Hogan Lovells has advised Volkswagen as transaction counsel on its French auto loan receivables securitisation.

The transaction was arranged by BNP Paribas and Volkswagen Financial Services with BNP Paribas and Commerzbank as Joint Lead Managers.

The €481,200,000 notes were issued by its French FCT (fonds commun de titrisation à compartiments) Driver France FCT through its compartment Driver France Two and listed on the regulated market of the Luxembourg Stock Exchange.

The Class A Notes were rated AAA(sf) by DBRS, AAAsf by Fitch and Aaa(sf) by Moody's and the Class B Notes were rated A(high)(sf) by DBRS, A+sf by Fitch  and A1(sf) by Moody's. The transaction was also certified by True Sale International GmbH.

The Hogan Lovells team was led by Global Finance Practice Leader Sharon Lewis (Partner, Paris, London) assisted by Dietmar Helms (Partner, Frankfurt), Baptiste Gelpi (Partner, Paris), Anna Rogge (Senior Associate, Frankfurt), Hannah Kung (Senior Associate, Paris), Marouane El Idrissi (Associate, Paris) and Tim Slind (Associate, Paris).

Commenting on the transaction, Sharon Lewis said:

"We are delighted to advise Volkswagen on this transaction in France following our on-going work with Volkswagen on securitisation transactions in Germany and the UK".