Hogan Lovells advises HSBC, Banco Santander and ING on CREDIPAR's new public STS securitisation transaction

The transaction, with a volume of EUR722,230,300, securitised over a portfolio of 101,500 auto loan contracts originated in France for the financing of new vehicles of the Stellantis brands (including Peugeot, Citroën, DS, Opel, Fiat, Abarth, Alfa Romeo, Jeep and Maserati) and used vehicles from any car manufacturer. This is CREDIPAR’s fourth public securitisation since 2015, i.e. the start of the cooperation between Stellantis and Santander Consumer Finance. The transaction was well-received by the markets, leading to an upsizing of the class A notes to EUR650,000,000. The proceeds of the transaction will allow CREDIPAR to continue to develop  competitive offerings to its French customers. The deal closed on 24 April 2024.

CREDIPAR is a leading actor in the French domestic vehicle loan & leases financing market. CREDIPAR is a 100% French subsidiary of Banque Stellantis France, itself owned on a 50/50 basis by Stellantis Financial Services Europe (one of the captive automobile financing subsidiaries of Stellantis car manufacturer) and Santander Consumer Finance (fully owned subsidiary of Banco Santander specialised in consumer finance). CREDIPAR provides financing solutions, through loans or leases to the end customers of Stellantis brands dealers in France as well as funding dealers.

HSBC Continental Europe acted as Arranger and Joint Lead Manager and Banco Santander, S.A. and ING Bank N.V. acted as Joint Lead Managers.

The Class A and Class B notes, in an amount of EUR686,100,000, were issued by the French securitisation fund (fonds commun de titrisation) "Auto ABS French Loans 2024" and were officially listed and admitted to trading on  Euronext Paris. The Class A and Class B Notes, offered to the market, are rated, respectively, AAAsf and AAsf by Fitch Ratings Ireland Limited and Aaa(sf) and A1(sf) by Moody's France SAS. Auto ABS French Loans 2024 also issued Class C notes in an amount of EUR36,130,000 which were fully retained by CREDIPAR. 

The Hogan Lovells team was led by structured finance and securitisation partner Laura Asbati, with key support from associate Julie Toux, paralegal Youri de Pas and trainee Amandine Guillin. The team was also supported by partner Sharon Lewis, senior associate Ailsa Davies and associate Joanna Veitch on the swap aspects. Partner Ludovic Geneston and Maryll Pizzetta handled the tax aspects.

CREDIPAR was advised by White & Case.