Clifford Chance advised UniCredit Bank AG on the securitisation of German mortgage backed SME loans in an amount of EUR 2.5 billion.

The loans were sold by UniCredit Bank AG to Rosenkavalier 2015 UG (haftungsbeschränkt), a German special purpose vehicle which in turn financed the purchase by issuing two classes of notes, with the senior class satisfying the requirements of the European Central Bank for eligible collateral.

The transaction is UniCredit's second true sale securitisation of SME loans within six months and reinforces the importance of securitisation for the financing of small and medium sized enterprises.

The Clifford Chance team was led by partner Dr. Arne Klüwer and included senior associate Mortimer Berlet and associate Dr. Constantin Draack (all Banking & Capital Markets, Frankfurt) as well as partner Dr. Felix Mühlhäuser and counsel Dr. Marie-Theres Rämer (both Tax, Frankfurt).