Santander Consumer Bank priced its first securitization of Polish assets — the PLN1.4 billion ($448 million) Polish auto ABS, SC Poland Auto 2014-1.
The 0.6-year senior tranche priced at 75 basis points over one-month Libor, according to a Standard & Poor’s report, which cited pricing information provided by Informa Gloabl Markets.
The subordinated class priced at 95 basis points over one-month Libor. S&P said that the deal was preplaced and that “third-party investors and/or a Santander affiliate may have bought the deal”.
The transaction is backed by a portfolio of Polish auto and rental-purchase loans. Moody's Investors Service and Fitch Ratings assigned preliminary ratings of Aa3’/ AA’ to the class A floating rate notes, due July 2025; and Aa3’/ A’ to the PLN 209 million, class B, floating rate notes due July 2025.
The ratings agencies did not rate the PLN 374 million of subordinated notes offered under the structure.
SCB’s auto loan business focuses on new vehicle financing, where it is a market leader among non-captive providers, with a market share of about 5%, according to the Fitch presale report. For Kia, Hyundai, Mazda, Mitsubishi and Suzuki vehicles, SCB is a captive lender, while for other brands, it competes mainly with the two other major non-captive providers, Getin Noble and BNP Paribas.