Baker & McKenzie has once more acted as arranger counsel for Société Générale Corporate, Investment Banking (Société Générale) in the third public ABS (asset-backed securities) transaction of Bank Deutsches Kraftfahrzeuggewerbe GmbH (BDK) in Germany.
Notes with an aggregate principal amount of almost EUR 1 billion secured by auto loan receivables originated by BDK were issued with a very favorable interest rate. The Notes were two times oversubscribed and, due to this high demand, the deal volume was increased. The Issuer is Red & Black Auto Germany 3 UG (haftungsbeschränkt). Société Générale was entrusted with the placement of the notes. The investor base is spread widely across Europe.
"For the third transaction of this kind on which we advised Société Générale, we were again able to bring an efficient deal structure to the market for our client. The high demand shows how successful and attractive such financings backed by high quality assets are. This form of loan securitization is transparent and supports the real economy. It is fully in line of what is desirable for the support of the European economy" 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. Volkswagen, Porsche Financial Services, Mercedes Bank, BMW Bank, Toyota Kreditbank, FFS Bank and MAN Finance International are all longstanding clients.
Providing Legal Advice:
Lead: Banking & Finance: Dr. Martin Kaiser, LL.M. (Partner, Frankfurt)
Further team:
Banking & Finance: Sahra Demirbilek (Associate, Frankfurt), Stefanie Hentschel, LL.M. (Senior Associate, Frankfurt), Stephan Lehnen, LL.M. (Associate, Frankfurt)
Banking Regulatory: Sandra Wittinghofer (Partner, Frankfurt)
Tax: Christoph Becker (Partner, Frankfurt), Jochen Meyer-Burow (Partner, Frankfurt)
Consumer Law: Dr. Holger Lutz (Partner, Frankfurt), Daniel Sigg (Associate, Frankfurt)
