Banco Santander completes €1.3 billion new STS securitization of auto loans in Italy
Client(s) Banco Santander, S.A.
Jones Day advised Banco Santander S.A. in connection with the new securitization transaction of receivables arising from auto loans and personal loans originated by Santander Consumer Bank (member of the Banco Santander group) to its customers. The nominal value of the transaction is approximately €1.3 billion.
The securitization was structured according to Law 130/1999 (the Italian securitization law) and in compliance with the requirements on “simplicity,” “transparency”, and “standardization” (STS) of the European regulations (EU Reg. 2017/2402). Prime Collateralized Securities (PCS) EU SAS acted as a third-party verifier of these requirements.
The asset-backed securities were issued by the special purpose vehicle Golden Bar (Securitization) S.r.l. The Class A1, B, C, D, E, and F Notes have been rated by DBRS and Fitch, listed on the Luxembourg Stock Exchange, and are placed on the market. The Class A2 Notes have been rated by DBRS and Fitch, listed on the Luxembourg Stock Exchange, and have been pre-placed. The Junior Notes (Class Z) did not obtain ratings, nor were they listed.
