Santander adds €500m to monster Spanish consumer ABS

Santander_UK_PA_575x375_040220
By Tom Brown
11 Feb 2021

Santander has added a further €500m to what was already an €1.2bn deal, making Santander Consumo 4 the biggest ABS trade of 2021 so far. Final pricing for the increased €1.26bn class ‘A’ tranche came in at 48bp over three-month Euribor.

Syndicate teams from Deutsche Bank and UniCredit — both handling only the class ‘A’ notes — were racing alongside the Santander team to place the deal on Thursday afternoon, tightening the price as investors piled in.

The bank released initial price thoughts on Monday, with the books already ...

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