Hogan Lovells advises Santander Consumer Bank AG on its EUR 5,000,000,000 Programme for the Issuance of Asset Backed Notes
Led by Frankfurt partner Sven Brandt, international law firm Hogan Lovells advised Santander Consumer Bank AG on its EUR 5,000,000,000 programme for the issuance of asset backed fixed rate notes, arranged by Société Générale S.A.
The programme consists of two classes of notes both of which are backed by a portfolio of loan receivables secured by security interests over passenger cars, motor cycles, utility vehicles and campers/caravans and trailers located in Germany and certain other collateral. The securitisation transaction is a revolving transaction in which during the 36 months replenishment period additional loan receivables can be securitised and further asset backed notes may be issued during the ramp-up period in order to securitise additional receivables. The transaction, with an initial volume of approximately EUR 3,200,000,000, initially securitised over 266,748 loan contracts for vehicles. During the ramp-up period the transaction can be increased up to a volume of EUR 5,000,000,000.
The transaction closed on 29 October 2020.
The class A and B notes, in an initial amount of EUR 3,200,000,000, were issued by the Luxembourg special purpose vehicle "SC Germany S.A., acting on behalf and for the account of its Compartment Mobility 2020-1" and were officially listed and admitted to trading on the regulated market of the Luxembourg Stock Exchange. The class A notes are rated Asf by Fitch and Aa1 (sf) by Moody's. The class B notes are not rated. The class A notes issued under the programme are eligible as collateral for Eurosystem monetary policy operations.
Hogan Lovells Team for Santander Consumer Bank AG
Dr. Sven Brandt (Partner, Head of Capital Markets Germany), Sebastian Oebels (Senior Associate), Didem Savas (Projects Associate), Leyla Memis (Business Lawyer) (all International Debt Capital Markets, Frankfurt);
Dr. Heiko Gemmel (Partner), Nico Neukam (Counsel) (both Tax, Dusseldorf);
Ariane Mehrshahi (Counsel), Agnes Merz, Marie-Roxane Karydi (Associates) (all International Debt Capital Markets, Luxembourg);
Gerard Neiens (Partner), Jean-Philippe Monmousseau (Counsel), Pierre-Luc Wolff (Senior Associate) (all Tax, Luxembourg).
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