Baker & McKenzie advised Société Générale Corporate, Investment Banking (Société Générale) as arranger counsel in the second public ABS (asset-backed securities) transaction of Bank Deutsches Kraftfahrzeuggewerbe GmbH (BDK) in Germany.
Notes with an aggregate principal amount of EUR 1 billion secured by auto loan receivables were issued. The originator of the receivables is BDK. The transaction size was increased due to high demand. The Issuer is Red & Black Auto Germany 2 UG (haftungsbeschränkt). Société Générale was assigned with the placement of the notes.
"For the second transaction of this kind on which we advised Société Générale, we were able to bring a transparent deal structure to the market for our client. The high demand shows how successful and attractive such financings with high quality assets are. Also the consumer protection rights which need to be considered are of growing importance in such financing transactions. With our broadly positioned team all aspects could be handled," said Dr. Martin Kaiser, head of the practice group Banking & Finance.
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, BMW Bank, Toyota Kreditbank, FFS Bank and MAN Finance International are all longstanding clients. Last spring, the Baker team also advised Société Générale in relation to the first German PCS transaction worth 600 million Euro.
Legal advisor Société Générale:
Baker & McKenzie
Lead:
Banking & Finance: Dr. Martin Kaiser, LL.M. (Partner, Frankfurt)
Further team:
Banking & Finance: Stefanie Hentschel, LL.M. (Associate, Frankfurt), Stephan Lehnen, LL.M. (Associate, Frankfurt)
Tax: Tino Duttiné (Partner, Frankfurt), Jochen Meyer-Burow (Partner, Frankfurt)
Legal advisor GEFA:
Baker & McKenzie
Lead: Banking & Finance: Dr. Dietmar Helms (Partner, Frankfurt)
Further team: Banking & Finance: Sandra Wittinghofer (Partner, Frankfurt)
Consumer Law: Dr. Holger Lutz (Partner, Frankfurt)
