Linklaters has advised auxmoney, a leading digital-lending platform for consumer credit in Europe, on its largest ever public securitisation of consumer loan receivables brokered via the lending platform operated by auxmoney. The transaction, known as “Fortuna Consumer Loan ABS 2024-1”, is the fourth transaction on the Fortuna platform and involves the sale of consumer loan receivables with a volume of €500 million to an Irish special purpose vehicle, which finances this purchase in particular by issuing bonds listed on the Luxembourg Stock Exchange.

The AAA-rated class A bonds issued follow the standards defined in the International Capital Market Association’s (ICMA) Social Bond Principles (SBP). Sustainable Fitch has issued a Second Party Opinion (SPO) on the social bond framework of auxmoney confirming the eligibility of the collateral as security for social bonds. The transaction is certified by SVI as a securitisation meeting the requirements for simple, transparent and standardised securitisation (STS). The securities are listed at the Luxembourg Stock Exchange. Due to strong investor demand, all placed tranches were significantly oversubscribed.

The Linklaters team was led by Jördis Heckt-Harbeck (Counsel, Capital Markets, Frankfurt) and Dr Kurt Dittrich (Partner, Capital Markets, Frankfurt).

Other team members are Dr Christian Storck (Partner, Capital Markets, Frankfurt), Don Waack (Partner, Financial Regulation, Washington), Dr Ulrich Johann (Counsel, Tax, Frankfurt), Michael Deane (Managing Associate, Capital Markets, Frankfurt), Zila Acosta-Grimes (Managing Associate, U.S. Financial Regulation, New York), Wilson Hill (Managing Associate, Tax, London), Justine Watridge (Trainee Solicitor, Capital Markets, Frankfurt) and Helena Obenheimer (Transaction Lawyer, Capital Markets, Frankfurt).