Baker & McKenzie advised Mercedes-Benz Bank AG, Société Générale Corporate, Investment Banking (Société Générale), Landesbank Baden-Württemberg, Commerzbank AG, DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt and Main and HSBC Bank PLC as transaction counsel in the fourth public ABS transaction of Mercedes-Benz Bank AG. In addition, Dr. Matthias Eggert acted as trustee counsel for this transaction. Today the Luxembourg Central Bank approved the Class A Compartment 4 Notes as eligible collateral for Eurosystem monetary policy and intra-day credit operations by the Eurosystem.

The Compartment 4 Notes with an aggregate principal amount of EUR1 billion  secured by auto loan receivables were issued on 27 November 2013. Originator of the receivables is Mercedes-Benz Bank AG. The transaction size was increased because of high investor demand during the roadshow and book building process. In addition, the transaction has reached a market leading benchmark for spreads of similar notes. The Issuer is Silver Arrow S.A., Compartment 4. Société Générale, Landesbank Baden-Württemberg, Commerzbank AG, DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt and Main and HSBC Bank PLC were assigned with the placement of the Compartment 4 Notes.

Dietmar Helms, lead partner in the transaction, comments, “Yet again the transaction shows that ABS transactions with high quality assets are extremely successful and continue to be available as attractive forms of financings. A deal of this size was a great success for our long-standing client and we are happy we were able to handle the legal work for Mercedes in such an efficient manner based on the smooth teamwork with the client.”

The securitization team at Baker & McKenzie regularly advises a large number of national and international ABS transactions, particularly in the automotive industry. VW Bank, VW Leasing, Porsche AG, Mercedes-Benz Bank AG, BMW Bank, Toyota Kreditbank, FFS Bank and MAN Finance International are all long-standing clients.

Transaction Counsel 
Baker & McKenzie

Lead:
Banking & Finance: Dr. Dietmar Helms (Partner, Frankfurt)

Further team:
Banking & Finance: Shengzhe Wang, LL.M. (Counsel, Munich)
Consumer Law: Dr. Holger Lutz (Partner, Frankfurt)
Banking & Finance: Vincent Keaveny (Partner, London); Magda Karfotias (Senior Associate, London)
Banking & Finance: Basile Femelat (Senior Associate, Luxembourg); Hiba Sabbagh (Associate, Luxembourg)
Tax: Tino Duttiné (Partner, Frankfurt), Jochen Meyer-Burow (Partner, Frankfurt)

Trustee Counsel
Baker & McKenzie

Banking & Finance: Dr. Matthias Eggert (Partner, Munich)