ING ABS Transaction with a Volume of EUR100 Million
The Mauser companies' registered offices are located in Germany, the Netherlands, Italy, France, Canada and the United States. The receivables sold to ING are also subject to the laws of the respective originator's country, i.e. the transaction documents reflect the true sale of the receivables in accordance with the laws of these six jurisdictions in four different currencies. The receivables purchase agreement as such is subject to Belgian law.
"As a law firm specialized in cross-border transactions, we were able to provide our client with the relevant expertise from a single source and tailored to its needs within the scope of this large-volume international transaction in particular. This enabled our client to conclude the envisaged off-balance financing smoothly within a very short time frame in order to benefit from interesting financing conditions. The current market trend shows that large volume AR securitization transactions involving numerous countries can be realized and are reasonable," comments Dr. Martin Kaiser, Head of the Banking & Finance Practice Group on the transaction.
Baker & McKenzie's securitization team has advised clients on a large number of German and international ABS transactions on an ongoing basis, in particular also in the field of cross-border ABCP conduit transactions. In addition to ING, Commerzbank, DZ Bank, Landesbank Baden-Württemberg, Landesbank Hessen-Thüringen, Bayerische Landesbank and UniCredit are among the Firm's regular clients.
Baker & McKenzie Team Involved
Banking & Finance: Dr. Martin Kaiser, LL.M. (Partner, Frankfurt)
Other attorneys involved:
Banking & Finance: Dr. Sahra Demirbilek (Associate, Frankfurt), Stephan Lehnen, LL.M. (Associate, Frankfurt), Stefanie Hentschel, LL.M. (Senior Associate, London/Frankfurt)
Banking Regulatory: Sandra Wittinghofer (Partner, Frankfurt)
Tax: Dr. Christoph Becker (Partner, Frankfurt), Dr. Jochen Meyer-Burow, LL.M. (Partner, Frankfurt)
Consumer Law: Dr. Holger Lutz, LL.M. (Partner, Frankfurt)
as well as further colleagues from the Baker & McKenzie offices in Brussels, London, Paris, Amsterdam, Milan, Toronto and in the United States.