Clifford Chance advised UniCredit Bank AG on the securitisation of German SME loans in an amount of EUR 2 billion.

The loans were sold by UniCredit Luxembourg S.A., a subsidiary of UniCredit Bank AG, to Geldilux-TS-2015 S.A., a Luxembourg special purpose vehicle. Geldilux financed the purchase by issuing several classes of notes.

The transaction is the 10th true sale securitisation transaction under the Geldilux programme, which was originally established in 1999. This reinforces the importance of securitisation for the financing of small and medium sized enterprises.

The Clifford Chance team was led by partner Dr. Oliver Kronat and included counsel Kerstin Schaepersmann, associate Charlotte Rau (all Banking & Capital Markets, Frankfurt) as well as partner Dr. Felix Mühlhäuser and counsel Dr. Marie-Theres Rämer (both Tax, Frankfurt). Luxembourg law advice was provided by partner Christian Kremer (Corporate, Luxembourg) and associate Julia Journée (Capital Markets, Luxembourg).