SC Germany Auto 2007-2

A busy few months for Santander on the secuitisation front, with SC Germany 2007-1 issuing in March,
FTdA Santander Hipotecario 3 in April, and FTA Santander Consumer Auto Fin 2007-1 & Santander
Empresas III in May, and not forgetting the two Holmes Master issues in March and June.

Originated by Santander Consumer Bank AG,an indirect wholly owned subsidiary of Santander Consumer
Finance S.A, this will be thier third public true sale securitisation of auto loan receivables. The transaction
is basically a repeat of the previous transaction which closed in March, where the structure will be replic-
ated and a comparable portfolio will be securitised.

The portfolio comprises of 118,851 loans (balloon loans: 24,159 - 29%, Instalment Loans: 94,692 - 71%),
predominantly made up of car loans (96.3%), followed by motorbikes (3.3%) and trailers (0.4%). New
vehicle loans make up 40% of the overall car loan figure. Average seasoning is 12mnths.

A little surprisingly, the class A notes came at the wide end of 7-8bps guidance level and printed 1bp out-
side the previous deal which came at +7bps for a similar average life (1.7yrs), although the supply deluge
ahead of Barcelona hasn't helped the cause. Whereas in the earlier transaction when the class B notes
were retained, this deal provided investors the opportunity to participate at the junior level which was 3.3x
subscribed and printed in line with guidance of hi-teens. Interest was seen predominantly from Germany
and France, with other European regions picking up the balance.


Compare/contrast: SC Germany 2007-1, Auto ABS Compartiment 2007-1, Driver Four GmBH,
FTA Santander Consumer Auto Fin 2007-1