International law firm Bryan Cave Leighton Paisner advised Bank11 für Privatkunden und Handel GmbH (Bank11) on a securitisation of auto loans with a total investment volume of EUR 400 million (RevoCar 2019 UG (haftungsbeschränkt); RevoCar 2019).
UniCredit Bank AG acted as arranger, lead manager and swap counterparty. The bonds have been admitted for trading at the Luxembourg Stock Exchange and rated by two rating agencies.
RevoCar 2019 is the first German securitisation and the first European auto loan securitisation to be published by the European supervisory authority ESMA, as compliant with the newly introduced quality criteria under the Securitisation Regulation, which has been in force since 1 January 2019. The criteria includes requirements for the design of simple, transparent and standardised securitisations (referred to as STS securitisations). The European Commission introduced this seal of quality to further stimulate the securitisations market and Bank11 is the first German bank to complete a securitisation with this new certification.
Frankfurt Finance Partner Dr. Thomas Prüm and his team have advised Bank11 on annual RevoCar securitisations since 2014. He commented: “This first STS securitisation in Germany is a milestone for greater transparency and quality in the securitisation market. This will further enhance the attractiveness of securitisations for financial institutions. We consider it a great honour that our team was able to accomplish this first.”
Bank11 für Privatkunden und Handel GmbH is a German bank located in Neuss. Founded in 2011, the bank specialises in sales financing and primarily supports small and medium-sized car dealerships with innovative and digital mobility and insurance products. Bank11 has more than 260 employees.
Advisers to Bank11
Bryan Cave Leighton Paisner LLP
Dr. Thomas Prüm, Partner, Finance
Stephan Krampe, Partner, Tax
Andrea Schwaiger, Associate, Finance