Santander Consumer Finance plans to sell securities backed by  Finnish auto loan receivables, according to Moody's Investor Service.

SCFI Rahoituspalvelut is backed by a €529 million portfolio of auto loans made to private individuals residing in Finland or commercial entities registered in Finland to finance the purchase of new and used vehicles.

Bank of America Merrill Lynch, Barclays and Santander are the lead managers on the deal.

The securitization is the fifth deal from the sponsor to be backed by assets originated in the Nordic region and the third deal backed by Finnish auto loans since 2012 according to Moody’s. 

In the latest transaction, approximately 32% of the pool is comprised of new car loans and 67% of the loans finance used cars. The loans have a average remaining term of four years.  

The transaction will offer six tranches of notes which all mature in September 2023. Moody’s expects to rate the class A notes ‘AAA’; the class B notes, ‘Aa2’; the class C notes, ‘A2’; the class D notes, ‘Baa1’ and the class E notes ‘Ba1’. The rating agency will not rate the class F notes.

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