Clifford Chance advised UniCredit Bank AG on the securitisation of German SME loans in an amount of EUR 863 million. The loans were sold by UniCredit Luxembourg S.A., a subsidiary of UniCredit Bank AG, to Geldilux-TS-2013, a Luxembourg special purpose vehicle. Geldilux financed the purchase by issuing six classes of notes.

The transaction is the 12th one 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 partners Kirti Vasu and Dr. Oliver Kronat and included counsel Kerstin Schaepersmann, senior associate Sarah Palmer, associate Charlotte Rau (all Banking & Capital Markets, Frankfurt) as well as partner Dr. Hubert Schmid and counsel Olaf Mertgen (both Tax, Frankfurt). Luxembourg law advice was provided by partner Christian Kremer (Corporate, Luxembourg) and senior associate Joanna Pabélick (Capital Markets, Luxembourg). Partner Peter Scherer and senior associate Dr. Ivan Zlatanov (both Banking & Capital Markets, Frankfurt) advised Citicorp Trustee Company in its capacity as trustee.