Next Generation Partners

Structured finance and securitisation in Germany

Clifford Chance

Due to its close connection to the fund structuring team around Gregor Evenkamp and other practice groups relevant to the structured finance area as well as a tight cross-location cooperation, Clifford Chance is considered one of the top addresses for securitization transactions and related regulatory issues, which arise, for example, when setting up investment platforms and alternative investment structures. Clients – including credit and financial services institutes, asset managers, investors and companies – benefit from the group's extensive advisory capacities under German and English law, resulting in frequent instructions concerning Central and Eastern European transactions. Oliver Kronat, who also assists clients with the restructuring of securitization and other financing transactions, leads the team that also includes counsels Hannes Deusch and Kerstin Schaepersmann (both extensively active in banking and capital markets law).

Practice head(s):

Oliver Kronat


Other key lawyers:

Gregor Evenkamp; Hannes Deusch; Kerstin Schaepersmann; Josef Brinkhaus


Testimonials

‘Reachability; availability; practical relevance; solution-oriented approaches; meeting deadlines.’

‘Imaginative team. Successful at solving problems.’

‘Top expertise in securitization. Relationship approach of the law firm with diverse contacts on various topics. Structured and transparent billing.’

‘Oliver Kronat: A strong track record of past transactions and deep knowledge of securitization.’

‘Hannes Deusch: Sound, efficient, pragmatic.’

‘Oliver Kronat: A really trustworthy advisor. He is very approachable and solution-oriented. He and his team are also deeply rooted in the market.’

Linklaters

Linklaters' wide range of clients, consisting of investment, development and state banks, investors, asset managers and companies, testifies to the team's extensive expertise which, in addition to securitisations and other structured financing and various related regulatory issues, also advises on derivatives of all asset classes. Furthermore, the team has recently been increasingly assisting with DLT and blockchain technologies, as illustrated by its advice to DekaBank on the first issue of cryptocurrencies via its securities platform SWIAT. Kurt Dittrich (true sale securitisations, synthetic securitisations, structured covered bonds, derivatives and other financing products) leads the team and is supported by Barbara Lauer, Burkhard Rinne and counsel Jördis Heckt-Harbeck, who cover a similarly broad range of topics.

Practice head(s):

Kurt Dittrich


Testimonials

‘Technically very strong; creative; commercial, can distinguish important from unimportant.’

‘Brings the right team together; have depth and breadth in the team; lived diversity and ESG before it was a buzz word.’

‘A high degree of market and specialist knowledge, paired with precise and fast implementation and always friendly and available.’

Work highlights


  • Advising auxmoney on the first public securitization of consumer credit claims originated via the auxmoney lending platform. The consumer credit receivables with a volume of €250 million will be sold to an Irish special purpose vehicle, which is partly financed with certified social bonds.

  • Advising Cazoo on its first €50 million asset-backed securitization to expand its car subscription business in Germany and France.

  • Advising DekaBank on the first issue of crypto securities via the Deka securities platform SWIAT and on the issue of green registered bonds via the blockchain-based platform.

Allen & Overy LLP

Thanks to its cross-location cooperation, Allen & Overy LLP is predestined to support financial services providers in setting up (NPL) securitization platforms and pan-European issuance platforms for structured products as well as for assisting with cross-border offers of structured products. These matters are often led by Stefan Henkelmann and practice head Martin Scharnke, who also assist clients, including companies, with traditional and synthetic securitization transactions, particularly in the automotive and real estate sectors. The two are supported, among others, by Daniela Schmitt (securitization and structured financing; market infrastructure for derivatives and securities) who was appointed counsel in November 2021.

Practice head(s):

Martin Scharnke


Other key lawyers:

Stefan Henkelmann; Jens Nollmann; Christian Klöpfer; Daniela Schmitt


Key clients

Argentum Securities


European Investment Bank (EIB)


European Investment Fund (EIF)


GLAS Trust


Helaba


Palladium Securities


Santander


SEB


The Bank of New York Mellon


Work highlights


  • Advising Lloyds Bank GmbH as originator on the securitization of real estate loans with a volume of more than €500 million.

  • Advice to White Oak Global Advisors, LLC on setting up a working capital fund in Luxembourg with an integrated securitization platform, primarily intended for investments in the USA.

  • Advising a leading international investment bank on structured financing in the form of a securities loan on listed shares with a total transaction volume of several billion euros.

Hengeler Mueller

Banks, private equity houses and corporations rely on Hengeler Mueller's expertise in securitization and lease receivables restructuring, including issues related to the EU Securitization Scheme (STS regulation), as well as in loan portfolio acquisitions. Here, Martin Geiger (who divides his time between London and Frankfurt) is a central contact, while Stefan Krauss most recently advised clients on the updating of structured covered bond programs and bonds issuances linked to a cryptocurrency index.

Other key lawyers:

Martin Geiger; Stefan Krauss; Axel Gehringer


Hogan Lovells International LLP

As an integral part of its capital markets practice, Hogan Lovells International LLP works extensively in the structured finance and securitization area: while Jochen Seitz regularly assists banks and alternative lenders with the sale of structured products and the updating and expansion of issuing platforms, Dietmar Helms was recently particularly active for credit platforms and start-ups in asset-backed securities transactions. Assistance with securitisations in various asset classes, such as (car) leasing receivables, consumer loans and credit card receivables, is another strength of the team and partially foots on practice head Sven Brandt‘s expertise in this area.

Practice head(s):

Sven Brandt


Other key lawyers:

Julian Fischer; Peter Maier ; Dietmar Helms; Jochen Seitz


Testimonials

‘Very high technical expertise and problem-solving skills. Transactions are successful with Hogan Lovells International LLP.’

‘Reliable; always up to date on the interpretation of laws; advises the client proactively; objective assessment of facts; pragmatic; fast.’

‘Partners have the ability to become part of the team while remaining advisors. Through open conversations, they are able to critically examine their own thoughts or ways without fear of damaging the relationship.’

‘The team has a high level of innovative problem solving skills stemming from strong practical structuring. It also has experience in setting up structures, be it routinely or in the event of a crisis. The latter is particularly valuable.’

‘In my opinion, Julian Fischer particularly stood out. He convinced with his outstanding problem-solving skills.’

‘Dietmar Helms: Excellent availability, even outside normal office hours. Very good advice, even in the run-up to a transaction. Compliance with cost agreements.’

‘Jochen Seitz: Excellent expertise in structured products; solution-oriented; valuable contacts to European regulators.’

‘Jochen Seitz and his team are distinguished by their knowledge of the platform for structured products and their issuance. Their expertise is not limited to just the legal and regulatory issues of the industry, but they add value through their understanding of the product’s economic aspects and market trends.’

Key clients

Advanzia Bank S.A.


Cluno GmbH


Deutscher Derivate Verband


Erste Abwicklungsanstalt (EAA)


Goldman Sachs / Tier Mobility GmbH


Grover


Marex Financial


Olbos HS I Grundbesitzverwaltung GmbH & Co. KG


PEAC (Germany) GmbH


PSA Bank


Santander Consumer Bank AG


Taulia Inc.


UniInstitutional Private Debt SCS SICAV-SIF


Varengold Bank AG


Volkswagen Leasing GmbH


Work highlights


  • Advised Advanzia Bank on the first securitization of a German credit card portfolio with an issuing volume of €475 million.

  • Advising Cluno GmbH on ABL financing of cars with a total volume of up to €55 million by NIBC Bank NV and Varengold Bank A.

  • Advising Marex Financial on setting up and updating a new pan-European issuance platform for the public offering of bonds, certificates and leverage products.

White & Case LLP

White & Case LLP's team recently demonstrated its structured finance expertise in supporting asset-backed financing and ABCP securitization transactions as well as synthetic securitization of loan portfolios, each of which was led by practice head Dennis Heuer. However, the team is also well versed in the management of NPL transactions, including direct portfolio sales and structured transactions by way of securitization, and regularly incorporates its regulatory expertise, particularly in the area of ESG. The client portfolio includes both financial institutions and investors as well as companies.

Practice head(s):

Dennis Heuer


Testimonials

‘White & Case LLP is distinguished by its ability to cover the entire product range and to approach multidisciplinary transactions by assembling teams from different legal areas and disciplines.’

‘In the securitization space, White & Case LLP is one of the few law firms with equal expertise in true sale and synthetic securitisations, private and public transactions and the major European jurisdictions.’

‘Dennis Heuer: characterized by the ability to combine his exceptional legal skills with a deep business understanding to provide outstanding solutions to his clients.’

‘Dennis Heuer: always available for an unofficial exchange of views when it comes to interpreting difficult legal issues.’

Key clients

Intrum


Hoist


Europäischer Investitionsfonds (EIF) und Europäische Investitionsbank (EIB)


Waterfall Asset Management


Tier Mobility GmbH


Société Générale / BNP Paribas


Creditplus Bank AG


Deutsche Bank AG


Chorus Capital Management


Aviation Capital Group (ACG)


Morgan Stanley


Bayern LB


Lufthansa AirPlus Servicekarten GmbH


Lufthansa Cargo AG


Lufthansa AG


FWU AG / FWU Factoring GmbH


Helaba


Work highlights


  • Advising Intrum AB on three large securitization transactions involving non-performing loan portfolios of Piraeus Bank, the largest bank in Greece, with a total gross book value of approximately €14.8 billion.

  • Advising Waterfall Asset Management, LLC on a €500 million asset-backed debt financing for car subscription platform FINN, backed by its fleet of vehicles.

  • Advised TIER Mobility, Europe’s leading shared micro-mobility provider, on its asset-backed financing with Goldman Sachs.

Ashurst LLP

Banks, debt funds and companies can rely on the expertise of Ashurst LLP and particularly Martin Kaiser in true sale securitisations of loan, leasing and trade receivables as well as in ABCP programs amendments, while Tobias Krug, who jointly heads the practice group with Kaiser, is considered a specialist in regulatory issues and derivatives. Most recently, Krug advised on the conversion of base prospectuses according to the new EU prospectus regime, Brexit conversion projects and issuance programs, including those that enable the issuance of cryptocurrency-related products, as well as registered bonds.

Practice head(s):

Tobias Krug; Martin Kaiser


Other key lawyers:

Sahra Demirbilek


Testimonials

‘Client-oriented.’

Key clients

EIB


KfW IPEX-Bank


NordLB


CACIB


Barclays Bank PLC


Barclays Bank Ireland PLC


PATRIMONIUM Group


Leonteq AG


DZ Bank AG


Hyundai Capital Bank Europe GmbH


Bank Deutsches Kraftfahrzeuggewerbe GmbH


Banco Santander S.A.


Société Générale S.A.


Citigroup Global Markets Europe AG


FINN Auto GmbH


Deutsche Sparkassen Leasing AG & Co. KG


Work highlights


  • Advising FINN on a €500m asset-backed transaction involving multiple SPVs in Germany and Luxembourg for ringfencing and tax efficiency.

Dentons

Recently, Dentons has been particularly active in real estate financing-related matters, although practice head Arne Klüwer and his team also regularly oversee the expansion and restructuring of securitization programs, securitization, loan and leasing receivables transactions as well as secured promissory note loans. Financial institutions, payment services providers, investment funds, investors and companies make up the client base that also benefits from the group's cooperation with other locations, particularly in the context of international transactions.

Practice head(s):

Arne Klüwer


Other key lawyers:

Matthias Eggert; Verena Etzel


Key clients

Deutsche Bank


UniCredit Bank


Barclays Bank


Hamburg Commercial Bank AG / Smart Fact S.A.


Matthews International Incorporation


UniCredit Bank AG


Deutsche Bank AG


EU Malaria Fonds Berlin Managementgesellschaft mbH (EUMF)


Barclays Bank plc


Wilmington Trust SP Services (Frankfurt) GmbH


Work highlights


  • Advising Deutsche Bank AG as arranger of financing and the underlying documentation for the acquisition of the former Dresdner Bank office tower in Frankfurt’s Bahnhofsviertel, which is currently used by Deutsche Bahn AG, as well as on the documentation of subsequent changes and an associated increase in the financing amount.

  • Comprehensive advice to UniCredit as sole drafting counsel on the significant expansion of the securitization of trade receivables of Helm AG, which was first documented in 2020.

  • Further advice to Hamburg Commercial Bank AG on the Smart Fact program and the expansion of their newly created leasing financing platform through several transactions.

Jones Day

Jones Day's advisory strength lies on the intersection of fintech and regulatory law, an expertise that Nick Wittek is known for among others. Accordingly, client work includes advice on the development of securitization platforms using distributed ledger technology, investments in blockchain-based bonds and blockchain-based derivatives. In addition, clients – including financial services providers, alternative lenders, asset managers, investors, companies and fintechs – have an experienced key contact for various securitization transactions across all asset classes as well as for asset-backed commercial paper programs (ABCP) in practice head Ulf Kreppel.

Practice head(s):

Ulf Kreppel


Other key lawyers:

Nick Wittek; Michael Fischer


Testimonials

‘Very high level of competence, client and solution orientation.’

‘Very experienced colleagues, excellently networked and always up to date.’

‘Ulf Kreppel: Precise and efficient way of working, very friendly scope.’

‘Michael Fischer: Extremely adept, experienced and smart.’

‘Ulf Kreppel has been in the business for a long time, is well connected and always very nice to deal with.’

Key clients

Creditis Servizi Finanziari S.p.A.


DBRS Ratings GmbH


Deutsche Börse AG


FCA Bank


Natixis und Goldman Sachs Bank Europe SE


UniCredit Bank AG


Volkswagen Bank GmbH


Work highlights


  • Advising FCA Bank Deutschland GmbH in connection with the €525 million securitization of car loans.

  • Advising Volkswagen Bank GmbH on Volkswagen’s €15 billion securitization program covering car loans arranged by Commerzbank Aktiengesellschaft.

  • Advised Natixis and Goldman Sachs Bank Europe SE, joint lead managers, and Natixis, interest rate swap counterparties, in connection with the securitization of French home loans.

Mayer Brown LLP

Mayer Brown LLP has become an established player in the OTC derivatives market and, under the leadership of practice head Patrick Scholl, regularly advises banks on the global implementation of derivatives regulation, OTC derivatives and derivatives clearing. In addition, clients are assisted with updating of EU base prospectuses for bonds, certificates, warrants and mortgage bonds in accordance with the EU Prospectus Regulation as well as with the issue of sustainable structured products. Andreas Lange, who recently led several securitization transactions, as well as Alexei Döhl and Marcel Hörauf, who were both appointed counsel in January 2022 and focus on capital market and banking supervisory law, also form part of the core team.

Practice head(s):

Patrick Scholl


Testimonials

‘The team consists of experienced lawyers as well as young, ambitious and inquisitive talents. This also shows clients how important it is to the partners to provide well-founded training for the up-and-coming talent. In addition, all team members are incredibly friendly, so working together is a lot of fun, even beyond the technical side.’

‘Excellent professional expertise with an eye for relevant details and always up-to-date.’

‘Legally sound, but at the same time very practical and pragmatic advice. The team works together with targeted advice from a single source.’

‘Patrick Scholl: One of the smartest lawyers I know; great professional exchange at “eye level”. Also highly likable; Always available, no long response times.’

‘In our opinion, Patrick Scholl is one of the best partners for capital market law in Germany. His broad knowledge of DCM, OTC derivatives and regulatory issues is unparalleled in the market.’

‘The counsels Alexei Döhl and Marcel Hörauf impress with good work and well-founded advice.’

Key clients

Bank Julius Bär & Co. AG


DekaBank Deutsche Girozentrale


Deutscher Derivate Verband e.V. (DDV)


J.P. Morgan AG


Hamburg Commercial Bank