Hogan Lovells advises on the first securitisation of a German credit card portfolio

Press releases | 15 November 2021

Led by Frankfurt partner Sven Brandt an international team of global law firm Hogan Lovells advised Advanzia Bank S.A. on the securitisation of a German credit card portfolio. This marks the first transaction in this asset class in Germany. 

Credit card receivables are booked in current accounts which results in specific legal challenges. The receivables will be transferred on a revolving basis to a specifically established special purpose company which will refinance the transaction from the issue of privately placed notes. The notes issue of up to EUR 475 million occurred on 15 November 2021. The transaction has been verified as simple, transparent and standardised under the EU Securitisation Regulation by STS Verification International GmbH.

Hogan Lovells team for Advanzia Bank S.A.

Dr. Sven Brandt (Partner, Head Capital Markets Germany), Sebastian Oebels (Senior Associate), Didem Savas (Projects Associate) (all Capital Markets, Frankfurt);

Ariane Mehrshahi (Counsel), Agnes Merz (Associate) (all Capital Markets, Luxembourg);

Gerard Neiens (Partner), Jean-Philippe Monmousseau (Counsel), Pierre-Luc Wolff (Senior Associate), Grace Mfuakiadi (Associate) (all Tax, Luxembourg);

Philip Van Steenwinkel (Partner), Ivan Peeters (Of Counsel), Charles-Henri Bernard (Senior Associate) (all Capital Markets, Brussels).