Peugeot has closed a complex €1.5 billion ($1.49 billion) securitization of French and Spanish car loans using a Dutch special purpose vehicle (SPV), the biggest European car deal yet, involving three jurisdictions.
Crédit Agricole Indosuez and Credit Suisse First Boston led the deal, advised by Freshfields Bruckhaus Deringer.
"It is the first pan-European transaction using a private Spanish securitization fund (fondo de titulización de activos) and also the first time a French securitization fund (fonds commun de créances) purchased notes issued by an SPV and not simply receivables," said Hervé Touraine, who led the Freshfields team.
Last year, Diners Europe closed a €339 million credit card securitization across six jurisdictions but the use of three SPVs in the Peugeot deal made the deal especially complex. There have been similar private transactions but very few public securitizations use structures with SPVs in so many jurisdictions.