PSA Banque France : second public senior unsecured bond €500m 5-year Fixed Rate Notes

Financial newsWednesday 27 September 2017

CREDIPAR finalises its first public STS securitisation transaction on auto leases receivables with a purchase option of which €500 millions placed with investors

CREDIPAR, french subsidiary of PSA BANQUE FRANCE offering in France financing solutions for the clients of all Stellantis brands, announces the placement of an ABS transaction backed by auto leases receivables with a purchase option.

On 10th June 2021, CREDIPAR priced with qualified investors €500 million of Senior Notes rated AAA(sf)/ AAA(sf) by DBRS et S&P, respectively. 

The Notes were issued on June 28,2021 by the French Fonds Commun de Titrisation Auto ABS French Leases 2021, represented by France Titrisation, and listed on Euronext Paris. They will be amortized sequentially after a 12 months’ revolving period. The Senior Notes will bear interest at a floating rate and have an expected weighted average life (WAL) of 2.41 years.The Mezzanine Notes, owned by CREDIPAR, will bear interest at a fixed rate and have an expected weighted average life (WAL) of 3.95 years (CPR of 12%).

This is CREDIPAR's second public securitisation transaction since the establishment in February 2015 of the cooperation in France between Banque PSA Finance and Santander Consumer Finance in France and the first one transaction with an STS qualification (« Simple, Transparent and Standardised »). This new transaction, securitizing over 60,000 auto leases contracts for a total outstanding amount of €1 billion will allow CREDIPAR to continue to propose to their clients innovative lease offers at competitive cost.

Société Générale acted as arranger and as joint lead manager, together with Banco Santander, BofA. and Unicrédit.They were advised by Hogan Lovells, drafter of the documentation.

CREDIPAR, as seller, was advised by LinkLaters.