Orrick has acted on SapphireOne Auto 2017-1, the first public automobile asset-backed securities transaction, by My Money Bank. Relying on the use of a French securitization fund, the transaction backs a mix of auto loan and lease contracts to borrowers in the French overseas territories of La Reunion, Guadeloupe, Martinique and French Guiana.

In addition, the leasing contracts within the deal are structured to finance both the leasing installments, as well as the residual values of the leased vehicles.

The fund issued one tranche of senior notes rated Aaa(sf) by Moody’s and Fitch, four mezzanine tranches rated Aa1(sf)/AAsf, A1(sf)/Asf, Baa1(sf)/BBB+sf and Ba1/BBB-sf, as well as one tranche of unrated subordinated notes, totaling €527 million.

Orrick advised Crédit Agricole Corporate and Investment Bank, the arranger and joint lead manager, as well as Morgan Stanley and BNP Paribas, who also served as joint lead managers. The cross-border Orrick team included Olivier Bernard and Laure Seror on the structured finance aspects, Anne-Sophie Kerfant and Rudy Marouani on the tax issues and Sushila Nayak on the swap aspects.