Clifford Chance advised Bank Deutsches Kraftfahrzeuggewerbe GmbH as originator on a EUR 1 billion German auto loan securitisation. The auto loans, relating to new and used vehicles, were originated and sold by Bank Deutsches Kraftfahrzeuggewerbe GmbH to Red & Black Auto Germany 2 UG (haftungsbeschränkt).

The transaction, arranged by Société Générale S.A., is the second in the Red & Black Auto Germany securitisation. The portfolio comprises loans to businesses and commercial customers in Germany.

The Clifford Chance team was led by partner Dr. Oliver Kronat and included partner Kirti Vasu (both Banking & Capital Markets), partner Dr. Hubert Schmid (Tax), associate Hannes Deusch (Banking & Capital Markets) as well as counsel Dr. Marie-Theres Rämer (Tax) – all Frankfurt.