Hogan Lovells advises Santander Consumer Bank on €600 million STS securitisation deal

The securitised portfolio includes both "targeted" loans for the purchase of services or goods (excluding cars, motorcycles and boats) and unrestricted personal loans.

The transaction was arranged in accordance with Law 130/99 (the securitization regulations) and obtained the STS label, which is the certification for simple, transparent, and standardized securitization as envisaged by European law (EU Reg. 2017/2402).

The assignee of the receivables is the special purpose vehicle Golden Bar (Securitisation), which financed the acquisition by issuing two classes of asset-backed securities: namely senior and junior. The senior bonds were subscribed by two foreign banks, which also acted as arrangers for the transaction, while the junior bonds were fully subscribed by Santander Consumer Bank.

The transaction includes a two-year revolving period during which the originator may continue to transfer and securitise loans on a quarterly basis.

Hogan Lovells acted as drafting counsel to Santander Consumer Bank.

The Hogan Lovells team was led by partner Federico Del Monte, with support from associates Daniele Russo and Serena Tonello, as well as trainees Anita Lucchini and Marco Gengaroli. The tax aspects of the transaction were handled by partner Serena Pietrosanti and senior associate Maria Cristina Conte. Sharon Lewis and associates Ailsa Davies and Joanna Veitch, provided advice on the English law aspects of the transaction.