Cuatrecasas with Santander on €1.8B securitisation
Cuatrecasas has advised Banco Santander and Santander de Titulización on Santander Consumo 11, a securitisation of credit rights derived from consumer loans granted by Banco Santander to individuals resident in Spain.
The fund issued asset-backed bonds totalling €1.845 billion, split into seven classes and maturing in April 2042. The bonds have been admitted to trading on BME’s AIAF market and registered with Iberclear.
Santander Consumo 11 incorporates two structural features new to the Spanish market. The deal includes, for the first time in Spain, according to the law firm, a first-demand guarantee embedded directly in the structure, granted by a supranational entity, which backs the Class A2 bonds for an amount of €400 million. The fund also incorporates a pre-funding mechanism of €330 million, which expands the potential volume of securitised assets. “Both structures reflect how securitisation continues to accommodate increasingly sophisticated financing solutions”, says Cuatrecasas.
Legal Team
The advice was led by partner Jaime de la Torre and associate Jaime Juan Rodríguez Lozano, together with Cristina Leach, Minerva Nuez and Alejandro Valenciano, from Cuatrecasas’ Banking and Finance group. The team also received support from Javier Calle, from the Financial Taxation team.
