Matheson advised Bilkreditt 3 Limited on the securitisation of
approximately 39,000 Norwegian auto loans originated by Santander
Consumer Bank.
Notably, this was the first ever securitisation to be awarded
the new Prime Collateralised Securities (PCS) quality label. The
PCS initiative was launched in June 2012 and is an industry-led,
non-profit project to develop a label for high quality
securitisations which meet best practice in terms of quality,
transparency, simplicity, and standardisation. PCS announced
that:-
"The award marks the beginning of a new era for European
securitisation : an era where the increasingly understood need for
a strong securitisation market to fund the real economy is balanced
with the imperative to maintain a European market that is safe,
strong and transparent. We are proud that this first label has been
awarded to a transaction originated by Santander whose commitment
both to the PCS initiative and to a strong European
