ABS transaction for VW Financial Services worth EUR1 billion
Baker & McKenzie advised Volkswagen Financial Services AG, Volkswagen Leasing B.V. and DutchLease B.V. in another asset-backed securities (ABS) transaction as part of the VCL Master series in the Netherlands.
Notes backed by lease receivables and residual values of vehicles in a total nominal amount of up to 1 billion Euros were issued in the Netherlands. Originators of the receivables are Volkswagen Leasing B.V. and DutchLease B.V. The issuer is VCL Master Netherlands B.V.
"The VCL Master securitizations of Volkswagen are long proven and known for their quality. Volkswagen has now extended the VCL Program, which already existed in Germany and elsewhere, to the Netherlands. With a German-Dutch team, we were able to assist Volkswagen across borders", said Dr. Martin Kaiser, head of the practice group Banking & Finance, in regard to the transaction.
The securitization team of Baker & McKenzie regularly advises a large number of German and international ABS transactions, particularly in the automotive industry. Besides Volkswagen, this includes also Porsche Financial Services, Mercedes Bank, BMW Bank, Toyota Kreditbank, LeasePlan, FFS Bank and MAN Finance International.
Legal advisor Volkswagen:
Baker & McKenzie
Banking & Finance: Dr. Martin Kaiser, LL.M. (Partner, Frankfurt), Philippe Steffens (Partner, Amsterdam)
Banking & Finance: Dr. Sahra Demirbilek (Associate, Frankfurt), Stefanie Hentschel, LL.M. (Senior Associate, London), Stephan Lehnen, LL.M. (Associate, Frankfurt), Natusia Szeliga (Associate, Amsterdam), Emilie Huberts (Associate, Amsterdam)
Tax: Herman Huidink (Partner, Amsterdam), Gert Westerbroek (Associate, Amsterdam)