Clifford Chance has advised HSH Nordbank AG on the SME securitisation of trade receivables acquired in Germany, Sweden and Switzerland by ABS Global Factoring AG from local originators via Smart Fact S.A., a securitisation company in Luxembourg.

In the context of this transaction, German and Swiss trade receivables were transferred via a German factoring company to Smart Fact S.A. Swedish trade receivables were transferred via a Swedish factoring company to Smart Fact S.A.

Following similar purchases, this transaction was another successful expansion of the securitisation refinancing platform for ABS Global Factoring AG through Smart Fact S.A.

The Clifford Chance team was led by partner Dr. Arne Klüwer and comprised senior associate Mortimer Berlet and associate Klara Klaushenke (all Banking & Capital Markets, Frankfurt). Swiss legal aspects were covered by Walder Wyss Attorneys at Law with a team led by partner Dr. Johannes Bürgi as well as by partner Dr. Thomas Meister and comprised Dr. Elisabeth Moskric, Jan Hoffmann and Janine Corti. Swedish legal advice was provided by Advokatfirman Vinge with a team led by partner Henrik Ossborn and comprised Fredrik Christiansson, Madelene Eriksson and Susanne Samuelsson.