Hogan Lovells Advised on new €500m Securitisation of Santander Consumer Bank
Hogan Lovells Advised on new €500m Securitisation of Santander Consumer Bank
Global leading law firm Hogan Lovells acting as reviewing counsel, has advised Banco Santander S.A, as arranger, and Banco Santander, HSBC e Société Générale, as joint lead managers, on a securitisation of receivables arising from loans for the purchase of motor vehicles and personal loans granted by Santander Consumer Bank S.p.A. to its customers during the year, with a nominal value of approximately €500 million.
The transaction was structures pursuant to Law 130/1999 (the Italian securitisation law) and according to the criteria of "simplicity", "transparency", and "standardisation" (STS) provided by European regulation (Reg. EU 2017/2402). Prime Collateralised Securities (PCS) EU SAS acted as third-party verifier of these requirements.
The asset-backed securities of the transaction were issued by the special purpose vehicle Golden Bar (Securitisation) S.r.l. The Class A, B, C, D, E, and F notes were assigned ratings from DBRS and Fitch, were listed on the Luxembourg Stock Exchange and placed on the market. While the Junior notes (Class Z) were not assigned a rating or listed.
Banco Santander S.A. acted as arranger, and Banco Santander, HSBC, and Société Générale acted as joint lead managers for the Class A to F notes.
The Hogan Lovells team was led by Annalisa Dentoni-Litta (Partner), supported by Pietro Tirantello (Senior Associate) and Federico Bastoni (Trainee). Ailsa Davies (Counsel) and Joanna Veitch (Associate) from the Paris office handled the English law matters.
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