PRESS RELEASE
12 October 2026

A&O Shearman Advises Santander On EUR2.4 Billion On-balance-sheet Securitization Of Large Corporate Loans

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A&O Shearman

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A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets. This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world. A firm that advises at the forefront of the forces changing the current of global business and that is unrivalled in its global strength. Our clients benefit from the collective experience of teams who work with many of the world’s most influential companies and institutions, and have a history of precedent-setting innovations. Together our lawyers advise more than a third of NYSE-listed businesses, a fifth of the NASDAQ and a notable proportion of the London Stock Exchange, the Euronext, Euronext Paris and the Tokyo and Hong Kong Stock Exchanges.
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A&O Shearman advised Santander on a EUR2.4 billion on-balance-sheet securitization of large corporate loans, with the transaction led by partner Pietro Bellone and involving counsel Robert Simmons and senior associate Giovanni Chiarli.
Italy

Banco Santander arranged an on-balance-sheet securitization referencing an approximately EUR 2.4bn portfolio of large and mid-sized corporate loans originated by a leading financial institution.

The A&OShearman team advising Santander on the transaction was led by partner Pietro Belloneand included counsel Robert Simmonsand senior associate Giovanni Chiarli.

“Synthetic securitization of large corporate portfolios has moved from niche to mainstream. Originators see it as one of the most efficient ways to free up capital and keep lending to their core clients, while a broader and more sophisticated investor base is now actively competing for this type of asset class. This transaction is a clear example of where the market is heading, and we were delighted to support Santander in delivering it.”

Pietro Bellone

Partner

Contributor

A&O Shearman logo
A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets. This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world. A firm that advises at the forefront of the forces changing the current of global business and that is unrivalled in its global strength. Our clients benefit from the collective experience of teams who work with many of the world’s most influential companies and institutions, and have a history of precedent-setting innovations. Together our lawyers advise more than a third of NYSE-listed businesses, a fifth of the NASDAQ and a notable proportion of the London Stock Exchange, the Euronext, Euronext Paris and the Tokyo and Hong Kong Stock Exchanges.
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