Hogan Lovells advises Santander on first consumer loans securitization by Admiral Italia with Santander

Hogan Lovells advises Santander on first consumer loans securitization by Admiral Italia with Santander

Press releases | 09 July 2025

Rome, 9 July 2025 – Global law firm Hogan Lovells acting as drafting counsel, has advised Banco Santander, S.A. as arranger, senior noteholder, and swap counterparty on the first securitization transaction of consumer loans originated by Admiral Financial Services Italia S.p.A., valued at approximately 150 million euros.

The transaction has been structured in compliance with the requirements of "simplicity”, transparency”, and standardisation" (STS) securitizations, and was designated by Admiral Financial Services Italia S.p.A. as STS through notification to ESMA. STS Verification International GmbH acted as the third-party verifier.

The securitization involved the issuance of two classes of notes: the senior notes, issued with a "tap issuance" structure subscribed by Banco Santander, S.A.. and the junior notes, issued as a variable funding notes and subscribed by Admiral Financial Services Italia S.p.A..

The Hogan Lovells team that advised on the transaction was led by partner Annalisa Dentoni-Litta, including counsel Salvatore Graziadei, associate Leonardo Tripaldi, and trainee Federico Bastoni. Head of Tax Serena Pietrosanti, counsel Maria Cristina Conte and associate Mariateresa Soave Carparelli advised on the tax aspects related to the transaction. Hogan Lovells also advised Banco Santander, S.A. with a team comprising partner Madeleine Horrocks and senior associate Franco Lambiase for the English law aspects related to the hedging agreement.