Mayer Brown advises Santander Global Banking in relation to securitisation of £1.1 billion Norwegian auto loans
21 March 2011
Leading global law firm Mayer Brown advised Santander Global Banking and Markets as arranger and Santander Consumer Bank AS as originator in relation to a £1.1 billion securitisation of a pool of Norwegian auto loan receivables.
Headquartered in Spain, Santander has more than 66 million customers, just over 130,000 employees and has an international presence in over 40 countries and more branches than any international bank. Santander is the 5th largest bank in the world by profit and the 7th largest by market capitalisation.
The loans backed a total issue, by Irish issuer Bilkreditt 1 Limited, of NOK 10,655,440,000 notes (£1.18 billion) which incorporated Class A-1, Class A-2 and Class B floating notes all due in June 2025. The Class A Notes are listed and admitted to trading on the regulated market of the Irish Stock Exchange.
The Bilkreditt transaction is the first securitisation by a Norwegian financial institution since the securitisation rules in the Norwegian Financial Services Act came into force on 1 January 2004. Structuring and completing the transaction required exploring a number of untested questions in Norwegian laws and regulations relating to financial institutions, securitisation, consumer credit and security interests.
The Mayer Brown team leveraged extensive experience in US, German and other auto receivables securitisations in addressing the complex issues involved.
The Mayer Brown team was led by Finance partners Kevin Hawken and John Taylor, assisted by associates Lindsay Hulme, Aaron McGarry, Gonyi Ajawin and Pallavi Bedi and trainees Daniel McIntosh and Jo Heard.
Kevin Hawken, a senior Securitisation partner in Mayer Brown’s London Banking & Finance group, said: "Completing the first transaction of its type in a new jurisdiction is always challenging and also exhilarating. We are happy to have assisted Santander on this breakthrough Norwegian securitisation."
Throughout the process Mayer Brown worked closely with a team of lawyers at the Norwegian firm Bugge, Arentz-Hansen & Rasmussen and, in relation to the SPE issuer, Irish firm A&L Goodbody.
For further information:
Senior PR & Marketing Manager, London
+44 20 3130 8547