Ashurst advises Hyundai Capital Bank Europe on public auto loan securitisation transaction
04 August 2021
04 August 2021
Ashurst has advised Hyundai Capital Bank Europe GmbH (HCBE) on its inaugural securitisation of a portfolio of auto loan receivables issued in Germany (issuer: Pony S.A., Compartment German Auto Loans 2021-1). Santander Consumer Bank, as shareholder of HCBE, provided operational support and assistance for the transaction from an originator's and servicer's perspective. ING Bank N.V. was involved in the entire process by acting as sole arranger and lead manager.
The newly established Luxembourg securitisation company Pony S.A. issued bonds worth 390 million euros on the Luxembourg Stock Exchange. The bonds are secured by receivables from loan agreements for the purchase of motor vehicles. The senior A-tranche was assigned an "A" credit rating by Fitch and an "Aa1" credit rating by Moody's. The subordinated B-tranche was not assigned a credit rating by an external credit rating agency. Both tranches were retained by HCBE.
"This transaction marks HCBE's inaugural public securitisation of auto loan receivables. We have set up a new documentation and issuance platform for this purpose which is in conformance with the currently applicable requirements of the Securitisation Regulation, the Prospectus Regulation and all other relevant regulatory requirements," explained Dr Martin Kaiser.
The Ashurst team was led by partner Dr Martin Kaiser. He was supported by counsel Dr Sahra Demirbilek, senior associate Stephan Lehnen (both Global Markets, Frankfurt), and other team members in Paris und Luxembourg.
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 lead by Dr Martin Kaiser advises originators, arrangers, investors and trustees on all aspects of asset-backed securities.