Hispamer, Spain's largest consumer lender, is preparing Santander Consumer Finance--a special purpose vehicle through which it plans to securitize at least E3 billion per year in loans originated in Spain, Italy and Germany, says Eduardo San Martin, managing director of treasury and finance in Madrid. The program will start next year. Investment banks have not been mandated for any deals and San Martin says deals will be put out for bid on an issue-by-issue basis.
San Martin says Hispamer aims to be the largest issuer of asset-backed securities in Spain. Hispamer, a subsidiary of Banco Santander Centro Hispano, has a E20 billion pan-European loan book, concentrated mainly in auto loans. The firm will look to execute Spain's first credit card ABS as well as to securitize personal loans, auto loans and some mortgages.
Separately, Hispamer is planning to price its first auto loan deal this week through J.P. Morgan Securities. The E900 million deal is set to hit the market this Thursday, says San Martin.