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WiZink, the Spanish credit card bank, is preparing to launch its first securitization that will be sold publicly.
Deutsche Bank and Santander are leading the deal, which will include €200.8m of marketed notes. “It’s quite an exciting project,” said a source close to the deal. “In Spain there is not a lot [of issuance]; in credit cards there is not a lot.”
According to Dealogic, only four Spanish ABS deals totalling €2.3bn have been issued in the last three years. Peugeot securitized Spanish car loans or leases in 2015 and 2016, Santander parcelled consumer loans last year and in May this year Volkswagen issued Driver España Four.
WiZink traces its roots to Citibank’s Spanish credit card business, established in 1992. Banco Popular Español bought it in 2014 and in 2015 sold a 51% stake to Värde Partners,the private equity firm. The brand was changed from Bancopopular-e to WiZink in 2016 and WiZink then bought Barclaycard’s Iberian business.
It is a fully licensed bank operating in Spain and Portugal, with...