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 partnerĀ Stefano SennhauseĀ and counselĀ Pietro Bellone, supported by associateĀ Chiara DāAndolfo. PartnerĀ Francesco GuelfiĀ and counselĀ Elia Ferdinando ClariziaĀ dealt with the tax aspects of the transaction. A group of lawyers comprising partnerĀ Parya Badie, counselĀ Frederic Demeulenaere, senior associateĀ Robert SimmonsĀ and associatesĀ Giovanni ChiarliĀ andĀ Evangeline SchumacherĀ provided English law advice.
