Hogan Lovells Advises on First Securitisation for BMW in France

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".

About Hogan Lovells


For more information, see www.hoganlovells.com
Hogan Lovells is a leading global law firm providing business-oriented legal advice and high-quality service across its exceptional breadth of practices to clients around the world.
"Hogan Lovells" or the "firm" is an international legal practice that includes Hogan Lovells International LLP, Hogan Lovells US LLP and their affiliated businesses.
The word "partner" is used to describe a partner or member of Hogan Lovells International LLP, Hogan Lovells US LLP or any of their affiliated entities or any employee or consultant with equivalent standing. Certain individuals, who are designated as partners, but who are not members of Hogan Lovells International LLP, do not hold qualifications equivalent to members. 
For more information about Hogan Lovells, the partners and their qualifications, see www.hoganlovells.com.
Where case studies are included, results achieved do not guarantee similar outcomes for other clients.


Loading data