Next Generation Partners

Structured finance and securitisation in Germany

Clifford Chance

Clifford Chance's broad team continues to be one of the first ports of call for structured financing and securitisations, with strengths including transactional support in the infrastructure and renewable energy sectors; geographically, the practice focuses on Central and Eastern European as well as Asian transactions. Banks, fund sponsors, asset managers and companies also benefit from its expertise in alternative investments, funds and related regulatory matters. Oliver Kronat, who provides comprehensive advice on national and international structured financing (also experienced in the restructuring of securitisation and other financing transactions), leads the team, which also includes counsel Kerstin Schaepersmann (risk transfer transactions and synthetic securitisations) and counsel Hannes Deusch (receivables financing).

Practice head(s):

Oliver Kronat

Other key lawyers:

Kerstin Schaepersmann; Gregor Evenkamp; Hannes Deusch; Radoslav Lolov


‘Deep expertise in securitisation and structured receivables financing in general. Very commercial and pragmatic consulting approach.’

‘Oliver Kronat is a real partner for our company. He is commercially minded, highly experienced and works very well with both business and legal teams. A truly trusted advisor.’

‘Imaginative team. Successful at solving problems.’

‘Hannes Deusch: Sound, efficient, pragmatic.’


Linklaters' core competencies include the structuring of international financings and those related to ESG and new technologies as well as (synthetic) securitisations, which are often handled for clients from the electronic payment services, automotive and Fintech sectors. This is complemented by expertise in repackaging transactions as well as in derivatives across all asset classes; practice head Christian Storck is one of the central contacts for the latter area and not only covers OTC derivatives but also various capital market products and structured financing. Barbara Lauer specialises in NPL transactions and synthetic securitisations and, alongside Burkhard Rinne and counsel Jördis Heckt-Harbeck, is also experienced in asset-based structured financing.

Practice head(s):

Christian Storck

Other key lawyers:

Barbara Lauer; Burkhard Rinne; Christian Storck; Jörg Fried; Jördis Heckt-Harbeck; Kurt Dittrich


‘Leading position in regulatory and contractual/insolvency law for financial futures transactions (derivatives). Very high level of expertise and market knowledge.’

‘Large team that can cover many different facets.’

‘Christian Storck is very competent and pragmatic.’

‘Broadly based, high quality, high level of understanding.’

‘Enormous depth and breadth of know-how on legal issues in connection with capital market products.’

‘Burkhard Rinne is an excellent team player with deep legal and technical knowledge. He brings himself into a transaction on his own initiative with the highest level of commitment. He is not only solution-oriented, but also highly efficient and thus inspires the entire transaction team.’

‘Jörg Fried is the market leader in Germany for OTC derivatives: great legal expertise (especially in netting and complex transactions) and very good economic understanding.’

Barbara Lauer has extensive knowledge of securitisation and loan law, both on consumer and commercial side. Deep market knowledge in Germany and a very good overview of market practice in Luxembourg and France.

A&O Shearman

A&O Shearman has expertise across the entire spectrum of structured financing and securitisations, while the practice, among other areas, impresses in ESG-related alternative investments and transactions which shows for instance in its securitisations advice to start-ups in the renewable energy sector. The group further provides comprehensive advice on synthetic securitisations, OTC derivatives and the development of securitisation platforms and, thanks to the firm's extensive network, can seamlessly assist with cross-border matters. Stefan Henkelman and practice head Martin Scharnke are the key contacts, whose experience ranges from structured products and derivatives to regulatory issues (national and international).

Practice head(s):

Martin Scharnke

Other key lawyers:

Stefan Henkelmann; Jens Nollmann; Christian Klöpfer; Daniela Schmitt

Key clients

European Investment Bank

Banco Santander

Goldman Sachs

MUFG Securities EMEA plc /MUFG Group


The Bank of New York Mellon

M&G Investments

Work highlights

  • Advising M&G Investments on its €356 million investment in ABS notes issued by Enpal BV.

  • Advising Banco Santander as arranger in setting up an innovative securitisation program for automotive financing from Volkswagen Financial Services Poland with a volume of up to PLN 3 billion (VCL Master Poland DAC).

  • Advising Société Générale as arranger on the establishment of a €1 billion asset-backed floating rate notes issuance program for Cars Alliance DFP Germany 2017.

Hengeler Mueller

Hengeler Mueller advises on both the banking and corporate side and demonstrates particular strength in true sale securitisations as well as in synthetic securitisations of European corporate loans and leasing requirements. The practice further assists with the development of national and international refinancing platforms, including refinancing solutions in connection with pay-per-use and asset-as-a-service business models. Stefan Krauss is regularly instructed with matters pertaining to structured covered bonds, while Martin Geiger's routinely applies his expertise in leasing and loan portfolio securitisations.

Other key lawyers:

Martin Geiger; Stefan Krauss; Axel Gehringer

Work highlights

Hogan Lovells International LLP

Hogan Lovells International LLP focuses on the retail, financial services and automotive sectors, with the latter being particularly reflected in the group's advice on car loan securitisations. The team also assists with various regulatory aspects, for instance related to the distribution of structured products, the use of cryptocurrencies as underlying assets of structured products as well as with ESG securitisation transactions, Fintech securitisations and asset-based lending. Sven Brandt (ABS transactions and derivatives across all asset classes) heads the capital markets group. Fintech-related transactions and car loan securitisations are part of Dietmar Helms' advisory portfolio, while clients turn to Jochen Seitz for advice across the entire range of securitised derivatives and structured products.

Practice head(s):

Sven Brandt

Other key lawyers:

Julian Fischer; Peter Maier; Dietmar Helms; Jochen Seitz


‘Jochen Seitz impresses with his expertise.’

‘Uniquely connected, excellent quality of legal work and always highly professional.’

‘Dietmar Helms is uniquely well connected in the industry and advises far beyond the purely legal. He makes an extraordinarily valuable contribution when it comes to important decision-making, long before the legal work begins (e.g. when selecting the investor).’

Key clients

auxmoney GmbH

Bank 11

Crédit Agricole

Deutscher Derivate Verband

Enpal B.V.

Erste Group Bank

Goldman Sachs


Marex Financial


Santander Consumer Bank AG

Tilta Fintech GmbH

US Bank Global Corporate Trust

Volkswagen Leasing GmbH

Volkswagen D’Ieteren Finance SA

Wilmington Trust SP Services (Frankfurt) GmbH

Work highlights

  • Advising Enpal BV on the raising of a €300 million senior ABS financing by Citibank NA London Branch and a €56.25 million mezzanine ABS financing by funds managed by M&G.

  • Ongoing advice to a US investment bank on the update and expansion of its issuance platform for the issuance of structured products (bonds, certificates, leveraged products).

  • Advising Santander Consumer Bank AG on its €1 billion securitisation of consumer loans.

White & Case LLP

Most recently, White & Case LLP has become increasingly active in restructuring-related matters and assists with NPL transactions, including direct portfolio sales and structured transactions by way of securitisation, while asset-backed financing represents another mainstay. The practice's recent sectorial focus lay on the technology sector, as, for instance, reflected in its assistance of an e-scooter operator with ABS financing. Financial institutions, start-ups and blue-chip companies further benefit from the firm's global set-up, which ensures seamless advice under German, English and US law, making cross-border transactions part of its daily caseload. This  strong network is also mirrored on practice lead level: in addition to heading the German practice, Dennis Heuer, whose expertise includes ESG-related securitisations, co-leads the EMEA structured finance practice as well.

Practice head(s):

Dennis Heuer

Other key lawyers:

Claire-Marie Mallad


‘The team works together very efficiently across offices and countries on RegCap transactions and harmonises very well.’

‘Dennis Heuer is an outstanding personality; he impresses with his profound expert knowledge as well as his client and results orientation.’

‘In-depth knowledge of the current market.’

‘Even in stressful and time-critical situations, the team remains focused and careful when processing, responding quickly to inquiries.’

‘Strong support in a transaction that was the first of its kind in the region. Solution-oriented, open to dialogue with clients and counterparties.’

‘Dennis Heuer showed mastery and knowledge of the subject from day one. His direct, yet open and respectful communication style enabled him to close the deal and also supported clients and agents in the process.’

Key clients

Bayerische Landesbank

Hamburg Commercial Bank



LH Cargo

Société Générale/BNP Paribas



FWU / FWU Factoring

Tier Mobility

Work highlights

  • Advising Bayerische Landesbank on its first synthetic securitisation in accordance with EU regulations on simple, transparent and standardised securitisations (STS) with a reference portfolio consisting of corporate loans from Bayerische Landesbank with a total value of €1 billion.

  • Advising Hamburg Commercial Bank (HCOB) as senior lender in a securitisation transaction of a portfolio of non-performing loans from Lowell Danmark A/S, one of the largest providers of credit management services in Europe, with a gross book value of approximately €341 million.

  • Advising creditshelf AG and creditshelf solutions GmbH on an asset-backed financing in the form of a €100 million securitisation transaction with Goldman Sachs.

Ashurst LLP

In addition to ACBP programs and STS transactions, Ashurst LLP also routinely handles receivables financing and ESG securitisations. As an integral part of the global markets practice , the team is also instructed by international companies to assist with initial German securitisations; furthermore, cross-practice cooperation and close collaboration with project financing experts result in regular advice on capital market-related infrastructure financing. OTC and securitised derivatives are primarily covered by Tobias Krug, who is the co-head of the firm's global finance, funds and restructuring group, and jointly leads the German team with true sale securitisation expert Martin Kaiser.

Practice head(s):

Tobias Krug; Martin Kaiser

Other key lawyers:

Sahra Demirbilek



Key clients


Société Générale






Deutsche Bank

Goldman Sachs

MEAG MUNICH ERGO AssetManagement GmbH

Work highlights

  • Advising Penumbra/Deutsche Bank on the structuring and documentation of a registered bond.

  • Advising BNP Paribas on the first German securitisation of car loans with its German branch Consors.

  • Advising Patrimonium Middle Market Debt Fund on the refinancing of Willy Bogner GmbH.

Baker McKenzie

Baker McKenzie is particularly experienced in cross-border securitisation transactions and focuses on advising originators and banks on asset-backed securities in the automotive sector as well as on ABCP transactions in the  commercial receivables sphere. ESG compliance issues are increasingly contributing to the team's workload as well. Sandra Wittinghofer usually leads on matters and handles term and ABCP transactions as well as banking regulatory issues; she jointly heads the practice with Oliver Socher, who is very active in the banking and finance sector.

Practice head(s):

Oliver Socher; Sandra Wittinghofer


‘Excellent know-how; excellent negotiation and moderation skills; fully recommended.’

Key clients

Deutsche Sparkassen Leasing AG & Co

Landesbank Baden-Württemberg

Landesbank Hessen-Thüringen Girozentrale

DZ Bank



Porsche Financial Services GmbH

UniCredit Bank AG



N26 Bank

BNP Paribas Securities Services

Hewlett-Packard GmbH/HPE Financial Services

Work highlights

  • Advising Landesbank Baden-Württemberg as joint lead manager on the VCL 36 transaction, the securitisation of leasing receivables of Volkswagen Group with a transaction volume of €705 million Class A Notes and €16.5 million Class B Notes.


Dentons assists financial institutions, payment service providers and funds with the set-up of refinancing platforms and ABCP programs as well as with asset-based lending. Practice head Arne Klüwer is experienced in the securitisation of leasing and commercial receivables as well as loans and has particular expertise in true sale securitisations. Loan financing, restructuring and portfolio transactions represent Matthias Eggert's mainstays, who is frequently instructed by banks, Fintech companies and borrowers.

Practice head(s):

Arne Klüwer

Other key lawyers:

Matthias Eggert; Verena Etzel


‘Very well-positioned team with strengths in structuring and transaction implementation, especially with tight timelines.’

‘Arne Klüwer: Excellent partner with extensive knowledge and extensive transaction experience in ​​securitisation across various asset classes.’

‘Very good communication and proactive submission of suggestions for improvement as part of the structuring. Very service-oriented and a great wealth of experience. Uncomplicated!’

‘Arne Klüwer has been a highly valued contact for many years.’

Key clients

UniCredit Bank AG n

Hamburg Commercial Bank AG / Smart Fact S.A.


Kanadische Großbank

Bank of Montreal

The Landbanking Group GmbH

Work highlights

  • Advising UniCredit as arranger of the Arabella ABCP program and as arranger of the Helm transaction as part of an extension of a commercial receivables securitisation carried out by several ABCP conduits involving several currencies for a German chemical trading company.

  • Advising UniCredit Bank AG on the structuring, negotiation and documentation of a securitisation transaction for receivables from air transport services of a leading German service company in this sector.

  • Advising HSBC on all relevant issues under German law as part of the German part of a securitisation of commercial receivables covering several jurisdictions in Europe and the US for an internationally operating company with headquarters in the US.

Jones Day

With particular strengths in the Fintech sector, Jones Day is predestined to advise on matters related to distributed ledger technologies. This includes, for instance, advice to financial institutions on setting up tokenisation platforms and implementing blockchain-based interest rate derivatives. Fintech expert Nick Wittek is frequently in charge and one of the key contacts; as is practice head Ulf Kreppel, who focuses on securitisation transactions across various asset classes.

Practice head(s):

Ulf Kreppel

Other key lawyers:

Nick Wittek


‘Ulf Kreppel takes care of the transactions he oversees and this is not the case with all practices.’

‘Ulf Kreppel: Very approachable, level-headed colleague.’

Key clients

Creditis Servizi Finanziari S.p.A.

DZ Bank AG

Deutsche Börse AG

FCA Bank


UniCredit Bank AG

Volkswagen Bank GmbH

Work highlights

  • Advising DZ Bank on trading and fully automated processing of over-the-counter interest rate derivatives in the form of digital Smart Derivative Contracts (SDC) in Germany and Europe.

  • Advising Volkswagen Bank GmbH on Volkswagen’s €15 billion securitisation program, which includes car loans, and was arranged by Commerzbank AG.

  • Advising FCA Bank on the merger of FCA Bank Deutschland GmbH into FCA Bank SpA (Germany branch) in its role as originator and servicer of the German car loan securitisations A-BEST 16, A-BEST 19 and A-BEST 21.

Mayer Brown LLP

Mayer Brown LLP impresses with its expertise in OTC derivatives and derivatives clearing; most of these matters are led by practice head Patrick Scholl. Clients further benefit from the firm's international outreach, which is reflected in its advice on cross-border matters relating to true sale securitisations and asset-based lending; here, Andreas Lange is the key contact. This is complemented by experience in retail and sustainable structured products.

Practice head(s):

Patrick Scholl

Other key lawyers:

Andreas Lange


‘Technically strong with a deep understanding of the economic context. Strong sense of the interaction between civil and regulatory requirements.’

‘Patrick Scholl: Technically outstanding with a very pleasant personality without any partner airs.’

‘Patrick Scholl’s team works with a small, quick-witted team with excellent technical knowledge across the board. Transactions can be implemented very effectively.’

Key clients

Bank Julius Baer & Co. AG

DekaBank Deutsche Girozentrale

Deutscher Derivate Verband e.V. (DDV)

Leonteq Securities AG

UniCredit Bank AG