Hogan Lovells, Jones Day counsel on Santander Consumer´s €505m securitisation

Hogan Lovells and Jones Day have advised on the new securitisation of receivables arising from car purchase loans provided by Santander Consumer Bank to its customers

The securitisation was structured in accordance with Law 130/99 (the securitisation legislation) and in compliance with the “simplicity”, “transparency” and “standardisation” (STS) requirements of European regulations (EU Reg. 2017/2402). Prime Collateralised Securities acted as a third party verifier of these requirements. The transaction has a value of approximately €505 million.

Hogan Lovells assisted Santander Consumer Bank, as drafting counsel, with a team led by Milan partner Federico Del Monte. A group of professionals from the Rome, Paris and Madrid offices also advised on the Tax profiles and English and Spanish law aspects of the transaction. Hogan Lovells´ Madrid team was led by Corporate & Finance practice group partner and managing partner José Luis Vázquez (pictured left).

Jones Day advised with a team led by Milan partner Vinicio Trombetti, advising the arranger and sole lead manager Banco Santander. Iván Martín-Barbón (pictured right), of counsel in the Madrid office, advised on Spanish law matters.

In the context of the transaction, the European Investment Bank (EIB) acted as purchaser of the senior and certain rated mezzanine notes issued by the securitisation vehicle, within the framework of a framework agreement with Santander Consumer Bank for the latter to use the funds made available by the EIB, as investor, to finance SMEs and midcaps in projects in line with the EIB’s institutional objectives.

The EIB was assisted by the international law firm Gianni & Origoni.

Desire Vidal