Ashurst advises BNP Paribas on public STS securitisation of consumer receivables

Ashurst has advised BNP Paribas as sole arranger and lead manager on a public "STS" (simple, transparent and standardised) securitisation of consumer receivables arising from retail auto loan contracts entered into between BNP Paribas S.A. Niederlassung Deutschland and consumers located in Germany.

BNP Paribas S.A. Niederlassung Deutschland is the German branch of BNP Paribas operating its German consumer lending business, including retail automotive financing, under the brand "Consors Finanz". Consors Finanz is one of the leading providers of consumer credit in Germany and offers financing, leasing and insurance solutions to its customers.

In addition to being STS, this transaction has also been structured so as to meet the significant risk transfer (SRT) criteria set out in the Capital Requirements Regulation.

The receivables were purchased by the French securitisation fund (fonds commun de titrisation) "Autonoria DE 2025", by means of the issue of EUR 650 million Class A/B/C/D/E/F/G Notes, all listed on the regulated market of the Luxembourg Stock Exchange (Bourse de Luxembourg) and after approval by the Commission de Surveillance du Secteur Financier (CSSF).

The Class A Notes are the most senior notes issued by Autonoria DE 2025 and are rated AAAsf by Fitch and AAA(sf) by S&P respectively. Other notes are subordinated to the Class A Notes and are rated between AA-sf to BB+sf by Fitch and AA(sf) to BB(sf) by S&P. The Class G Notes are not rated.

Ashurst's Global Markets team consisted of  Agathe Motte, Partner, Aurélien Fournier, Counsel, Lucien Jarry, Senior Associate, and Agathe Burtz, Associate, on the French structured finance aspects, Martin Kaiser, Partner, and Ivan Zlatanov, Counsel, on the German structured finance aspects, Annabel Massey, Counsel, on the derivatives aspects, Katia Fettes, Partner, and Anna Kozakiewicz, Senior Associate, on the Luxembourg law aspects, Henry Hillind, Senior Associate on U.K. law aspects and Margaret Sheehan, Senior Counsel, on U.S. law aspects. Emmanuelle Pontnau-Faure, Partner, and Savonet, Théo, Associate, handled the French tax aspects of the transaction.