Hogan Lovells advises Mercedes-Benz Financial Services Italia on €560 million STS securitisation deal

Milan, 16 December 2021 – Global law firm Hogan Lovells has provided legal assistance and acted as transaction counsel on the new public Italian securitisation of Mercedes-Benz Financial Services Italia. The securitised assets were auto loans granted by the company to its clients for an aggregate value of approximately Euro 560 million.

The transaction complies with the criteria for simple, transparent and standardized (STS) securitization transactions established by the applicable European legislation (Regulation UE 20172402).

UniCredit Bank AG has acted as Arranger and Prime Collateralised Securities (PCS) has acted as the third-party verifier of the STS requirements.

The securitisation has been made through the securitisation vehicle Silver Arrow Merfina 2021-1. Two classes of asset-backed notes have been issued, i.e. Class A Notes and Class B Notes. 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 B Notes have not been rated or listed. The Class A Notes have been placed on the market by UniCredit Bank AG and BNP Paribas S.A., who have acted as Joint Lead Managers and Joint Bookrunners. ING Bank N.V. and Commerzbank Aktiengesellschaft acted as Managers. The Class B Notes have been fully subscribed by Mercedes-Benz Financial Services Italia.

The Hogan Lovells team was led by Milan-based partner Federico del Monte with support from associates Matteo Scuriatti and Diego Guardì and trainee Serena Tonello. London-based partner Sharon Lewis advised on the English law aspects with support from associate Ailsa Davies. Frankfurt-based partner Dietmar Helms advised on the German law aspects with support from senior associate Anna Rogge; and counsel Serena Pietrosanti advised on tax matters with support from senior associate Maria Cristina Conte.


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