Baker & McKenzie Advises VW on a Public EUR1.1 Billion ABS Transaction

04 Oct, 2012

Baker & McKenzie advised Volkswagen Leasing GmbH (VW Leasing) as exclusive transaction counsel on a public lease receivables ABS transaction under the “VCL” platform. Notes with an aggregate principal amount of EUR1.1 billion secured by auto lease receivables originated by VW Leasing were issued by Luxembourg-based VCL Multi-Compartment S.A., acting for and on behalf of Compartment VCL 16. A syndicate of banks led by Crédit Agricole CIB and HSBC was assigned with the placement of the notes. True Sale International GmbH granted the issuer a certificate entitled, “Certified by TSI – Deutscher Verbriefungsstandard.”

“Through our longstanding collaboration, our client was able to act quickly and to secure favorable market conditions. Due to high investor demand, the volume of the transaction was increased and interest rates on the notes issued are at their lowest since the beginning of the financial crises,” commented Banking & Finance Partner Dietmar Helms (Frankfurt).

The securitization team at Baker & McKenzie has advised a large number of national and international ABS transactions, particularly in the automotive industry. VW Bank, VW Leasing, Porsche AG, Mercedes Bank, BMW Leasing and MAN Finance International are all returning clients. Recently, Baker & McKenzie advised the EUR844 million Bavarian Sky Compartment 3 transaction of the BMW Leasing GmbH.

Legal advisor VW Bank:

Baker & McKenzie

Banking & Finance: Dr. Dietmar Helms (Partner, Frankfurt)

Banking & Finance: Stefanie Hentschel (Associate, Frankfurt) and Ludwig Zesch (Associate, München)
Tax: Tino Duttine (Partner, Frankfurt)

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