Ashurst advises Société Générale as arranger on the EUR 600 million securitisation of German auto loan receivables from BDK

Ashurst has advised Société Générale S.A. as arranger on a further securitisation of German auto loan receivables from Bank Deutsches Kraftfahrzeuggewerbe GmbH (BDK).

The issuer Red & Black Auto Germany 11 UG (Red & Black) issues asset-backed bonds with a total nominal value of €600 million, which are covered by car loan receivables that were sold to Red & Black by BDK. The transaction was arranged by Société Générale S.A. as Arranger. The bonds were placed by Société Générale S.A as Lead Manager. STS Verification International GmbH acted as an authorised STS certifier in accordance with the Securitisation Regulation.

The Ashurst team, led by counsel Dr Ivan Zlatanov and partner Dr Martin Kaiser, included senior associate Stephan Lehnen and transaction lawyer Sascha Weiss (all Global Markets), partner Dr Anders Kraft and associate Andreas Hofmann (Tax) and partner Dr Detmar Loff and senior associate Tobias Bauerfeind (Banking Regulatory, all Frankfurt). In addition, London-based partner Kerion Ball and Paris-based counsel Annabel Massey and associate Agathe Petit (all Global Markets) advised on aspects of English law relating to the interest rate derivatives. The Ashurst team has previously advised on Red & Black Auto Germany 10 and Red & Black Auto Germany 9, among other matters.

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