Ashurst advises BNP Paribas on the €800 million public STS securitization of its German consumer loan receivables

Ashurst advised BNP Paribas as arranger and lead manager in a “STS” (simple, transparent and standardized) public securitization of receivables arising from credit agreements 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. It offers consumer credit in Germany under the brand name “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 an STS, this transaction was also structured to meet the Significant Risk Transfer (SRT) criteria set out in the CRR Regulation.

The receivables were purchased by the French securitization fund “Noria DE 2024”, through an issue of 800 million euros of class A/B/C/D/E/F/G bonds, all listed on the regulated market of the Luxembourg Stock Exchange after approval by the Commission de Surveillance du Secteur Financier (CSSF).

The class A bonds are the most senior securities issued by NORIA DE 2024, and are rated AAA(sf) by Fitch and Aaa(sf) by Moody's respectively. The other bonds, subordinated to the class A bonds, are rated between AA-(sf) and B+(sf) by Fitch and Aa1(sf) and B2(sf) by Moody's. Class G bonds are unrated.

The Ashurst team comprised Agathe Motte, partner, and Lucien Jarry, associate, for the French structured finance aspects, Martin Kaiser, partner, and Ivan Zlatanov, counsel, for the German structured finance aspects, Annabel Massey, counsel, and Nicolas Dauvergne, associate, for derivatives aspects, Katia Fettes, partner, Markus Waitschies, Senior Expertise Lawyer, and Amina Lamkhatri, associate, for Luxembourg law aspects, and Margaret Sheehan, partner, for US law aspects.