Linklaters has advised Santander, JPMorgan, Deutsche Bank and RBC as joint lead managers on the Bilkreditt 3 securitisation of Norwegian auto loans originated by Santander.
The transaction involved the issuance of EUR 670m of Class A1 Floating Rate Secured Notes, NOK1,096.1m of Class A2 Floating Rate Secured Notes and NOK1,061.3m of Class B Floating Rate Secured Notes by Bilkreditt 3 Limited, an Irish vehicle.
Linklaters’ team was led by London structured finance partner, Andy Vickery with Mick Young acting as lead associate. The originator (Santander) was advised by Mayer Brown. This was a very significant transaction because it was the first public Norwegian auto loan securitisation and the first transaction to attract the new PCS label. The PCS label is an industry-led initiative to reinforce asset-backed securities as sustainable investment and funding tools.
Andy Vickery said:
“The PCS is an terrific development for the industry and we hope that Bilkreditt 3 will be the first of many transactions to embrace the label. Congratulations to Santander on an excellent trade and for breaking the ice!”
