UniCredit Bank AG and Crédit Agricole Corporate & Investment Bank complete €1.420 billion first securitization transaction of auto loans by Crédit Agricole Auto Bank S.p.A.
Client(s) UniCredit Bank AG and Crédit Agricole Corporate & Investment Bank
Jones Day advised UniCredit Bank AG and Crédit Agricole Corporate & Investment Bank in relation to the first securitization transaction of auto loans originated by Crédit Agricole Auto Bank S.p.A. (member of Crédit Agricole Consumer Finance) having a nominal value of approximately €1.420 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 “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 Asset-Backed European Securitisation Transaction Twenty-two S.r.l. The Class A, B, C, D, and E Notes have been rated by S&P and Fitch and are listed on the Luxembourg Stock Exchange. Conversely, with reference to the Junior Notes (Class M), the assignment of a rating has not been requested neither the Junior Notes have been listed.