Ashurst advises BDK on securitisation of German auto loan receivables
16 October 2023
16 October 2023
Ashurst advised Bank Deutsches Kraftfahrzeuggewerbe GmbH (BDK) as originator on yet another securitisation of German auto loan receivables originated by BDK.
The issuer, Red & Black Auto Germany 10 UG (Red & Black), issues listed notes with a total principal amount of €750m, backed by auto loan receivables sold by BDK to Red & Black. The transaction was arranged by Société Générale S.A. as arranger and lead manager. The notes were placed by Société Générale S.A. STS Verification International GmbH acted as recognised STS verifier in accordance with the Securitisation Regulation.
The Ashurst team led by partner Dr Martin Kaiser and counsel Dr Sahra Demirbilek comprised senior associate Stephan Lehnen and transaction lawyer Sascha Weiss (all Global Markets) as well as partners Dr Anders Kraft (Tax) 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 BDK, inter alia, on Red & Black Auto Germany 9.
Ashurst's securitisation team specialises in True Sale transactions and provides specialist advice 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.