Slaughter and May advised Santander Consumer Finance Oy in relation to a stand-alone Finnish auto loan ABS transaction

Slaughter and May advised Santander Consumer Finance Oy (SCF) as originator and servicer in relation to a stand-alone Finnish auto loan ABS transaction.

The transaction involved the issuance of EUR 543,400,000 Floating Rate Class A Notes (rated Fitch: AAA(sf)/Moody’s: Aaa(sf)), EUR 27,300,000 Fixed Rate Class B Notes (rated AA(sf)/Aa3(sf)), EUR 9,100,000 Fixed Rate Class C Notes (rated A+(sf)/A3(sf)), EUR 6,100,000 Fixed Rate Class D Notes (rated A(sf)/Baa2(sf)), EUR 10,300,000 Fixed Rate Class E Notes (rated BB+(sf)/Ba2(sf)) and EUR 11,000,000 Fixed Rate Class F Notes (unrated), in each case due 2025.

The Notes were issued on 27 October 2016 by SCF Rahoituspalvelut II Designated Activity Company (the Issuer), a newly-incorporated company. The Class A Notes were publicly offered, with Bank of America Merrill Lynch, Barclays and Santander Global Corporate Banking acting as joint lead managers (the Joint Lead Managers). The Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes and the Class F Notes were issued to SCF.

The Notes have been listed on the Irish Stock Exchange. The Class A Notes are ECB eligible and received the Prime Collateralised Securities label.

The Issuer has appointed SCF as servicer in respect of the portfolio.

The transaction was arranged by Bank of America Merrill Lynch.

Waselius & Wist provided advice to SCF and the Joint Lead Managers in respect of Finnish law and Walkers provided advice in respect of Irish law. The Joint Lead Managers were advised by Hogan Lovells International LLP in respect of English law. Allen & Overy LLP provided English law advice to BNP Paribas as trustee, paying agent and account bank.