Cases & Deals

Santander Consumer Bank completes €1 billion new STS securitization of auto loans

Client(s) Santander Consumer Bank S.A.

Jones Day advised Santander Consumer Bank S.A. in relation to the new securitization transaction of auto loans originated in Italy by Santander Consumer Bank S.p.A., having a nominal value of approximately €1 billion.

The securitization has been structured in accordance with Law 130/1999 (the Italian securitization law) and in compliance with requirements of “simplicity”, “transparency” and “standardization” (STS) provided by the European regulation on securitizations (Reg. EU 2017/2402). Prime Collateralized Securities (PCS) EU SAS acted as a third party verifier of these requirements.

The asset-backed Notes of the transaction have been issued by the special purpose vehicle Golden Bar (Securitization) S.r.l.. The Class A, B, C, D, E, and F Notes (2023-2 series) have been rated by DBRS and Fitch and are listed on the Luxembourg Stock Exchange [and have been placed in the market]. Conversely, the Junior Notes (Class Z) have neither been rated, nor been listed.

Banco Santander S.A. acted as sole arranger of the transaction and lead manager with respect to the Class A Notes. Banco Santander S.A., Intesa Sanpaolo S.p.A., and UniCredit Bank AG acted as joint lead managers of the transaction with respect to the Class B, C, D, E, and F Notes.