Ashurst advised LeasePlan Corporation N.V. on the securitisation of an operating lease portfolio consisting of auto lease receivables and auto residual values. The issuer, Bumper 2019-1 S.A., issued notes with a total nominal value of € 544m backed by auto lease receivables and auto residual values which were sold by LeasePlan Deutschland GmbH. The notes were placed by Société Générale S.A. and ABN AMRO Bank N.V. Frankfurt based STS Verification International GmbH acted as third party verifier under the Securitisation Regulation.
"This is the first German residual value and lease receivables transaction which achieved STS status. The transaction is yet another proof that high quality assets can achieve STS status under the new securitisation regulation"; commented Dr. Martin Kaiser.
The Ashurst team included partner
Dr Martin Kaiser (lead), senior associate
Dr Sahra Demirbilek and associate
Stephan Lehnen (all
Global Markets) as well as partners
Anders Kraft (
Tax) and
Dr Detmar Loff (
Regulatory, all
Frankfurt).
London-based partner
James Coiley (Global Markets) advised on aspects of English law in relation to the interest rate derivatives.
Ashurst's securitisation team specialises in True Sale transactions and advises especially on the securitisation of auto loans, auto leasing, auto residual values and trade receivables. The team led by Dr Martin Kaiser advises originators, arrangers, investors and trustees on all aspects of asset-backed securities.
