RCI Banque, S.A. incorporates its first securitisation fund in Spain

On 3 November 2022, the Spanish Securities and Exchange Commission (Comisión Nacional del Mercado de Valores) filled the prospectus of the securitisation fund CARS ALLIANCE AUTO LOANS SPAIN 2022 FT (the “FT”) in its official registers, and the deed of incorporation and the Note issuance was executed on Friday 4 November.

RCI Banque, S.A., either directly or through RCI Bank UK or its branches in Germany and Italy, is an experienced player in the securitisation sector and is a recurring issuer in the European market. However, until now it has never securitised Spanish assets through their Spanish branch, RCI Banque, S.A., Sucursal en España (the “Originator”). In this inaugural issuance, the Originator securitises receivables arising from loans granted to individuals to finance the purchase of new and used vehicles, mostly corresponding to its Renault, Nissan and Dacia brands.

The securitisation notes issued by the FT, initially retained by the Originator and its parent company, are structured in two tranches and have an attractive yield, the securitisation has been classified as simple, transparent and standardised in accordance with the applicable regulations (STS) and this classification has been endorsed by the independent verifier STS Verification International GmbH (SVI).

The rating agencies involved in assigning the rating to the notes (FitchRatings and Moody’s) have assessed very positively both the quality of the credit rights and the information provided by the Originator, as well as certain aspects of the structure of the fund that we had not seen so far in a single Spanish securitisation fund. Among other aspects, the rating agencies have taken into consideration the assignment of economic rights notably prior to the execution of the deed of incorporation and the application of a minimum discount rate to the securitised assets, which improves the credit enhancement level of the securitisation at all times, which is particularly relevant in this case given the long revolving period established by RCI Banque.

EdT, for its part, marks an important milestone by adding the Spanish branch of RCI Banque S.A., a financial institution of the Renault-Nissan group, to its extensive customer base, which now exceeds sixty.

Europea de Titulización

November 2022

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