ABS Deal Alert: Auto ABS Italian Stella Loans – Series 2025-2 marketing

Category: ABS Markets

  • Deal Name: Auto ABS Italian Stella Loans – Series 2025-2
  • Issuer: Auto ABS Italian Stella Loans
  • Originator: Stellantis Financial Services Italia
  • Arranger: Santander CIB
  • Joint Lead Managers: BofA Securities/IMI - Intesa Sanpaolo/MUFG Securities/Santander CIB
  • Type: STS Italian Auto Loan ABS
  • Seller & Servicer: Stellantis Financial Services Italia
  • Legal Final Maturity: June 2040

Expected Timing

  • Seller available for virtual meetings/calls: 28 October–31 October 2025
  • Pricing targeted for week commencing 3 November 2025
  • Expected Settlement Date: 27 November 2025
  • First Payment Date: January 2026

Auto ABS Italian Stella Loans – Series 2025-2

Class Size (%) C/E (%) WAL Coupon Price D/F Status
A1 90.00 11.00 2.84 1mBBSW+ 100 AAA/AA+ Offered
A2           Preplaced Preplaced
B 6.00 5.00 2.84 1mBBSW+ 100 AA(h)/AA Offered
C 3.00 2.00 2.84 1mBBSW+ 100 AA(l)/A Offered
D 1.00 1.00 2.84 1mBBSW+ 100 A/BBB+ Offered
E 1.00 0.00 0.26 1mBBSW+ 100 A(h)/BB+ Offered

Collateral/Portfolio Information

Key Portfolio Characteristics (Preliminary Portfolio as of 13 October 2025):

  • Number of loan contracts: 45,864
  • Outstanding Current Principal Balance (EUR): 849,196,804
  • Average Outstanding Current Principal Balance (EUR): 18,516
  • Top 10 borrowers as % of the total portfolio: 0.14%
  • Weighted average effective interest rate (p.a.): 7.39%
  • Weighted average original term (months): 60.45
  • Weighted average seasoning (months): 7.07
  • Weighted average remaining term (months): 53.38

Pricing comparison

The most recent STS Italian auto loan ABS to price was Fulvia 2025-1, which saw its class A1 print at plus 70bp July. Meanwhile, the last deal from the same programme was Stella Loans 2025-1, which priced its class A1 at 73bp in May.

Additional Information

  • Format: Reg S Bearer
  • Listing: Luxembourg Stock Exchange
  • Clearing: Euroclear/Euronext Securities Milan (Monte Titoli)
  • Denominations: EUR 100k+EUR 1k
  • Billing and Delivery: Santander CIB
  • ISINs:
    • Class A1: IT0005675787
    • Class A2: IT0005675795
    • Class B: IT0005675803
    • Class C: IT0005675811
    • Class D: IT0005675837
    • Class E: IT0005675845
  • STS Verification: To be verified by Prime Collateralised Securities (EU) SAS; preliminary STS verification and CRR assessment reports available on PCS website
  • Risk Retention: Seller retains net economic interest through randomly selected exposures per Article 6(3)(c) of the Securitisation Regulation
  • Securitisation Repository Provider: European Data Warehouse (www.eurodw.eu)
  • ECB Eligibility: Application to be made for Class A notes
  • MiFID II/UK MiFIR Target Market: Eligible counterparties and professional clients only
  • Fees: Customary JLM fees
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