Cases & Deals

Banca PSA Italia completes securitization of auto-loans

Clients Banca PSA Italia

Jones Day advised Banca PSA Italia, as drafting counsel, in connection with a securitization transaction of receivables deriving from auto-loan agreements granted by Banca PSA Italia. The initial portfolio transferred to the special purpose vehicle by the originator Banca PSA Italia amounts to approximately €320 million. The transaction provides for a revolving period of 24 months starting from May 2022 during which additional portfolios may be purchased by the special purpose vehicle with an increase of the partly paid notes up to €800 million. The class A notes issued by the special purpose vehicle Auto ABS Italian Rainbow Loans S.r.l. were rated by DBRS and Fitch and listed on the Luxembourg Stock Exchange. All the notes (including the subordinated Class Z notes) have been subscribed directly by Banca PSA Italia. The senior notes will be used by the originator as collateral for central bank refinancing operations.