Porsche Bank secures €543.5M in landmark auto loan securitization deal
Vienna. Law firms Binder Grösswang and Hogan Lovells have advised Porsche Bank on the securitization of auto loan and leasing agreements worth over half a billion euros.
Binder Grösswang, alongside Hogan Lovells, served as transaction counsel to Porsche Bank AG in the securitization of 26,799 auto loan and leasing contracts.
The Transaction
The financing was structured through a bond issuance by FACT S.A., totaling €543.5 million, according to a press release. The senior tranche received the highest AAA rating from Morningstar DBRS and Fitch Ratings. Crédit Agricole Corporate and Investment Bank acted as arranger, while also serving as joint lead manager alongside ING Bank.
- The Binder Grösswang team was led by Managing Partner Stefan Tiefenthaler (Banking & Finance), with Philipp Schermer (Senior Associate) and Tobias Haralter (Associate) from the firm's Vienna-based Banking & Finance practice also contributing.
- Hogan Lovells advised Porsche Bank AG on a securitization transaction for the first time. The Frankfurt-based Sven Brandt (Partner and Head of German Debt Capital Markets) led the team, which included Sebastian Oebels (Counsel), Sandra Reinecke (Associate), and Alexander Peters (Projects Associate, all Capital Markets, Frankfurt); Ariane Mehrshahi (Partner), Valerie Laskowski (Counsel), and Carla Valdés Cortés (Senior Associate, all Capital Markets, Luxembourg); Gérard Neiens (Partner), Jean-Philippe Monmousseau (Counsel), and Grèce Mfuakiadi (Associate, all Tax, Luxembourg); as well as Sharon Lewis (Partner), Ailsa Davies (Counsel), and Joanna Veitch (Associate, all Capital Markets, Paris).
