Slaughter and May advised Oodle Financial Services Limited ("Oodle") in relation to an issuance by Dowson 2026-1 PLC ("the Issuer") of £383,600,000 of floating rate asset backed sterling notes (the Notes) and residual certificates ("the Residual Certificates").
The Notes and Residual Certificates are backed by a portfolio of auto hire purchase agreements originated by Oodle. Oodle acts as servicer under the securitisation.
The Notes are listed on the main market of Euronext Dublin, and comprise £222,600,000 Class A Notes, £34,100,000 Class B Notes, £24,700,000 Class C Notes, £19,600,000 Class D Notes, £17,000,000 Class E Notes, £23,000,000 Class F Notes, £29,000,000 Class X1 Notes and £13,600,000 Class X2 Notes. The Class A to X1 Notes are rated by Fitch and S&P, the Class X2 Notes are unrated. The Residual Certificates are unlisted and unrated. Oodle acquired 5% of the Class A Notes, Class B Notes, Class C Notes, Class D Notes, Class E Notes and Class F Notes and 100% of the Residual Certificates and X2 Notes on the closing date, and the rest of the Notes were subscribed for by third party investors.
Citigroup Global Markets Limited acted as Arranger and a Joint Lead Manager, and Société Générale, Jefferies International Limited and BNP Paribas acted as Joint Lead Managers.
The deal is one of the first auto ABS deals in the UK market since the publication of the FCA’s policy statement on the final rules of its motor finance consumer redress scheme on 30 March 2026.
Emma Duffy / Trainee