A&O Sherman advises on Santander Consumer Bank’s cash SRT securitization of approximately EUR700 million

Santander Consumer Bank (a member of the Santander Group) has completed a new public securitization of receivables arising from auto loans granted by the bank to its customers, for a total value of approximately EUR700m.

The securitization was structured in compliance with the simplicity, transparency, and standardization (STS) requirements set out under European regulations (EU Reg. 2017/2402). STS Verification International GmbH acted as the third-party verifier of those requirements. The asset-backed securities were issued by the special purpose vehicle Golden Bar (Securitization) S.r.l. The Class A, B, C, D, and E notes received ratings from both DBRS and S&P (and in particular senior notes have been rated “AAA” from both the rating agencies), were listed on the Luxembourg Stock Exchange, and were placed on the market. The junior notes (Class Z) were not rated nor listed.

The transaction represents the S&P’s first AAA rating assigned in the Italian ABS space since 2012.

A&O Shearman advised Banco Santander as arranger and joint lead manager, as well as Crédit Agricole Corporate, Investment Bank, and Crédit Industriel et Commercial S.A. as joint lead managers, with a team led by partner Pietro Bellone, supported by senior associates Martina Gullino and Giovanni Chiarli, the latter advising on the derivatives agreements, and counsel Elia Ferdinando Clarizia, who advised on the tax aspects.