Stellantis Financial Services Italia (Banco Santander Group) completes €1 billion securitization of auto loans

Client(s) Banco Santander, S.A.

Jones Day advised on a new securitization transaction of receivables arising from auto loans originated by Stellantis Financial Services Italia (a joint venture between Stellantis Financial Services S.A. and Santander Consumer Bank group in Italy) to its customers. The nominal value of the transaction is approximately €1 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 Collateralised Securities (PCS) EU SAS acted as a third-party verifier of these requirements. The asset-backed securities were issued by the special purpose vehicle Auto ABS Italian Stella Loans S.r.l. The Class A1, B, C, D, and E Notes were rated by DBRS and Fitch, listed on the Luxembourg Stock Exchange, and placed on the market. The Class A2 Notes were rated by DBRS and Fitch, listed on the Luxembourg Stock Exchange, and pre-placed. The Junior Notes (Class Z) did not obtain ratings, nor were they listed.