Santander UK Preps Auto ABS

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Standard & Poor’s assigned preliminary ratings to the new auto loan receivables originated by Santander Consumer (UK), called Motor 2013-1 PLC.

The size of the deal will be determined by investor interest. The class A1, floating rate notes, which will be dollar denominated, have been rated ‘AAA’. The class A2a, floating-rate notes which are sterling denominated have been rated ‘AAA’.

The capital structure will also include three fixed rated, sterling denominated trances. The class A2b notes are rated ‘AAA’ and the class B notes are rated ‘A’. S&P did not rate the class C notes.

Banco Santander, Citigroup, Deutsche Bank and Bank of America Merrill Lynch are lead managers on the deal.

Credit Suisse will act as the basis swap counterparty and currency swap counterparty.

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