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Allen & Overy advises on the first STS auto loans securitisation of CA Auto Bank S.p.A.

Allen & Overy has advised in relation to the first securitisation transaction of auto loans originated by CA Auto Bank S.p.A. having a nominal value of approximately 1 billion and 420 million euros.

The securitisation has been structured in accordance with Law 130/1999 (the Italian securitisation law) and in compliance with requirements of “simplicity”, “transparency” and “standardisation” (STS) provided by the European regulation on securitisations (Reg. EU 2017/2402). Prime Collateralized Securities (PCS) EU SAS has acted as third party verifier of these requirements.

The asset-backed Notes of the transaction have been issued by the special purpose vehicle Asset-Backed European Securitisation Transaction Twenty-two S.r.l. The Class A, B, C, D and E Notes have been rated by S&P and Fitch and have been listed on the Luxembourg Stock Exchange. Conversely, with reference to the Junior Notes (Class M), the assignment of a rating has not been requested neither the Junior Notes have been listed.

Allen & Overy has advised CA Auto Bank with a team led by partner Pietro Bellone and composed of associate Chiara D’Andolfo. Counsel Elia Ferdinando Clarizia has advised on the tax matters.