Hogan Lovells in the new EUR 1 billion cash capital relief securitisation of Santander Consumer Bank

The transaction – which aims both at liquidity and regulatory capital relief – was structured pursuant to Law 130/1999 (the Italian securitisation law) and according to the criteria of "simplicity", "transparency", and "standardisation" (STS) provided by European regulation (Reg. EU 2017/2402).

The asset-backed securities of the transaction were issued by the special purpose vehicle Golden Bar (Securitisation) S.r.l.. The Class A, B, C and D notes were assigned ratings from DBRS and Fitch and were listed on the Luxembourg Stock Exchange.

Hogan Lovells assisted Santander Consumer Bank, as drafting counsel, with a team led by Annalisa Dentoni-Litta (partner, Rome) together with Salvatore Graziadei (counsel, Milan), Alessandro Azzolini (senior associate, Rome), Pietro Tirantello (Milan), Leonardo Tripaldi (Milan) and Giorgia Carrozzo (Rome) (all senior associates), and Federico Bastoni (trainee solicitor, Rome). The tax aspects were handled by Serena Pietrosanti (head of Tax Italy) and Maria Cristina Conte (counsel, Rome). The English law aspects of the transaction were handled by Sharon Lewis (partner, Paris), counsel Ailsa Davies (counsel, Paris), and Joanna Veitch (associate, Paris).