16 September – LAWFUEL – The Law News Network – Mayer, Brown, Rowe & Maw LLP’s Frankfurt securitisation practice has advised a syndicate of banks led by West LB and BNP Paribas as lead managers on the securitisation of Euro 1.0 billion German auto loan receivables originated by Volkswagen Bank through the German-based securitisation SPV Driver Two GmbH.
The transaction closed mid September and has been rated AAA by Moody’s and AAA by Fitch. It is the second German auto loan securitisation of Volkswagen Bank and the second German true sale securitisation making use of the TSI securitisation platform, established by 13 banks and True Sale International GmbH.
The objective of TSI is to implement the standard “ABS made in Germany” and to boost the German capital markets. The TSI securitisation infrastructure consists of an insolvency-remote securitisation platform, which can be used by all interested banks, including banks not participating in True Sale International.
The Mayer, Brown, Rowe & Maw team advising the syndicate of banks was led by finance partners Ralf Hesdahl (Frankfurt), Stuart Litwin (Chicago) and Ingo Kleutgens (Frankfurt).
About Mayer, Brown, Rowe & Maw:
With more than 1,300 lawyers in six European and seven US-locations, Mayer, Brown, Rowe & Maw LLP is one of the top ten international law firms. The client list comprises 65 of the Fortune 100 companies, numerous enterprises listed in the DAX, leading small and medium sized enterprises, as well as international financial services companies. In the German offices based in Frankfurt/Main, Cologne and Berlin, German and international clients are advised in a broad spectrum of complex legal issues by 90 lawyers. Mayer, Brown, Rowe & Maw is represented in Germany since its merger with the Frankfurt office of the well-established German law firm Gaedertz Rechtsanwälte in 2001. Thus, the law firm was one of the first transatlantic co-partnerships in the local market.