A&O Shearman advises Hyundai on its first cash SRT securitization in Italy

The transaction was structured for both liquidity and significant credit risk transfer purposes.

Banco Santander S.A. acted as arranger and joint lead manager, and Intesa Sanpaolo (IMI CIB division) and UniCredit Bank GmbH acted as joint lead managers in the transaction.

A&O Shearman, acting as drafting counsel, assisted Hyundai with a team led by partner Pietro Bellone, supported by senior associate Chiara D'Andolfo and trainee Luca Marchesini. Partner Parya Badie, together with senior associate Giovanni Chiarli and trainee James Dickinson, advised on the hedging. Counsel Elia Ferdinando Clarizia provided assistance in relation to the tax aspects.

Partner Pietro Bellone commented: “It is evident that the SRT securitization market in Europe, and particularly in Italy, is experiencing significant growth. The entry of new issuers, such as Hyundai Italy, reflects this trend, which is involving an increasingly wide range of originators, investors, and asset classes.”