Santander Consumer Bank AS is marketing a securitization of Norwegian auto loans called Bilkreditt 3 Limited.
The deal is also structured with €500 million ($635 million) notes and NOK1.1 billion ($174 million) notes.
Moody's Investors Service has assigned provisional ‘Aaa’ ratings to both tranches of floating rate notes, according to a presale report issued today. A subordinated and unrated class B is also expected to be issued.
The portfolio of underlying assets consists of auto loans distributed through dealers as well as via telephone and the internet to individual borrowers and corporate entities. The portfolio consists of 41,090 loans with a weighted average seasoning of 5.4 months.
Santander Consumer Bank AS is a wholly owned subsidiary of Santander Consumer Finance S.A.