CREDIPAR, the French subsidiary of the Banque Stellantis France Group offering financing solutions for the customers of all STELLANTIS brands, announces the placement of an ABS transaction backed by an auto loan portfolio.
On 24 April 2024, CREDIPAR finalised the €617.5 million placement with qualified investors (€650 million including CREDIPAR's economic retention) of Senior Notes rated AAAsf/Aaa(sf) by Fitch and Moody’s, respectively.
The market reacted favorably to the transaction's announcement, allowing CREDIPAR to increase the senior tranche's size from €500 to €650 million.
The Notes were issued by the French fonds commun de titrisation Auto ABS French Loans 2024, represented by France Titrisation, and are listed on Euronext Paris. They will be amortised sequentially after a 12-month revolving period. The Senior Notes will bear interest at a floating rate of 1M Euribor + 55 bps and have an expected weighted average life (WAL) of 2.39 years.
This is the fourth public securitisation transaction of CREDIPAR since the establishment in February 2015 of the cooperation between Stellantis Financial Services Europe and Santander Consumer Finance in France. This securitisation is the third public transaction with STS qualification.
This new transaction, securitising more than 101,500 auto loan contracts for an effective outstanding balance of €722 million, will allow CREDIPAR to continue to propose attractive financing solutions.
