A&O Shearman advises on Santander Consumer Bank cash SRT securitization of approximately EUR700 million

A&O Shearman advised Banco Santander as arranger and joint lead manager, and Crédit Agricole Corporate Investment Bank and Crédit Industriel et Commercial S.A. as joint lead managers, in connection with Santander Consumer Bank’s public securitization of receivables arising from auto loans granted to its customers. The transaction comprises a public securitization of auto‑loan receivables with an aggregate value of approximately EUR700 million. The securitization was structured to meet the simplicity, transparency and standardisation (STS) requirements under EU Regulation 2017/2402, with STS Verification International GmbH acting as the third‑party verifier. The asset‑backed securities were issued by the special purpose vehicle Golden Bar (Securitization) S.r.l. Classes A, B, C, D and E were rated by both DBRS and S&P, with the senior notes receiving an “AAA” rating from both agencies; these notes were listed on the Luxembourg Stock Exchange and placed on the market. The junior Class Z notes were not rated nor listed. The transaction marks S&P’s first AAA rating in the Italian ABS market since 2012. A&O Shearman represented Banco Santander as arranger and joint lead manager, Crédit Agricole Corporate Investment Bank and Crédit Industriel et Commercial S.A. as joint lead managers with a team composed by: partner Pietro Bellone (Milan); senior associate Martina Gullino (Milan); senior associate Giovanni Chiarli (London), who advised on the derivatives agreements; and counsel Elia Ferdinando Clarizia (Milan), who advised on the tax aspects.

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A&O Shearman advises on Santander Consumer Bank cash SRT securitization of approximately EUR700 million

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A&O Shearman advises on Santander Consumer Bank cash SRT securitization of approximately EUR700 million

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