Swiss Securitisation Is Picking Up Speed

Swiss securitisation has been picking up speed recently with a couple of new interesting first time issuances: Two Swiss auto lease asset-backed securitisation and one Swiss credit card asset-backed securitisation transactions have recently been launched. These landmark transactions are believed to be a breakthrough for Swiss auto lease securitisation and Swiss credit card securitisation transactions as well as Swiss asset-backed securities (ABS) more generally. Walder Wyss advised on all these transactions as Swiss transaction counsel.

Typical structures used in Swiss ABS – auto lease ABS

The first Swiss auto lease ABS is a private conduit transaction arranged by Lloyds TSB Bank plc through an asset-backed commercial paper (ABCP) conduit-funded receivables purchase facility backed by a Swiss auto lease portfolio originated by the Swiss subsidiary of an international auto finance company.