FTA Santander Consumer Spain Auto 2023-1: 20 October 2023

Another securitisation of auto loans originated in Spain by Santander Consumer EFC SA, the wholly-owned and fully integrated subsidiary of Santander Consumer Finance, whose ultimate parent is Banco Santander SA.

At the cut-off date, the provisional pool consists of 48,568 unsecured auto loans granted to obligors located in Spain, where the average current balance is Eur14,783 and the largest is for Eur98,560. Vehicle type (by current balances): new – 27.65%, used - 72.35%. Obligor type: individual - 97.63%, legal entity – 2.37%. The WA seasoning is 11 months. Regionally the pool is concentrated mostly in Andalucia - 20.44%, Cataluna - 13.59%, Canarias – 11.26% and Valencia – 10.59%.

EU Risk Retention: Santander Consumer will comply with the risk retention requirement set out in Article 6 of the EU Securitisation Regulation.

UK Risk Retention: Neither the Originator nor any other party to the transaction described in the Prospectus will retain or commit to retain a 5% material net economic interest with respect to this transaction in accordance with the UK Securitisation Regulation.

US Risk Retention: The transaction will not involve the retention by the seller of at least 5% of the credit risk of the issuer for the purposes of the US Risk Retention rules. The seller intends to rely on the exemption provided for in Section 20 of the US Retention rules regarding non-US transactions that meet certain requirements.

STS: The transaction is intended to qualify as a simple, transparent and standardised securitisation (STS securitisation) within the meaning of Article 18 of the EU Securitisation Regulation.

Compare/contrast: FTA Santander Consumer Spain Auto 2022-1, Sabadell Consumer Finance Autos 1 FT