Slaughter and May advised Oodle Financial Services Limited (Oodle) in relation to an issuance by Dowson 2025-1 (the Issuer) of £393,750,000 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 £227,500,000 Class A Notes, £35,000,000 Class B Notes, £24,500,000 Class C Notes, £19,250,000 Class D Notes, £19,250,000 Class E Notes, £24,500,000 Class F Notes, £26,250,000 Class X1 Notes and £17,500,000 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 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.
Société Générale acted as Arranger and a Joint Lead Manager, and BNP Paribas, Citigroup Global Markets Limited and Jefferies International Limited acted as Joint Lead Managers.
The deal is one of the first few auto ABS deals in the UK market since the publication of the FCA’s consultation paper on the motor finance consumer redress scheme in October 2025.
Corey Hill / Trainee