Banco Santander securitizes €1.2 billion in loans

Cuatrecasas has advised Banco Santander and Santander de Titulización on the “Santander Consumo 6, F.T.” securitization transaction. This securitization vehicle groups together Santander’s largest consumer loan portfolio in Spain since the European Central Bank finalized its securitization bond purchase program.

The prospectus was registered with the Spanish Securities and Exchange Commission on May 21, 2024. This will enable Banco Santander to mobilize credit to companies and households.

The securitization fund—open-ended and renewable on the asset side—has issued €1,224 million worth of securitization bonds, divided into six classes maturing in December 2037, which have been admitted to trading on the Spanish Corporate Debt Market. In addition, this transaction has been classified as “simple, transparent and standardized” (STS) under European securitization regulations. The placement was a success, with a high level of subscription in all classes placed and a comprehensive subscription book.

The Cuatrecasas team advising Banco Santander was led by Finance and Capital Markets partner Jaime de la Torre, assisted by lawyers Jaime Juan Rodríguez and Jerónimo Poza, and in cooperation with Rebeca Rodríguez, Javier Calle and Alejandro Díaz from the Financial Taxation Practice.