Baker & McKenzie advised Volkswagen Bank GmbH and Volkswagen Financial Services AG again in a public ABS (asset-backed securities) transaction of the Private Driver series in Germany.

Notes with an aggregate principal amount of EUR 965 million secured by auto loan receivables were issued. The originator of the receivables is Volkswagen Bank GmbH. The issuer is Private Driver 2015-1 UG (haftungsbeschränkt).

"The Driver securitizations of Volkswagen have proven their value for a long time. They stand for quality. This transaction now also impresses by the fact that Volkswagen suceeded in improving the tranching. Furthermore, Volkswagen benefits from a revolving period during which Volkswagen has the option to bring additional receivables into the transaction" 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. Besides Volkswagen, also Porsche Financial Services, Mercedes Bank, BMW Bank, Toyota Kreditbank, LeasePlan, FFS Bank and MAN Finance International are all longstanding clients.

Legal advisor Volkswagen:                  

Baker & McKenzie

Lead: Banking & Finance: Dr. Martin Kaiser, LL.M. (Partner, Frankfurt)

Further team:  Banking & Finance: Sahra Demirbilek (Associate, Frankfurt), Stefanie Hentschel, LL.M. (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)