Baker & McKenzie acted as a transaction counsel for German and Luxembourg law on behalf of BMW (Switzerland) AG in the first public lease receivables securitisation in Switzerland under the issuing platform Bavarian Sky Europe S.A. Swiss law firm Homburger AG advised BMW on Swiss law. The transaction is listed on the SIX Swiss Exchange in Zurich and was rated with Class A notes by Fitch and S&P’s.
Bavarian Sky Europe SA in Luxembourg issued bonds backed by auto lease receivables in the total nominal value of CHF 300 million. Lead managers UBS AG and Credit Suisse AG were assigned with the placements of the bonds. This is the second public transaction in Switzerland.
“Investors know and appreciate the established Bavarian Sky securitization platform which we developed for BMW. In tandem with Homburger, we adapted the well-known structural features of Bavarian Sky to Swiss law, so that investors benefit from the high recognition factor. This makes the transaction investor-friendly and is also a reason for the low funding costs,” says Dr. Dietmar Helms, Finance partner in Frankfurt who advised on the transaction.
Baker & McKenzie’s securitization team regularly advises German and international ABS transactions, particularly in the automotive sector. Regular clients include VW Bank, VW Leasing, Porsche Financial Services, Mercedes-Benz Bank, BMW Bank, Toyota Bank, the Bank and the MAN Finance International.
