg. 2017/2402). STS Verification International GmbH acted as the third-party verifier of those requirements. The asset backed securities were issued by the special purpose vehicle Golden Bar (Securitisation) S.r.l. The Class A, B, C, D, and E Notes received ratings from both DBRS and S&P (and in particular Senior Notes have been rated “AAA” from both the rating agencies), were listed on the Luxembourg Stock Exchange, and were placed on the market. The Junior Notes (Class Z) were not rated nor listed.