White & Case advises Bank Deutsches Kraftfahrzeuggewerbe on €600 million auto loan securitisation

Global law firm White & Case LLP has advised Bank Deutsches Kraftfahrzeuggewerbe (BDK), a subsidiary of Société Générale S.A., on a €600 million asset-backed securities (ABS) auto loans transaction.

"This is the third public auto ABS transaction that we have successfully advised on this year in Germany," said White & Case partner Dennis Heuer, who co-led the Firm's deal team. "Despite difficult market conditions, the positive securitisation trend in the market segment of true sale public ABS continues."

The bearer bonds have a total nominal value of €600 million and are secured by auto loan receivables originated by BDK. The issuer is Frankfurt-based special purpose vehicle Red & Black Auto Germany 11 UG. The transaction was arranged by Société Générale S.A., which also acted as lead manager. The bonds have been rated by S&P and Fitch Ratings.

The White & Case team that advised on the transaction was led by partner Dennis Heuer and local partner Claire-Marie Mallad (both Frankfurt) and included partners Tom Falkus and Anthony Colegrave (both London) and counsel Alexander Born (Frankfurt).

Press contact
For more information please speak to your local media contact.