Cuatrecasas and Pérez-Llorca advise Banco Santander on the securitization of a consumer loan portfolio amounting to €1.2b
Cuatrecasas and Pérez-Llorca have advised on the securitization transaction called ‘Santander Consumo 6, F.T.’. This securitization vehicle groups the largest consumer loan portfolio that Santander has undertaken in Spain since the European Central Bank ended its securitization bond purchase program.
The prospectus was registered with the Spanish Securities and Exchange Commission (CNMV) on May 21, 2024. This will enable Banco Santander to mobilize credit to companies and households.
The securitization fund, which is open-ended and renewable on the asset side, has issued securitization bonds in the amount of 1,224 million euros, divided into six classes maturing in December 2037, which have been admitted to trading on the AIAF market. In addition, this transaction has been classified as “simple, transparent and standardized” (STS) under European securitization regulations. The placement was a success, with a high level of subscription in all classes placed and a very granular subscription book.
The Cuatrecasas team advising Banco Santander and Santander de Titulización, S.G.F.T. was led by Jaime de la Torre, partner in the finance and capital markets practice, assisted by lawyers Jaime Juan Rodríguez Lozano and Jerónimo Poza.
Pérez-Llorca has acted as legal advisor to Banco Santander, as arranger, and Banco Santander, BofA Securities, UniCredit and Société Générale, as joint lead managers with a team formed by Carlos Pérez Dávila (partner), alongside Santiago Bertola Longhi and África Rodríguez (associates), led this transaction.
The firms tasks involved the review of the base prospectus, the listing documentation and the remaining transaction documents, as well as coordinating the legal aspects relating to the subscription of the notes.
