Santander Consumer Bank plans a €600 million ($823.6 million) securitization of German auto loans dubbed SC Germany Auto 2014-1 UG.

Moody’s Investors Service and Fitch Ratings assigned preliminary ‘Aaa’/ ‘AAA’ rating to the class A notes. The ratings agencies will not rate the €46.5 million tranche of class  B notes.

The portfolio is comprised of 77,993 loans, with an average outstanding balance of €7,693, according to the presale reports.  The loans are originated via a network of captive and independent dealers and granted to private customers residing in Germany to finance the purchase of new or used cars, motorcycles and leisure vehicles. Used cars represent 60% of the portfolio, according to the presale report.  The weighted average life of the portfolio is 2.25 years.

Fitch noted in its presale report that the pool is more granular than in previous transactions; the single largest obligor contribution has decreased to €59,366 (or 0.01% of the overall balance). The 25 largest borrowers contribute only 0.20% to the overall balance.

“[Santander] is an experienced auto loan underwriter in Germany, with a good servicing track record,” the report stated. “Previous SC Germany Auto transactions continue to perform within or better than Fitch’s initial expectations.”

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