Hogan Lovells advises on the first securitization of a German credit card portfolio
Led by Frankfurt partner Sven Brandt, an international team from global law firm Hogan Lovells advised Advanzia Bank SA on the securitization of a German credit card portfolio. This is the first transaction on this asset class in Germany.
Credit card receivables are recorded in current accounts, which leads to specific legal challenges. The receivables will be transferred on a revolving basis to a specifically incorporated special purpose company which will refinance the transaction by issuing over-the-counter notes. The bond issue for a maximum amount of 475 million euros took place on November 15, 2021. The transaction has been verified as simple, transparent and standardized under EU regulation on securitization by STS Verification International GmbH.
The Hogan Lovells team for Advanzia Bank SA
Dr. Sven Brandt (Partner, Head Capital Markets Germany), Sebastian Oebels (Senior Associate), Didem Savas (Projects Associate) (all Capital Markets, Frankfurt);
Gerard Neiens (Partner), Ariane Mehrshahi (Counsel), Agnes Merz (Associate) (all Capital Markets, Luxembourg);
Jean-Philippe Monmousseau (Counsel), Pierre-Luc Wolff (Senior Associate), Grace Mfuakiadi (Associate) (all taxes, Luxembourg);
Philip Van Steenwinkel (Partner), Ivan Peeters (Of Counsel), Charles-Henri Bernard (Senior Associate) (all Capital Markets, Brussels).