Public placement
of a securitization

Financial newsMonday 28 June 2021

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

CREDIPAR, a 100% subsidiary of PSA BANQUE FRANCE Group offering in France financing solutions for the clients of Peugeot, Citroën and DS brands of the automotive group STELLANTIS, announces the completion of the placement of ABS backed by auto leases receivables with a purchase option.

On June 10, 2021, CREDIPAR successfully placed with qualified investors €500 million of Senior Notes rated AAA(sf) / AAA(sf) by S&P and DBRS, 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 month 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, retained by CREDIPAR, have been issued at a fixed rate with an expected WAL of 3.95 years (CPR of 12%).

This is CREDIPAR's second public securitization transaction since the establishment in February 2015 of the cooperation in France between Banque PSA Finance and Santander Consumer Finance and the very first public transaction with a STS qualification. This new transaction, securitizing over 60,000 auto leases contracts for a total amount of €1 billion will allow CREDIPAR to continue to propose to its clients innovative lease offers at competitive cost.

Société Générale acted as arranger and as joint lead manager, together with Banco Santander, S.A. and ING Bank N.V. They were advised by Hogan Lovells, also in charge of the documentation.

CREDIPAR, as seller, was advised by LinkLaters.