Santander has finalised a synthetic securitisation of UK auto loans. Dubbed Project Spitfire, the transaction references a £750m portfolio. The deal is the first post-Covid European synthetic auto ABS.
Rated by KBRA and Moody’s, the transaction consists of a £26.5m BBB+/Baa2 rated class C tranche (priced at SONIA plus 300bp) and a £30m unrated class D tranche (SONIA plus 900bp).
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