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 securitisation market is unwavering."
This was also the first public Norwegian...