White & Case advises EIF on first synthetic securitisation of Italian consumer auto loan portfolio originated by Deutsche Bank

Global law firm White & Case LLP has advised the European Investment Fund (EIF) on a synthetic 'Simple, Transparent and Standardised' (STS) securitisation of Italian consumer car loans originated by Deutsche Bank SpA.

"This transaction represents the EIF's first synthetic securitisation transaction involving a portfolio of consumer auto loans originated by Deutsche Bank Italy, and the second STS synthetic securitisation with Deutsche Bank," said White & Case partner Dennis Heuer, who led the Firm's deal team. "White & Case advised the EIF on both transactions for Deutsche Bank."

The EIF guarantee on the mezzanine tranches covers a reference portfolio of approximately €1.38 billion. A counter guarantee (back-to-back) from the European Investment Bank (EIB) mirrors the EIF's obligation, so that the EIB covers the credit risk related to the mezzanine tranches. 

The White & Case team which advised on the transaction included partners Dennis Heuer (Frankfurt), Ingrid York (London) and Arnaud Cagi-Nicolau (Luxembourg) and associates Reetu Vishwakarma (Frankfurt), Konstantinos Strakas (Luxembourg) and Sylvia Julius (London).

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