Ashurst advises Hyundai Capital Bank Europe on German full-stack SRT securitisation

Ashurst has advised Hyundai Capital Bank Europe GmbH (Hyundai) on the securitisation of a portfolio of German auto loan receivables. The transaction was structured under the name “Pony German Auto Loans 2026-1”.

The Luxembourg-based special purpose vehicle Pony S.A. is issuing listed asset-backed notes backed by auto loan receivables sold by Hyundai. The transaction builds on the established structure and documentation of Pony S.A. Compartment German Auto Loans. It was structured both to meet the STS criteria and to achieve significant risk transfer (SRT) treatment under the CRR.

The Ashurst team was led by Dr Martin Kaiser and Dr Sahra Demirbilek (Counsel) and included Stephan Lehnen (Senior Associate) and Luca Richter (all Global Markets), Partner Tino Duttiné and Counsel Miriam Staatz (Tax), as well as Partner Dr Detmar Loff and Senior Associate Dr Tobias Bauerfeind (Regulatory, all Frankfurt). In addition, Luxembourg-based Partner Katia Fettes advised on Luxembourg law aspects, and Paris-based Counsel Annabel Massey advised on English law aspects relating to the interest rate hedging and the related security structure.

Ashurst’s securitisation team, led by Dr Martin Kaiser, specialises in true sale transactions and advises in particular on the securitisation of auto loans, auto leases, auto residual values and trade receivables. The team regularly advises originators, arrangers, investors and trustees on all aspects of receivables-backed securities and asset-backed securities (ABS).