Public placement
of a securitisation

Financial newsThursday 26 October 2023

CREDIPAR finalises its third public securitisation transaction on auto leases receivables with a purchase option of which €450 million placed with investors.

CREDIPAR, french subsidiary of Banque Stellantis France Group offering in France - and since May 2023, in Belgium, Luxembourg and in the Netherlands - 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 5th October 2023, CREDIPAR priced with qualified investors €450 million of Senior Notes rated AAA(sf)/ AAA(sf) by DBRS et S&P, respectively. This successful pricing 1.3x oversubscribed, confirms the investors’ confidence in assets quality and CREDIPAR’s management.

The Notes were issued on October 26,2023 by the French Fonds Commun de Titrisation Auto ABS French Leases 2023, 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 (Euribor 1M+ 75bps) and have an expected weighted average life (WAL) of 2.58 years.

This is CREDIPAR's third public securitisation transaction since the establishment in February 2015 of the cooperation in France between Stellantis Financial Services and Santander Consumer Finance and the second public transaction with an STS qualification (« Simple, Transparent and Standardised »). This new transaction, securitizing over 29,500 auto leases contracts for a total outstanding amount of €573 million will allow CREDIPAR to continue to propose to their clients innovative lease offers at competitive cost.