CREDIPAR, the French subsidiary of the Banque Stellantis France Group offering in France, and since May 2023 in Belgium, Luxembourg and in the Netherlands, financing solutions for the customers of all STELLANTIS brands, announces the placement of an ABS transaction backed by auto lease receivables with a purchase option.
On 5 October 2023, CREDIPAR priced with qualified investors €450 million of Senior Notes rated AAA(sf)/ AAA(sf) by DBRS and S&P, respectively. The success of this transaction, 1.3 times oversubscribed, confirms the investors’ confidence in the quality of the assets and their management by CREDIPAR.
The Notes were issued on 26 October 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 amortised sequentially after a 12-month revolving period. The Senior Notes will bear interest at a floating rate of 1M Euribor + 75bps and have an expected weighted average life (WAL) of 2.58 years.
This is the third public securitisation transaction of CREDIPAR since the establishment in February 2015 of the cooperation between Stellantis Financial Services and Santander Consumer Finance in France and its second public transaction with STS qualification. This new transaction, securitising over 29,500 auto lease contracts for a total outstanding amount of €573 million will allow CREDIPAR to continue to propose innovative lease offers at a competitive cost to its customers.
