BNP Paribas and Banco Cetelem commit to the securitisation market through AutoNoria Spain 2023

Cuatrecasas has advised BNP Paribas and Banco Cetelem on the securitisation of loans for the acquisition of vehicles through the AutoNoria Spain 2023 securitisation fund. 

In the transaction, BNP Paribas acted as lead manager and sole arranger, while Banco Cetelem, a financial institution supervised by the Bank of Spain and entirely owned by BNP Paribas Personal Finance, acted as the originator of the loans.

AutoNoria Spain 2023 comprises a set of loans to individuals and legal entities for the acquisition of new, used or recreational vehicles, amounting to EUR 575 million. All the notes issued by the fund have been placed with qualified investors and were admitted to trading on the AIAF Fixed Income Market.

This securitisation fund has been established under the European Prospectus Regulation and the European Securitisation Regulation. In addition, the securitisation transaction has been labelled as "simple, transparent and standardised" (STS) for the purposes of the European Securitisation Regulation and the UK Securitisation Regulation. Both the interest rate swap (ISDA) and the related first demand guarantee are subject to French law.

The team involved in the transaction was led by Jaime de la Torre, together with senior associate Tania Esteban, and associates Gonzalo Terceño and Iván Wesolowski.