Lucca Finance : 29 November 2025
A stand-alone transaction, where the Issuer will make payments on the Notes from payments of principal and revenue received under the FT Istria Bonds, which are uni-tranche Spanish law-governed bonds issued by FT Istria, and backed by payments of principal and revenue received from a portfolio comprising credit rights under unsecured loans granted by Santander Consumer Finance SA to individuals for the acquisition of vehicles.
FT Istria is a Spanish private securitisation fund (fondo de titulización privado) with closed-ended assets and liabilities incorporated and managed by Santander de Titulización Sociedad Gestora de Fondos de Titulización SA.
An application will be made for the FT Istria Bonds to be admitted to trading and listed on the Qualified Investor Segment of the Vienna Multilateral Trading Facility of the Vienna Stock Exchange.
As at the Provisional Portfolio Cut-Off Date (30 September 2025) the Provisional Portfolio comprised 41,389 loans, where the average current balance is €12,602 and the largest is €201,341. Loan Purpose: auto used – 55.26%, new – 44.40%, N/A – 0.34%. Restructured loans: – no – 94.42%, yes – 5.58%. WA seasoning is 33.88 mnths.
EU & UK Risk Retention: The Retention Holder (Citibank NA) will retain, on an ongoing basis, as an originator within the meaning of the UK Securitisation Framework and the EU Securitisation Regulation, a material net economic interest of at least 5% in the securitisation. As at the Closing Date the Risk Retention Requirement will be satisfied by the Retention Holder funding the VRR Loan.
US Risk Retention: The Retention Holder, as the "sponsor" under and for purposes of the US Risk Retention Rules, shall comply with the requirements of the US Risk Retention Rules by acquiring on the Closing Date and retaining for the requisite period the Required Credit Risk in the form of the VRR Loan.
STS: The Notes are not intended to be designated as a UK STS securitisation or a EU STS securitisation for the purposes of the UK Securitisation Framework or the EU Securitisation Regulation.
Compare/contrast: Santander Consumer Spain Auto 2025-1, Autonoria Spain 2025 FdT