White & Case advises Hyundai Capital Bank Europe on €500 million auto loan securitisation

Global law firm White & Case LLP has advised Hyundai Capital Bank Europe GmbH (Hyundai Capital Bank Europe) on an asset-backed securities (ABS) transaction of auto loans.

"The transaction is the first public auto ABS transaction for our client Hyundai Capital Bank Europe," said White & Case partner Dennis Heuer, who co-led the Firm's deal team. "The successful implementation of the transaction in the current market environment has been made possible by the excellent cooperation of all parties involved in the deal."

The bearer bonds have a total nominal value of €500 million and are secured by auto loan receivables originated by Hyundai Capital Bank Europe. The issuer is the Luxembourg-based special-purpose vehicle Pony S.A., Compartment German Auto Loans 2023-1. The ABS transaction was arranged by Société Générale S.A. and Banco Santander S.A., both of which also acted as joint lead managers for the Class B, C, D, E and F Notes, and together with Deutsche Bank AG, for the Class A Notes. The bonds have been rated by Moody's and Fitch Ratings.

The White & Case team that advised on the transaction was led by partner Dennis Heuer and local partner Claire-Marie Mallad and included partners Bodo Bender (all Frankfurt), Ingrid York (London), counsels Alexander Born (Frankfurt) and Willem Van de Wiele (Brussels, Luxembourg) and associates Reetu Vishwakarma (Frankfurt), Maxim Arrazola de Onate (Brussels) and Phillan Amin (London).

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