Allen & Overy has advised the arrangers and senior financiers on a new EUR600 million securitisation deal of receivables deriving from consumer loans originated by Santander Consumer Bank and granted to its customers.
The securitised portfolio includes both purpose loans for the purchase of services or goods (other than cars, motorcycles and boats), and personal non-purpose loans.
The securitisation was structured pursuant to Italian Law 130/99 (i.e. securitisation legislation) and achieved the STS label, i.e. the qualification of simple, transparent and standardised securitisation according to European legislation (Reg. UE 2017/2402).
The special purpose vehicle Golden Bar (Securitisation) funded the purchase by issuing two classes of asset-backed bonds, i.e. senior and junior notes. The senior notes have been subscribed for by two foreign banks also acting as arrangers in this deal. The junior notes have been entirely subscribed for by Santander Consumer Bank.
The deal provides for a two-year revolving period during which the originator will be able to continue to assign and securitise receivables on a quarterly basis.
The Allen & Overy team was led by partner Stefano Sennhause and counsel Pietro Bellone, supported by associate Chiara D’Andolfo. Partner Francesco Guelfi and counsel Elia Ferdinando Clarizia dealt with the tax aspects of the transaction. A group of lawyers comprising partner Parya Badie, counsel Frederic Demeulenaere, senior associate Robert Simmons and associates Giovanni Chiarli and Evangeline Schumacher provided English law advice.
