A multi-jurisdictional team, led by Frankfurt Partner Dr. Sven Brandt and Frankfurt Counsel Sebastian Oebels, has advised Volkswagen Finans Sverige AB (publ) on the setup of its SEK 15bn master platform for securitisation of auto lease receivables.
This inaugural transaction is the first securitisation of auto lease receivables in Sweden. To comply with both the local Swedish laws and regulations and the requirements for simple, transparent and standardised securitisation transactions under the European Securitisation Regulation, the transaction is based on a sub-participation in the underlying lease receivables rather than a transfer of assets.
Sven Brandt, client relationship partner for Volkswagen at Hogan Lovells said: “We have been delighted to assist Volkswagen on this groundbreaking transaction. In particular given the challenging legal preconditions for a securitisation of leasing receivables, it is a big achievement for all parties involved and proof of Hogan Lovells’ strong securitisation practice in Europe”.
Under the master platform ten initial series of notes have been issued. The most senior tranche has been rated of Aaa(sf) by Moody’s, AAA(sf) by Scope and AAA(sf) by DBRS. Compliance of the transaction with the requirements for simple, transparent and standardised securitisation transactions under the European Securitisation Regulation has been verified by STS Verification International GmbH.
Volkswagen Finans Sverige AB (publ), a subsidiary of Volkswagen Financial Services AG, provides automotive finance services, such as auto loans and leasing for consumers or companies.
Skandinaviska Enskilda Banken AB (publ) acted as arranger and sole lead manager. Swedish legal advice has been provided to Volkswagen Finans Sverige AB (publ) by Mannheimer Swartling AdvokatbyrĂĄ AB.
Hogan Lovells is frequently engaged with securitisation transactions for Volkswagen Financial Services AG and its subsidiaries across Europe and the United Kingdom.
Hogan Lovells Team for Volkswagen Finans Sverige
Frankfurt
Dr Sven Brandt (Partner), Sebastian Oebels (Counsel), Dilek Ovic (Associate); Didem Savas (Senior Projects Associate), Leyla Memis (Senior Business Lawyer) (all Capital Markets);
Luxembourg
Ariane Mehrshahi (Partner), Agnes Merz (Senior Associate), Valérie Laskowski (Senior Associate), Carla Valdes Cortes (Associate), Martina Benackova (Associate) (all Capital Markets);
Gerard Neiens (Partner), Jean-Philippe Monmousseau (Counsel), Grâce Mfuakiadi (Associate) (all Tax).
