Santander Consumer Bank plans to issue a €600 million securitization backed by auto loan receivables called SC Germany Auto 2013-2 UG.
Standard & Poor’s has assigned ‘AAA’ ratings to the class A notes. At closing, SC Germany Auto 2013-2 will also issue unrated class B notes.
This will be Santander Consumer Bank's 11th true sale auto loan transaction in the term market. Similar to its rated predecessor,
Santander Consumer Bank is an indirect subsidiary of Spanish Banco Santander S.A. It is the largest non-captive provider of auto loans in Germany and is also a main competitor to special banks, savings banks, and captives.
Banco Santander, along with HSBC, Natixis and UniCredit Bank are lead arrangers on the deal.
S&P said that with this deal, investor-placed German auto ABS issuance has reached €5 billion, up from €2 billion over the same period in 2012.
It is one of the only sectors seeing an increase in the European ABS market this year.