Santander buffs up consumer ABS offering

By Tom Brown
04 Feb 2021

Santander is bringing the largest deal from its Spanish consumer loan securitization shelf to date, with the €1.79bn Santander Consumo 4 offering a full capital stack to investors.

The three-year class ‘A’ tranche, rated double-A by DBRS and Aa2 by Moody’s, is offering a 70bp coupon over three-month Euribor, and expected to price above par.

The class ‘B’ notes are preplaced, whereas the rest of the tranches are all fixed rate. The ratings agencies disagree in ...

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