Stellantis Financial Services Italia completes €750 million first STS securitization of auto loans
Client(s) Stellantis Financial Services Italia
Jones advised Stellantis Financial Services Italia (f/k/a Banca PSA Italia S.p.A.) in relation to the first securitization transaction of auto loans originated by Stellantis Financial Services Italia (joint venture between Stellantis Financial Services S.A and Santander Consumer Bank group in Italy) having a nominal value of approximately €750 million.
The securitization has been structured in accordance with Law 130/1999 (the Italian securitization law) and in compliance with requirements of “simplicity”, “transparency” and “standardisation” (STS) provided by the European regulation on securitisations (Reg. EU 2017/2402). Prime Collateralized Securities (PCS) EU SAS acted as third party verifier of these requirements.
The asset-backed Notes of the transaction have been issued by the special purpose vehicle Auto ABS Italian Stella Loans 2023-1 S.r.l. The Class A, B, C, D, and E Notes 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. Banco Santander, BofA Securities Europe SA, and UniCredit Bank AG acted as joint lead managers with respect to the Class A, B, C, D, and E Notes.