The transaction, with a volume of EUR 1,006,290,000, securitised over 60,000 auto lease contracts originated in France for vehicles of the Peugeot, Citroën and DS brands. Auto ABS French Leases 2021 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 deal closed on 28 June 2021.
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 EUR 865,400,000, 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 Euronext Paris. 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.
