International law firm Simmons & Simmons has advised the bank consortium with ING Bank N.V. as Arranger on the first securitisation of a German credit card portfolio originated by Advanzia Bank S.A.. This marks the first transaction in this asset class in Germany.
The transaction comprises the issuance of notes in a volume of up to €475m and closed on 15 November 2021. The transaction has been verified as simple, transparent and standardised under the EU Securitisation Regulation by STS Verification International GmbH.
Frankfurt financial markets partner Dr Felix Biedermann was assisted by Luxembourg country head Louis-Maël Cogis, managing associate Martin Carlier (Belgium), Dr Gabriele Röhl and associate Robin Pichler (Germany).
Commenting on the deal, Dr Felix Biedermann said: “Advising the bank consortium on the first transaction in this asset class was a significant matter for Simmons. We deployed a truly cross border team, combining expertise from across the firm’s European network to advise our clients on the complexities that arise when dealing with a new type of transaction.”
