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Hogan Lovells Advises on First Securitisation for BMW in France

June 09 2015

Hogan Lovells has advised BMW Finance as transaction counsel on its first ever French auto lease ABS. This transaction is a market first for BMW in France and has been lauded as a "landmark" transaction.

The transaction was arranged by Crédit Agricole Corporate and Investment Bank with BNP Paribas and Crédit Agricole Corporate and Investment Bank as Joint Lead Managers.

The €400,000,000 notes issued by a French FCT (fonds commun de titrisation à compartiments) Bavarian Sky France and listed on the regulated market of the Luxembourg Stock Exchange, were secured by a pledge over leased vehicles in connection with the French automotive lease receivables.

The Class A Notes were rated Aaa(sf) by Moody's and AAA(sf) by DBRS and the Class B Notes were rated A2(sf) by Moody's and A(sf) by DBRS.

The Class A Notes received the Prime Collateralised Securities (PCS) label.

The Hogan Lovells team was led by Global Finance Practice Leader Sharon Lewis assisted by Baptiste Gelpi (Partner), Reza Mulligan (Counsel), Marouane El Idrissi (Associate) and Tim Slind (Associate); Bruno Knadjian (partner) and Pierre Denizot-Heller (associate) on the Tax aspects.

Commenting on the transaction, Sharon Lewis said:

"We are delighted to advise on this precedent-setting deal in France for BMW and look forward to Bavarian Sky France's continued success in the automotive securitisation market".

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