International law firm BLP has advised Bank11 für Privatkunden und Handel GmbH (“Bank11”) on the securitisation of auto loans of Bank11, RevoCar 2017 UG (haftungsbeschränkt). The transaction totalling approximately €450m was arranged by UniCredit Bank AG.

This is the fourth transaction of the RevoCar securitisation programme that BLP has advised Bank11 on. In the course of the RevoCar transactions, loan receivables totalling approximately €1.7bn were securitised. Despite its young history, Bank11 can achieve a triple A rating for their most senior bonds (class A notes) since last year’s securitisation.

An innovative aspect of the current securitisation is a revolving phase of two years, which allows Bank11 to sell further receivables to the SPV without redemption of the bonds occurring. Furthermore, the structure allows Bank11 to put in place measures to free up capital as part of a placement of bonds. In this context, the documentation allows a so-called “significant risk transfer”.

Bank11 is a manufacturer-independent auto bank founded in January 2011 to provide sales and purchase financings for motor vehicles. The company primarily focusses on mid-sized car dealers.

The transaction was arranged by UniCredit Bank AG. Other parties involved in this transaction were: Wilmington Trust SP Services (Frankfurt) GmbH as Corporate Service Provider; Wilmington Trust SP Services (Dublin) Limited as Trustee and Data Trustee; BNP Paribas Securities Services, Luxembourg Branch as Cash Administrator, Paying Agent, Listing Agent and Account Bank and HOIST GmbH as Back-Up Servicer.

A BLP team led by Dr Thomas Prüm (Partner in Frankfurt, Finance) provided Bank11 with legal advice. He was supported by Stephan Krampe (Partner in Frankfurt, Tax) and Eike Neugebauer (Associate in Frankfurt, Finance).