Hogan Lovells in the first STS auto loans securitisation of Stellantis Financial Services Italia

The securitisation has been structured in accordance with Law 130/1999 (the Italian securitisation law) and in compliance with requirements of “simplicity”, “transparency” and “standardisation” (STS) provided by the European regulation on securitisations (Reg. EU 2017/2402). Prime Collateralized Securities (PCS) EU SAS has acted as third party verifier of these requirements.

The asset-backed Notes of the transaction have been issued by the special purpose vehicle Auto ABS Italian Stella Loans 2023-1 S.r.l. The Class A, B, C, D and E Notes have been rated by DBRS and Fitch, have been listed on the Luxembourg Stock Exchange and have been placed in the market. Conversely, the Junior Notes (Class Z) have neither been rated, nor been listed.

Banco Santander S.A. has acted as Sole Arranger of the transaction. Banco Santander, BofA Securities Europe SA and UniCredit Bank AG have acted as Joint Lead Managers with respect to the Class A, B, C, D and E Notes.

Hogan Lovells has acted in the context of the transaction as legal counsel of the Sole Arranger (Banco Santander) and the Joint Lead Managers (Banco Santander, BofA Securities Europe SA and UniCredit Bank AG). The Hogan Lovells team was led by the partner Federico Del Monte, with support from associate Serena Tonello and trainee solicitor Anita Lucchini. Head of Tax Italy Serena Pietrosanti and senior associate Maria Cristina Conte advised on the Tax aspects of the transaction. Partner Sharon Lewis, with the support from senior associate Ailsa Davies and associate Joanna Veitch, provided advice on the English law aspects of the transaction.