White & Case Advises BDK on €700M ABS Auto Loans Deal
Global law firm White & Case LLP has advised Bank Deutsches Kraftfahrzeuggewerbe (BDK) on a significant €700 million asset-backed securities (ABS) car loans transaction. The deal, led by partner Dennis Heuer, involved the bundling of automotive credit risks.
White & Case's team, which included partners Ingrid York and Claire-Marie Mallad, counsel Alexander Born, and transaction lawyer Anna Spentzou, guided BDK through the complex process. Heuer, a seasoned partner, had previously advised BDK on ABS transactions in 2024 and May 2025.
Société Générale S.A. served as the lead manager and arranged the transaction. The bonds, issued by Frankfurt-based special purpose vehicle Red & Black Auto Germany 13 UG, were secured by auto loan receivables originated by BDK. The transaction involved bearer bonds with a total nominal value of €700 million. The bonds' creditworthiness was assessed and rated by DBRS Ratings GmbH and Fitch Ratings Ireland Limited.
White & Case's expertise in ABS transactions was instrumental in advising BDK on this substantial €700 million used car loans deal. The successful transaction highlights the firm's commitment to providing top-tier legal services in the complex world of asset-backed securities.
