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Advised on first ever Prime Collateralised Securities deal

AUTHOR(S): Turlough Galvin
PRACTICE AREA GROUP: Structured Finance and Derivatives, Banking, Tax, Distressed Assets
DATE: 07.12.2012

Matheson advised Bilkreditt 3 Limited on the securitisation of approximately 39,000 Norwegian auto loans originated by Santander Consumer Bank.

Notably, this was the first ever securitisation to be awarded the new Prime Collateralised Securities (PCS) quality label. The PCS initiative was launched in June 2012 and is an industry-led, non-profit project to develop a label for high quality securitisations which meet best practice in terms of quality, transparency, simplicity, and standardisation. PCS announced that:-

The award marks the beginning of a new era for European securitisation : an era where the increasingly understood need for a strong securitisation market to fund the real economy is balanced with the imperative to maintain a European market that is safe, strong and transparent. We are proud that this first label has been awarded to a transaction originated by Santander whose commitment both to the PCS initiative and to a strong European securitisation market is unwavering.”

This was also the first public Norwegian auto loan securitisation. The securitisation involved the issue of €670 million Class A1 Floating Rate Secured Notes, NOK1.1 billion Class A2 Floating Rate Secured Notes and NOK1.1 billion of Class B Floating Rate Secured Notes. The Class A1 and A2 Notes were rated and the Class B Notes were unrated. The transaction closed in November 2012.

Turlough Galvin, Head of the Structured Finance and Derivatives Group at Matheson said:

"This is a really exciting development for the European asset backed securities market. We hope to see this deal become the first of many that are awarded the PCS label.”

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