White & Case Advises Santander on €1.8 Billion Securitization of Consumer Loans

Global law firm White & Case LLP has advised Santander Consumer Bank AG (Santander) as drafting and lead counsel on an ABS transaction of consumer loans rated by Moody's and Fitch Ratings.

"This transaction is one of the largest securitization deals in Europe in 2020 and the first-time placement of all seven classes of notes in the market demonstrates the remarkable demand for this product," said White & Case partner Dennis Heuer, who led the Firm’s deal team. "It represents the latest in a series of transactions on which White & Case has advised Santander, and is another example of the type of large volume international securitization on which we regularly advise."

The bearer bonds were issued with a total nominal value of €1.8 billion and are secured by consumer loan receivables of Santander. The issuer is a Luxembourg-based special-purpose entity SC Germany S.A., Compartment Consumer 2020-1. The ABS transaction was arranged by Société Générale S.A. and Banco Santander S.A., both of which further acted as Joint Lead Managers for the Class B, C, D, E, F and G Notes, and together with Merrill Lynch International for the Class A Notes.

The White & Case team which advised on the transaction was led by partner Dennis Heuer (Frankfurt) and included partners Ingrid York (London) and Bodo Bender (Frankfurt), counsel Alexander Born (Frankfurt) and Henning Mordhorst (Hamburg), associates Claire-Marie Mallad, Alexander Kreibich (both Frankfurt) and Nate Crowley (Hong Kong) and transaction lawyer Reetu Vishwakarma (Frankfurt).

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