Frankfurt, Luxembourg – Global law firm Hogan Lovells has advised Crédit Agricole Corporate and Investment Bank and UniCredit Bank in their respective roles as Arrangers and Joint Lead Managers and Société Générale as Joint Lead Manager on RCI Banque’s first public securitisation of German auto leases and associated residual values, comprising the brands Renault, Dacia and Nissan.
The transaction was financed through the issue of three classes of asset-backed notes by the Luxembourg special purpose entity Cars Alliance S.à r.l. in a total amount of EUR 1bn. The highest class of notes was rated AAA by S&P Global Ratings and Moody’s. The transaction benefits from an innovative tax structure to avoid value added tax on the securitisation of the residual values.
The team was led by partner Dr. Sven Brandt and counsel Sebastian Oebels on all capital markets matters, with support from associate Theresa Bart (all Frankfurt). Tax aspects of the transaction were advised on by partner Dr. Heiko Gemmel and senior associate Vanessa Rinus (both Düsseldorf). The Paris team comprised partner Laura Asbati, senior associate Julie Toux and associate Jorge Hidalgo on French capital markets law matters, as well as partner Sharon Lewis and counsel Ailsa Davies on English capital markets law matters. In Luxembourg, partner Ariane Mehrshahi, senior associate Carla Valdés Cortés and legal advisor Eszter Voros advised on capital markets matters, while partner Gérard Neiens, counsel Jean-Philippe Monmousseau and associate Michèle Aké advised on Luxembourg tax law aspects.
