Hogan Lovells advises Société Générale, Banco Santander and ING on CREDIPAR's first public STS securitisation
Hogan Lovells advised Société Générale as Arranger and Joint Lead Manager as well as Banco Santander, S.A. and ING Bank N.V. as Joint Lead Managers on CREDIPAR's first public 'simple, transparent and standardised' (STS) auto lease and residual value securitisation transaction.
The transaction, with a volume of EUR1,015,138,000, securitised over 60,000 auto lease contracts originated in France for vehicles of the Peugeot, Citroën and DS brands. This is CREDIPAR’s first public securitisation since 2018. The pricing of the transaction will allow CREDIPAR to continue to offer this strong growth product to its customers at attractive conditions. The matter closed on 28 June 2021.
CREDIPAR is a leading actor in the French domestic vehicle leasing market. CREDIPAR is a 100% French subsidiary of PSA Banque France, one of the captive finance subsidiaries of Stellantis specialised in automotive financing, and Santander Consumer Finance, the division of Banco Santander specialised in consumer finance. CREDIPAR provides financing solutions, through loans or leases to the end customers of Peugeot, Citroën and DS dealers in France as well as funding stocks of dealers that are not owned by Stellantis.
Société Générale acted as Arranger and Joint Lead Manager and Banco Santander, S.A. and ING Bank N.V. acted as Joint Lead Managers.
The class A/B notes, in an amount of EUR865,400,000, were issued by the French securitisation fund (fonds commun de titrisation) "Auto ABS French Leases 2021" and were officially listed and admitted to trading on the regulated market of the Luxembourg Stock Exchange. The class A/B notes are rated, respectively, AAA(sf) and AA+(sf) by S&P Global Ratings Europe Limited and AAA(sf) and AA(sf) by DBRS Ratings GmbH. Auto ABS French Leases 2021 also issued class C notes in an amount of EUR140,890,000.
The Hogan Lovells' team in charge of the transaction was led by Head of Financial Institutions Sector Industry Group Sharon Lewis and Debt Capital Markets counsel Laura Asbati, with key support from Debt Capital Markets senior associate Ailsa Davies, Debt Capital Markets associates Giovanbattista Gianni and Vicenzé Franzil and paralegals Gabrielle Lawrence and Joanna Veitch. Partner Ludovic Geneston and Maryll Pizzetta handled the tax aspects and partner Dennis Dillon handled U.S. law aspects.
CREDIPAR was advised by Linklaters.