Ashurst has advised BNP Paribas as sole arranger and lead manager on a public "STS" (simple, transparent and standardised) securitisation of consumer receivables arising from retail auto loan contracts entered into between BNP Paribas S.A. Niederlassung Deutschland and consumers located in Germany. This is an important transaction, as it is the first German auto ABS issued by BNP Paribas.
BNP Paribas S.A. Niederlassung Deutschland is the German branch of BNP Paribas operating its German consumer lending business, including retail automotive financing, under the brand "Consors Finanz". Consors Finanz is one of the leading providers of consumer credit in Germany and offers financing, leasing and insurance solutions to its customers.
In addition to be STS, this transaction has also been structured so as to meet the significant risk transfer (SRT) criteria set out in the Capital Requirements Regulation.
The receivables were purchased by the French securitisation fund (fonds commun de titrisation) "Autonoria DE 2023", by means of the issue of EUR 525 million Class A/B/C/D/E/F/G Notes, all listed on the regulated market of the Luxembourg Stock Exchange (Bourse de Luxembourg) and after approval by the Commission de Surveillance du Secteur Financier (CSSF).
The Class A Notes are the most senior notes issued by Autonoria DE 2023 and are rated AAA(sf) by DBRS and Aaa(sf) by Moody's respectively. Other notes are subordinated to the Class A Notes and are rated between AA(high)(sf) to B(sf) by DBRS and Aa3(sf) to Ba3(sf) by Moody's. The Class G Notes are not rated.
Ashurst's Global Markets team consisted of Agathe Motte, Partner, Aurélien Fournier, Counsel, and Lucien Jarry, Associate, on the French structured finance aspects, Martin Kaiser, Partner, on the German structured finance aspects, Annabel Massey, Senior Associate, on the derivatives aspects, Katia Fettes, Counsel, and Markus Waitschies, Senior Expertise Lawyer, on the Luxembourg law aspects and Margaret Sheehan, Senior Counsel, on U.S. law aspects. Emmanuelle Pontnau-Faure, Partner, and Solène Guyon, Senior Associate, handled the French tax aspects of the transaction, and Anders Kraft, Partner, the German tax aspects thereof.
