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Saturday, December 3, 2022
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Pérez-Llorca advises SCF on €707m auto loans securitisation

Pérez-Llorca has advised Santander Consumer Finance on a €707 million securitisation relating to a portfolio of Spanish auto loans

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Santander Consumer Spain Auto 2022-1, FT (SCSA 2022-1) is a revolving securitisation of a €707 million portfolio of fully amortising auto loans originated by Santander Consumer Finance, S.A. (SCF), whose ultimate parent is Banco Santander, S.A

The securitisation of €707 million relates to Spanish car loans granted by SCF. The bonds of the Securitisation Fund (SF) have been admitted to trading/quoted on the AIAF Fixed Income Market. The portfolio is made up of a wide variety of brands, including Ford and Kia, which account for 16.6% of the total portfolio.

The securitisation comprises €572 million Class A Notes due September 2038, €32.5 million Class B Notes, €22.5 million Class C Notes, €45 million Class D Notes, €28.0 million Class E Notes and €7.0 milliion Class F Notes, all due September 2038.

According to Moody’s, the transaction benefits from several credit strengths such as the granularity of the portfolio, securitisation experience of Santander Consumer and the significant excess spread.

Pérez-Llorca advised SCF with a Banking & Finance team made up of partner Carlos Pérez Dávila and lawyers Santiago Bertola and Soledad Mendiola.

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