Multi-jurisdictional €750m
Ford auto loan securitisation closes
18 December 2002
A securitisation of approximately €750 million of Italian and
Spanish auto loan receivables originated by FCE Bank plc has been
successfully concluded. A team from international law firm Freshfields
Bruckhaus Deringer advised the lead managers on the deal, ABN Amro
and Deutsche Bank. The transaction involved the issue by Globaldrive
B.V. of €733m asset backed securities under its London listed
US$5 billion asset backed note programme, on the establishment of
which Freshfields Bruckhaus Deringer previously advised.
An Italian special purpose Law 130 vehicle and a
Spanish fondo de titulización de activos were set up to purchase
the receivables from the Italian and Spanish arms of FCE Bank. The
Italian Law 130 vehicle and the Spanish fondo raised the funds by
issuing Italian notes and Spanish bonds to a master purchaser, a
Dutch SPV wholly owned by Globaldrive B.V.. Globaldrive B.V., using
proceeds from the issue of its own asset backed securities, provided
a loan to the master purchaser to finance the purchase of the Italian
notes and the Spanish bond issued by the Italian Law 130 vehicle
and the Spanish fondo, respectively.
The Italian Law 130 vehicle and the Spanish fondo
were set up to take advantage of legal privileges conferred by those
jurisdictions on these types of domestic vehicles, which include
a reduction in registration formalities, bankruptcy remoteness and
tax neutrality.
Alan Newton, head of Structured Finance at Freshfields
Bruckhaus Deringer, said: "Conclusion of this transaction brings
the total number of pan European auto loan securitisations completed
by the Freshfields Bruckhaus Deringer European Structured Finance
Group this year to four. The previous auto loan deals on which Freshfields
Bruckhaus Deringer advised were the €1.5bn securitisation of
auto loan receivables originated by Peugeot, the €756 securitisation
of auto loan receivables originated by Fiat and the €1.4bn
securitisation of auto loan receivables originated by Renault."
The Freshfields Bruckhaus Deringer team, led by
Alan Newton, included partners Corrado Angelelli in Milan, Fernando
Bautista in Madrid and Pieter van Welzen in Amsterdam, and associates
Eleanor Fong in London, Emanuela Campari in Milan, Ernesto Jimenez
and Paula Mena in Madrid and Juno Brower in Amsterdam.
Receive the aptly named update service from Securitizability.com:
Copyright Securitizability.com 2005 ABOUT US
Disclaimer_____ Contact___
Privacy Statement
|
