Ashurst advised LeasePlan Corporation N.V. (LeasePlan) as arranger of the securitisation of a portfolio consisting of auto lease receivables and auto residual values. The issuer, BUMPER DE S.A., issued notes with a total nominal value of €500m backed by auto lease receivables and auto residual values which were sold by LeasePlan Deutschland GmbH as originator. The notes were placed by Société Générale S.A. and Banco Santander, S.A. acting as joint lead manager. Frankfurt based STS Verification International GmbH acted as third party verifier under the Securitisation Regulation.
LeasePlan is a global leader in Car-as-a-Service. The company, which is celebrating its 60th anniversary this year, has approximately 1.6 million vehicles of various brands under management worldwide, providing a complete end-to-end service to its customers. Ashurst has already advised LeasePlan in connection with the previous Bumper 2019 transaction.
The Ashurst team was led by partner Dr Martin Kaiser. He was assisted by senior associates Dr Ivan Zlatanov and Stephan Lehnen (all Global Markets) as well as partner Dr Anders Kraft (Tax, all Frankfurt). At the Luxembourg office, partner Fabien Debroise and counsel Katia Fettes (both Global Loans) as well as partner Georges Simon and counsel Chiara Bardini (both Tax) were involved. London-based partner Daniel Franks along with senior associate Yuyi Yao (both Global Markets) advised on aspects of English law in relation to the interest rate derivatives.
Ashurst’s securitisation team specialises in True Sale transactions and provides specialist advice on the securitisation of auto loans, auto leasing receivables, auto residual values and trade receivables. The team led by Dr Martin Kaiser advises originators, arrangers, investors and trustees on all aspects of asset-backed securities.
