Hogan Lovells advises Opel Vauxhall Finance and BNP Paribas on Opel Bank's first public STS and SRT securitisation

Paris, 26 September 2019 – Hogan Lovells advised Opel Vauxhall Finance and BNP Paribas (as Arranger) on Opel Bank GmbH's first public 'simple, transparent and standardised' (STS) auto loan securitisation transaction, meeting the requirements for a 'significant risk transfer' (SRT).

The transaction, with a volume of EUR900,000,000, securitised over 80,000 loan contracts for vehicles of the Opel brand. The matter closed on 26 September 2019.

BNP Paribas acted as Arranger and Joint Lead Manager (for the Class A to G Notes) and UniCredit Bank AG acted as Joint Lead Manager (for the Class A Notes).

The class A/B/C/D/E/F/G/H notes, in an amount of EUR900,000,000, were issued by the French securitisation fund (fonds commun de titrisation) "E-Carat 10" and were officially listed and admitted to trading on the regulated market of the Luxembourg Stock Exchange. The class A/B/C/D/E/F/G notes are rated, respectively, AAA(sf), AA(sf), A(sf), BBB(sf), BB(sf), B-(sf) and CCC+(sf) by S&P Global and AAA(sf), AA(sf), AA(low)(sf), A(sf), BBB(low(sf), BB(sf) and B(high)(sf) by DBRS.

The Hogan Lovells' team in charge of the transaction was led from Paris and Frankfurt by Sven Brandt (Partner, Head of the German Debt Capital Markets Team) and Sharon Lewis (Partner, Financial Institutions Sector Head), with Laura Asbati (Counsel, International Debt Capital Markets, Paris) and Sebastian Oebels (Senior Associate, International Debt Capital Markets, Frankfurt). Ailsa Davies (Senior Associate, International Debt Capital Markets, Paris) handled the swap aspects, Ludovic Geneston (Partner, Paris), Dr. Heiko Gemmel (Partner, Dusseldorf) and Nico Neukam (Counsel, Dusseldorf) handled the tax aspects and Dennis Dillon (Partner, London) handled U.S. law aspects.


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