Ashurst advised Société Générale on the third securitisation of auto leasing receivables of ALD AutoLeasing D GmbH (ALD AutoLeasing D).
The issuer, Luxembourg-based Red & Black Auto Lease Germany 3 S.A., issues listed notes with a total principal amount of around €400m, backed by auto leasing receivables sold by ALD AutoLeasing D to Red & Black. The class A notes were placed by Société Générale. Frankfurt-based STS Verification International GmbH acted as third party STS verifier in accordance with the Securitisation Regulation.
The Ashurst team led by partner Dr Martin Kaiser comprised senior associate Dr Sahra Demirbilek, senior associate Stephan Lehnen and associate Maximilian Kamm (all Global Markets) as well as partners Dr Anders Kraft (Tax), Dr Andreas Mauroschat (Data Protection) and Dr Detmar Loff (Financial Regulatory, all Frankfurt). London-based partners Thomas Picton and James Coiley (both Global Markets) advised on aspects of English law in relation to the interest rate derivatives.
The Ashurst team already advised Société Générale, inter alia, on Red & Black Auto Lease Germany 2, on which structure Red & Black Auto Lease Germany 3 is based.
Ashurst's securitisation team specialises in True Sale transactions and advises especially on the securitisation of auto loans, auto leasing receivables, 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.
