Ashurst advised Toyota Kreditbank GmbH (Toyota Kreditbank) and Société Générale S.A. (Société Générale) on the third securitisation of German auto loan receivables of Toyota Kreditbank.
The issuer, Koromo S.A., issues notes with a total principal amount of €1bn, backed by auto loan receivables sold by Toyota Kreditbank. The transaction was arranged by Société Générale as lead arranger. Frankfurt-based STS Verification International GmbH acted as third party STS certifier 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 (Regulatory, all Frankfurt).
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.
