Frankfurt am Main – For the second time in this year, the international law firm Bryan Cave Leighton Paisner (BCLP) advised Bank11 für Privatkunden und Handel GmbH (Bank11) on an auto loan securitisation, with a total volume of EUR 500m (RevoCar 2019-2). Likewise, UniCredit Bank AG acted as arranger of the transaction. The Notes are traded at the Luxembourg Stock Exchange and are rated by two rating agencies.
Main topic of the provided advice concerning RevoCar2019-2 were the innovations under the new Prospectus Regulation, which became effective in July 2019. One of the major changes is the description of risk factors in a security prospectus. The regulation is designed to improve the quality of such a prospectus by making it shorter, more precise and easier to understand. Hence, only relevant risk factors are supposed to be included in the prospectus. Those risk factors shall be divided into a limited amount of categories and shall be estimated by relevance. Therefore, it is necessary to consider which risks are most probable and most serious.
„We are delighted, that we had the chance to advise Bank11 on its second securitisation in the current year," says the Frankfurt Finance Partner Dr. Thomas Prüm, who has guided the bank with his team since 2014. „After having realised the first German STS - Securitisation together with Bank11 earlier this year, BCLP’s Finance team proves with the current transaction once again, that it is able to capture the European reforms of the securitisation market quickly and implement them into its advisory services.
Bank11 für Privatkunden und Handel GmbH is a German bank located in Neuss. The bank, founded in 2011, specialises in sales financing and primarily supports small and medium-sized car dealers with mobility and insurance products. Bank11 has over 260 employees.
Advisers Bank 11 für Privatkunden und Handel GmbH
Bryan Cave Leighton Paisner LLP (Frankfurt)
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