Ashurst advises Deutsche Leasing on its first public securitisation

Ashurst advised Deutsche Leasing Group (Deutsche Leasing) on its first public securitisation of a portfolio of leasing contracts.

In the course of the transaction bonds secured by receivables from leasing contracts for equipment lease assets in a total volume of €750 million will be issued at the Luxemburg Stock Exchange. The senior A-tranch was rated with the top grade AAA by Fitch and Standard & Poor's and was successfully placed by Luxemburgish securitisation provider Limes Funding S.A., Compartment 2019-1. The subordinated B-tranch was retained as envisaged by Deutsche Leasing. The seller of the leasing receivables is Deutsche Leasing. The floating of the bonds was handled by Société Générale and Landesbank Baden-Württemberg as Joint Lead Managers and by Bayerische Landesbank as Manager. The transaction was recognised with the quality seal 'STS-Standard' (Simple, Transparent and Standardised Securitisation) and is certified by STS Verification In-ternational GmbH.

'With this transaction Deutsche Leasing has conducted a public securitisation of equipment leasing receivables for the first time. For this purpose we have set up a completely new documentation which is compliant with the latest regulations of the EU Securitisation Regulation, the Prospectus Regulation and all other relevant regulatory requirements. It is remarkable that the entire transaction is verified by the STS-Standard. We are delighted to have successfully implemented the vast number of recent regulatory obligations and have reached the flagship class of securitisations together with the Deutsche Leasing team', said Dr Martin Kaiser.

The Ashurst team was led by partner Dr Martin Kaiser. He was supported by senior associate Dr Sahra Demirbilek (both Global Loans, Frankfurt) and further team members in London, Dublin and Luxemburg.

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.