Banco Santander securitizes €1.5 billion in loans

Cuatrecasas has advised Banco Santander and Santander de Titulización on the “Santander Consumo 8” securitization transaction. This will enable Banco Santander—whose prospectus has been registered with the Spanish Securities and Exchange Commission—to mobilize credit for companies and households.

The securitization fund—open-ended and renewable on the asset side—has issued €1.522 billion worth of securitization bonds, divided into six classes maturing in January 2038, which have been admitted to listing on the Spanish Corporate Debt Market of the Spanish Stock Exchanges and Markets. This transaction has also 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 Lozano, Cristina Leach and Adrián Coca. Also participating were Rebeca Rodríguez and Javier Calle from the firm's Financial Taxation Practice.