Hogan Lovells in the STS securitisation of Mercedes-Benz Financial Services Italia

Milan - Hogan Lovells has provided legal assistance and acted as transaction counsel in relation to an Italian securitisation deal of auto loans originated by Mercedes-Benz Financial Services Italia S.p.A., having a nominal value of approximately €560 million and involving the issue of two classes of asset-backed notes (Class A Notes and Class B Notes) by the securitisation vehicle Silver Arrow Merfina 2019-1 S.r.l.

The transaction has been arranged by UniCredit Bank AG and is the first securitisation structured by the Daimler Group in Europe in accordance with the requirements of the new European Regulation on “simple, transparent and standardised” (STS) securitisations. Prime Collateralised Securities (PCS) UK Limited has acted as firm providing verification services.

The Class A Notes have been rated "AA" by DBRS and "Aa3" by Moody's and have been listed on the Luxembourg Stock Exchange.

The Class A Notes have been placed on the market by Société Générale S.A. and UniCredit Bank AG (acting as Joint Lead Managers and Joint Bookrunners) and Crédit Agricole - Corporate & Investment Banking and Landesbank Baden-Württemberg (acting as Managers).

Hogan Lovells has provided legal assistance with a team comprising of Partners Federico del Monte and Dietmar Helms, Associates Luigi De Angelis and Trainee Giulia Paparella. Partner Sharon Lewis has advised on the English law aspects with Associate Ailsa Davies, whilst the tax matters have been dealt with by Partner Fulvia Astolfi and Associate Maria Cristina Conte.


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