© 2024 Arizent. All rights reserved.

Santander Markets German Auto ABS

Santander Consumer Bank (SCB) is marketing an auto loan ABS worth €630 million ($915 million).

The transaction called SC Germany Auto 2011-1 UG will include Class A notes worth €573 million and Class B notes worth €27 million with a final maturity of July 2021 and a subordinated loan worth €30 million. It is a repeat transaction similar in structure to previous deals from the same trust. SCB is the deal's seller and servicer.

In a presale report, Fitch Ratings gave expected ratings of ‘AAAsf’ to the class A notes and ‘Asf’ to the class B notes.

The presale report on the offering indicated that analysts' findings were based on the issuer's ability to meet payment obligations, the track record of the originator’s prior deals, and counterparty exposure. 

The proceeds from the deal will be used to purchase a portfolio of loans to German borrowers and to fund the reserve account worth €30m.  

Santander Consumer Bank is a subsidiary of Santander Consumer Finance S.A. 

For reprint and licensing requests for this article, click here.
Consumer ABS
MORE FROM ASSET SECURITIZATION REPORT