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


‘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' 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


‘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


Palladium Securities



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


‘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


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


‘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



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


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



Key clients





Barclays Bank PLC

Barclays Bank Ireland PLC


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.


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


‘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


‘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.’

Key clients

Bank Julius Bär & Co. AG

DekaBank Deutsche Girozentrale

Deutscher Derivate Verband e.V. (DDV)

J.P. Morgan AG

Hamburg Commercial Bank