Ashurst advises Santander SocGen and Citigroup on securitisation of consumer loan receivables
18 November 2021
18 November 2021
Ashurst advised Banco Santander, S.A., Société Générale S.A. and Citigroup Global Markets Europe AG on the securitisation of a portfolio of consumer loan receivables.
The issuer, SC Germany S.A., acting on behalf and for the account of its Compartment Consumer 2021-1, issued seven classes of notes with a total principal amount of €1.5bn, backed by consumer loan receivables sold by Santander Consumer Bank AG to SC Germany S.A., acting on behalf and for the account of its Compartment Consumer 2021-1. The Class A Notes to the Class F Notes were placed on the market while the Class G Notes were retained by Santander Consumer Bank AG. The transaction was co-arranged by Banco Santander, S.A. and Société Générale S.A. who also acted as Joint Lead Managers on all Classes of Notes. Citigroup Global Markets Europe AG acted as a Joint Lead Manager on the Class A Notes only. STS Verification International GmbH acted as recognised STS verifier in accordance with the Securitisation Regulation.
The Ashurst team led by partner Dr Martin Kaiser comprised counsel Dr Sahra Demirbilek and senior associate Stephan Lehnen (all Global Markets) as well as partners Dr Anders Kraft (Tax) and Dr Detmar Loff (Financial Regulatory, all Frankfurt). London-based partners Thomas Picton and James Coiley (both Global Markets) advised on aspects of English law in relation to the interest rate derivative.
Ashurst's securitisation team specialises in True Sale transactions and provides specialist advice on the securitisation of auto loans, auto leasing receivables, auto residual values and trade receivables. The team led by Dr Martin Kaiser advises originators, arrangers, investors and trustees on all aspects of asset-backed securities.