Allen & Overy has advised Macquarie Bank Limited, London Branch (Macquarie) on the issue of residential mortgage backed securities (RMBS) in the aggregate amount of EUR 190 million secured by a portfolio of approximately 1,600 residential mortgage loans granted over properties in Germany to German consumers.

The notes are split into six tranches. The AAA-tranche accounts for EUR 138,570,000 with a coupon rate of 0.90% per annum above 3-month EURIBOR. The transaction is the first of public German RMBS transactions in five years and market participants have high expectations that it is followed by further German RMBS transactions. Macquarie Bank International Limited and Bank of America Merrill Lynch acted as joint lead managers on the transaction and were advised by Simmons & Simmons LLP.

Allen & Overy provided comprehensive legal advice to Macquarie in this securitisation, starting from the structuring of the transaction, to contract negotiations through to the execution of the issuance of the RMBS notes. Allen & Overy also advised Macquarie on the purchase of the securitised portfolio of residential mortgage loans which Macquarie acquired in 2014 from Lone Star.

The Allen & Overy team comprised partners Martin Scharnke (International Capital Markets, Frankfurt) and Sally Onions (International Capital Markets, London), counsel Jens Nollmann (International Capital Markets, Frankfurt) and senior associate Christina Nayman-Mills (International Capital Markets, London).

The Allen & Overy team comprised further of partners Christopher Harrison (Tax, London) and Dr. Heike Weber (Tax, Frankfurt) and Dr. Jochen Scheel and associate Riccardo Marinello (both Real Estate, Frankfurt).