Non-Performing Loans

Cerberus
Advised Cerberus on the acquisition of a portfolio of performing and non-performing real estate-backed loans, with borrowers in Germany, the Netherlands, France, Denmark and Finland, from HSH Nordbank.

Hamburg Commercial Bank
Advised Hamburg Commercial Bank (HCOB), as senior lender, on a securitization transaction of a portfolio of non-performing loans of Lowell Danmark A/S (Lowell), one of the largest providers of credit management services in Europe, with a gross book value of approximately €341 million.

Hoist Finance
Advised Swedish SFA regulated Hoist Finance on its first ever rated Italian investment grade rated securitisation backed by a portfolio comprising only unsecured non-performing loans (NPLs) with a gross book value of €5 billion. The transaction involved the issuance of €337 million notes across three tranches issued by the Italian securitisation vehicle Marathon SPV S.r.l. to finance the purchase of the NPL portfolio. The transaction was done for capital relief purposes.

Hoist Finance
Advised Hoist Finance AB (Hoist) on a strategic partnership with alternative investment manager Magnetar Capital (Magnetar) for joint non-performing loan (NPL) portfolio investments on a pan-European level. The programme is structured to achieve significant risk transfer in accordance with Article 244 of Regulation (EU) No 575/2013 (CRR) and will target unsecured NPL portfolios, for a total investment volume of approximately €1 billion. As co-investor, Magnetar has committed to invest €150 million in mezzanine and junior notes in future securitisations over a 24-month investment period.

Hoist Finance
Advised Swedish SFA regulated Hoist Finance on the unrated securitisation of an Italian NPL portfolio. The senior notes of the securitisation were sold to an investment fund, whilst the junior notes were retained by Hoist Finance. The transaction was for capital relief purposes.

Intrum
Advised Intrum Holding AB in the context of the hive-down of the Recovery Banking Unit (RBU) of Piraeus Bank, one of the largest banks in Greece. The RBU was hived-down into a separate legal entity, and Intrum acquired 80% of the shares in the new entity corresponding to a purchase price of €328 million, while Piraeus owns the remaining 20 percent of the shares. More than 1,200 bank employees were transferred to the newly set-up RBU business. Intrum will also be managing a €28 billion securitization of non-performing loans through the RBU business.

Intrum
Advised Intrum Holding AB on a securitization transaction involving a non-performing loan portfolio of Piraeus Bank, the largest bank in Greece, with a gross book value of approximately €4.9 billion for the Project Vega portfolio. The rated senior notes of the two transactions will have the benefit of a guarantee issued by the Greek government under the Hellenic Asset Protection Scheme (HAPS).

Intrum
Advised Intrum Holding AB on a securitization transaction involving a non-performing loan portfolio of Piraeus Bank, the largest bank in Greece, with a gross book value of approximately €1.92 billion for the Project Phoenix portfolio. The rated senior notes of the two transactions will have the benefit of a guarantee issued by the Greek government under the Hellenic Asset Protection Scheme (HAPS).

Intrum
Advised Intrum Holding AB on three securitization transactions involving Piraeus Bank's Sunrise I, Sunrise II and Sunrise III non-performing loan portfolios consisting of retail and corporate loans with a gross book value of €7.2 billion (Sunrise I), €2.7 billion (Sunrise II) and €500 million (Sunrise III). Senior notes of each transaction will have the benefit of a guarantee issued by the Hellenic Republic under the Hellenic Asset Protection Scheme (HAPS).

Intrum
Advised Intrum Holding AB on a securitisation involving Piraeus Bank's Project Senna non-performing loan portfolio with a total gross book value of €300 million at March 31, 2023. It is held by Senna NPL Finance DAC and consists of approximately 60 precent small-sized mortgages, and 40 percent consumer and small business loans.

Piraeus Bank
Advised Piraeus Bank one of Greece's leading 'big four' banks, on the sale and transfer of a portfolio of non-performing, denounced unsecured retail consumer and credit cards exposures equivalent to €2.238 billion total legal claims or €385 million on-balance sheet gross book value to APS Investments, a leading CEE/SEE distressed debt investment advisor and manager.

Synthetic Securitisations

Bayerische Landesbank
Advised Bayerische Landesbank on its first synthetic securitisation transaction in accordance with the EU regulations on simple, transparent, and standardized securitisations (STS). The reference portfolio consists of corporate credit facilities originated by Bayerische Landesbank with a total value of €1 billion. The transaction involved the placement of the mezzanine tranche in the form of credit linked notes with private investors. This is the first German synthetic STS transaction in the form of credit linked notes issued directly by a bank. (2022)⠀

Crédit Agricole Corporate & Investment Bank
Advised Crédit Agricole Corporate & Investment Bank on the completion of the first "green" synthetic securitisation in its Premium Green PLC Balance Sheet Notes, a US$3 billion synthetic securitisation relating to the bank's portfolio of project finance and asset finance loans, which were sold to Mariner Investment Group.

European Investment Bank / European Investment Fund
Advised the European Investment Bank (EIB) and the European Investment Fund (EIF), as Guarantor, on the first synthetic securitisation in Romania originated by leasing company Deutsche Leasing Romania IFN S.A. (DLRO), a member of the Deutsche Leasing Group. This is the first cooperation between the EIB Group and Deutsche Leasing Romania, which will help to strengthen investment by Romanian companies active in sectors affected by COVID-19 and will enable local companies across Romania to benefit from €370 million of additional leasing finance.

European Investment Bank / European Investment Fund
Advised the European Investment Bank (EIB) and the European Investment Fund (EIF) as guarantors on the synthetic securitisation of a €1 billion loan portfolio for small and medium-sized enterprises originated by Deutsche Bank AG. EIF will issue a €75 million guarantee to Deutsche Bank covering the mezzanine tranche. The transaction is structured to achieve a more favourable capital charge for the senior tranche in line with Regulation (EU) 2021/557, which introduced a simple, transparent, and standardised framework for synthetic securitisations (STS securitisations). The transaction is a direct response to the crisis triggered by the COVID-19 pandemic and an important milestone in the EIB Group's continued support to the European economy.⠀

European Investment Bank / European Investment Fund
Advised the European Investment Fund (EIF) and the European Investment Bank (EIB) on a revolving synthetic securitization with Europejski Fundusz Leasingowy S.A. (EFL) for a PLN 2 billion portfolio of leasing receivables. The transaction is expected to support entrepreneurship, job creation and economic growth in Poland.

European Investment Bank / European Investment Fund
Advised the European Investment Fund (EIF) and the European Investment Bank (EIB) on a synthetic securitization of leases granted to small and medium-sized enterprises (SMEs) in Romania originated by leasing company Deutsche Leasing Romania IFN S.A. (DLRO), a member of the Deutsche Leasing Group. The EIF guarantee on the mezzanine and senior tranches covers a reference portfolio of approximately €330 million. (2024)

European Investment Bank / European Investment Fund
Advised the European Investment Fund (EIF) and the European Investment Bank (EIB) on a synthetic securitisation of Greek SMEs, Small-Mid Caps and Mid-Caps loan portfolio originated by Eurobank S.A. in the form of a first loss piece guarantee. The first loss piece guarantee pertains to a €700 million securitisation of a performing reference portfolio of Eurobank. The EIF has issued a guarantee to Eurobank covering the first loss tranche of the loan portfolio and a counter guarantee (back-to-back) from the EIB fully mirrors the EIF's obligation, so that the EIB covers the credit risk related to the junior tranche.⠀

European Investment Bank / European Investment Fund
Advised the European Investment Fund (EIF) and the European Investment Bank (EIB) on a synthetic securitisation of a portfolio of loans originated by Banca Transilvania S.A. (BT) and granted to Romanian micro, small and medium-sized enterprises (SMEs) and corporates. (2024)

European Investment Fund
Advised the European Investment Fund (EIF), in its capacity as Guarantor, on a synthetic securitisation in Poland originated by the leasing company Europejski Fundusz Leasingowy (EFL), a member of the Crédit Agricole Group. The EIF has provided EFL with a guarantee covering both the senior and mezzanine tranches of an approximately €490 million SME portfolio. The transaction supports new financing to SMEs, mid-caps and micro-enterprises in Poland. StormHarbour acted as arranger for EFL and Crédit Agricole CIB advised Crédit Agricole Group.

European Investment Fund
Advised the European Investment Fund (EIF) on a synthetic 'Simple, Transparent and Standardised' (STS) securitisation of German consumer loans originated by Deutsche Bank AG. The EIF guarantee on the €150 million mezzanine tranche covers a large reference portfolio of consumer loans. A counter guarantee (back-to-back) from the European Investment Bank (EIB) mirrors the EIF's obligation, so that the EIB covers the credit risk related to the mezzanine tranche. (2024)

European Investment Fund
Advised the European Investment Fund (EIF) on the second synthetic 'Simple, Transparent and Standardised' (STS) securitisation of German consumer loans originated by Deutsche Bank AG. The EIF guarantee on the €250 million mezzanine tranche covers a large reference portfolio of consumer loans of EUR 2.2 bn. A counter guarantee (back-to-back) from the European Investment Bank (EIB) mirrors the EIF's obligation, so that the EIB covers the credit risk related to the mezzanine tranche.

European Investment Fund
Advised the European Investment Fund (EIF) on the first synthetic securitisation of a €980 million portfolio consisting of auto loans granted to individual borrowers in Spain originated by Cetelem, the BNP Paribas Personal Finance commercial brand in Spain. The transaction will allow Cetelem to unlock €200 million to finance projects carried out by households aimed at enhancing the energy efficiency of homes in Spain. (2025)

European Investment Fund
Advised the European Investment Fund (EIF) on a synthetic 'Simple, Transparent and Standardised' (STS) securitisation of a €1.4 billion portfolio consisting of loans to SMEs originated by BBVA supporting EIF on the implementation of its strategic priorities which include climate action, access to affordable and sustainable housing, cohesion and the capital markets union through securitisation and help unlock capital for green projects. (2025)

Hamburg Commercial Bank (formerly HSH Nordbank)
Advised HSH Nordbank on a complex structured finance transaction, which is backed by a diversified €3 billion loan portfolio. Institutional investors have provided a financial guarantee for a significant portion of the portfolio, which includes loans for corporate and real estate clients. The loans of the underlying reference portfolio were not transferred and remain on HSH's balance sheet. Through the transaction, HSH has reduced its credit risk and strengthened its regulatory capital.

NORD/LB
Advised NORD/LB on a €10.1 billion credit portfolio transaction with a reference portfolio of approx. 4,300 loans containing renewable energies, infrastructure, aircraft and German medium-sized businesses loans. The securitisation transaction also included approx. €1 billion shipping loans and thereby constitutes one of the biggest shipping securitisation transactions recently placed into the markets. NORD/LB reduced its risk-weighted assets by around €3.7 billion resulting in a significant CET 1 ratio improvement. Marine Money has named the Northvest 2 transaction its "Securitization Deal of the Year 2017".

Santander
Advised Santander Consumer Bank AG on its first synthetic securitisation in accordance with EU regulations on simple, transparent and standardised (STS) securitisations. The reference portfolio consists of loans to large corporates originated by Santander Consumer Bank with a total value of EUR 1,294 Mio.

Société Générale
Advised Société Générale on the issuance by a French securitisation vehicle Fonds commun de Titrisation (FCT) of balance sheet notes linked to a landmark US$3.4 billion impact investment risk transfer related to the Bank's diversified lending portfolio. The transaction incorporates an innovative factor to incentivise additional Positive Impact Finance lending and is the first significant risk transfer transaction to use an FCT structure under French law since May 2007. It was awarded "Innovation of the Year" and received an honourable mention in the "Impact Deal of the Year" category at the SCI Capital Relief Trades Awards 2019.⠀

States of Hamburg and Schleswig-Holstein
Advised the states of Hamburg and Schleswig-Holstein, Germany, on the risk shield by way of a synthetic securitisation for HSH Nordbank AG in the amount of €10 billion.

True Sales Securitisations

ALD AutoLeasing D
Advised ALD AutoLeasing D GmbH on a securitization of leasing receivables with a volume of more than €400 million. The listed notes were issued by Luxemburg-based Red & Black Auto Lease Germany 3 S.A. and rated by S&P and Moody's. Société Générale S.A. acted as arranger and lead manage.

Bayerische Landesbank
Advised Bayerische Landesbank on a lease receivables securitisation via Multi-Seller Commercial Paper Programmes (CP).⠀

Bank Deutsches Kraftfahrzeuggewerbe
Advised Bank Deutsches Kraftfahrzeuggewerbe (BDK), a subsidiary of Société Générale S.A., on a €600 million asset-backed securities (ABS) auto loans transaction. The bearer bonds have a total nominal value of €600 million and are secured by auto loan receivables originated by BDK. The issuer is Frankfurt-based special purpose vehicle Red & Black Auto Germany 11 UG. (2024)

Bank Deutsches Kraftfahrzeuggewerbe
Advised Bank Deutsches Kraftfahrzeuggewerbe (BDK), a subsidiary of Société Générale S.A., on a €750 million auto loans transaction. The bearer bonds have a total nominal value of €750 million and are secured by auto loan receivables originated by BDK. The issuer is Frankfurt-based special purpose vehicle Red & Black Auto Germany 12 UG. (2025)

BNP / Natixis
Advised the arrangers as transaction counsel on a €650 million asset-backed securities auto loans transaction. The bonds are secured by auto loan receivables originated by the German branch of RCI Banque S.A. and have been rated by DBRS and Moody's. The securitization is STS approved by SVI (Cars Alliance Auto Loans Germany V 2025-1) (2025).

Credit Agricole / HSBC
Advised on a €1,000,000,000 securitisation programme of German auto loans originated by RCI Banque and arranged by Crédit Agricole CIB and HSBC. The €950,000,000 Class A asset-backed notes have been issued by Cars Alliance Auto Loans Germany V 2019-1 (a French fonds commun de titrisation) and have been listed on the Luxembourg Stock Exchange.⠀

Credit Agricole / HSBC
Advised on a €2 billion securitisation programme of German auto loans originated by RCI Banque acting through its German branch (RCI Banque S.A., Niederlassung Deutschland) and arranged by Crédit Agricole CIB and HSBC France. The asset-backed notes have been issued by Cars Alliance Auto Loans Germany Master (a French fonds commun de titrisation) and have been listed on the Luxembourg Stock Exchange.

Creditplus Bank
Advised Creditplus Bank AG on a €1 billion ABS securitisation of consumer auto loans. The notes are rated by S&P and DBRS Ratings. The issuer is Retail Automotive CP Germany 2021 UG (haftungsbeschränkt). Crédit Agricole Corporate and Investment Bank and Landesbank Baden-Württemberg acted as Arranger and Manager. (2021)

creditshelf
Advised creditshelf AG and creditshelf solutions GmbH on an asset-backed financing of €100 million from Goldman Sachs. creditshelf is a German online lending platform that arranges innovative bank-independent and flexible financing solutions for small and medium-sized enterprises (SMEs) based on data-driven risk analysis and fast digital processes. The transaction will enable creditshelf to continue and expand its business and cater to the ever-increasing finance needs of SMEs in Germany.⠀

Deutsche Bank
Advised Deutsche Bank on a new €10 billion German RMBS transaction relating to a portfolio of residential mortgage loans of BHW Bausparkasse AG (" BHW" ), a wholly- owned subsidiary of Deutsche Bank AG. German special purpose vehicle Wendelstein 2024-1 UG (haftungsbeschränkt) has issued two classes of fixed-rate notes, both maturing in 2064. The bonds were subscribed by Deutsche Bank AG and are secured by more than 60,000 residential mortgage loans originated by BHW in Germany. The class A bonds were rated by DBRS Ratings GmbH and Fitch Ratings. (2024)

European Investment Fund
Advised the European Investment Fund (EIF) in its capacity as Guarantor of Senior Notes of PLN 360 million (around € 83 million) on a securitisation concluded by Alior Leasing sp. z o.o., the leasing subsidiary within Alior Bank Group. The securitised reference portfolio comprises PLN 500 million (around €116.3 million) of Polish lease receivables. The transaction was arranged jointly by UniCredit Bank AG and ING.⠀

FINN
Advised Waterfall Asset Management, LLC on a €500 million asset-backed debt capital financing to Munich-based, carbon-neutral car subscription platform FINN, secured against its fleet. FINN intends to use the financing to accelerate the growth of its fleet. Credit Suisse AG is the senior investor in the transaction and Waterfall Asset Management has acquired the mezzanine notes.⠀

HSBC France
Advised the arranger HSBC France in connection with certain structural amendments and increase of the Master programme from a €2 billion to a €3 billion securitisation programme of German auto loan receivables relating to Renault and Nissan cars, originated by RCI Banque acting through its German branch (RCI Banque S.A., Niederlassung Deutschland). The related notes are listed on the Luxembourg Stock Exchange and are rated by DBRS and S&P.⠀

HSH Nordbank
Advised HSH Nordbank on its US$360 million refinancing. The 'CASTELLUM ABF' funding transaction was collateralised by a portfolio of commercial real estate loans secured by mortgages governed by English law. It was HSH Nordbank's third US-dollar refinancing since it established its own asset-based funding platform in 2013.

Hyundai Capital Bank Europe
Advised Hyundai Capital Bank Europe GmbH (Hyundai Capital Bank Europe) on a €700 million asset-backed securities (ABS) auto loans transaction. (2024)

Hyundai Capital Bank Europe
Advised Hyundai Capital Bank Europe GmbH (Hyundai Capital Bank Europe) on a €500 million asset-backed securities (ABS) auto loans transaction. The bearer bonds 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. (2023)

Lufthansa Cargo
Advised Lufthansa Cargo AG as seller and servicer on its first EUR 60 million ABCP transaction under UniCredit's ABCP programme "Arabella".⠀

Santander Consumer Bank
Advised Santander Consumer Bank AG on a €3.8 billion ABS securitisation transaction of consumer and commercial auto loans, which are rated by Moody's and DBRS Ratings. Société Générale S.A. acted as arranger and manager. The issuer is SC Germany Mobility 2019-1 UG (haftungsbeschränkt).⠀

Santander Consumer Bank
Advised Santander Consumer Bank AG (Santander) as drafting and lead counsel on a full-stack ABS transaction of consumer loans rated by Moody's and Fitch Ratings with a total nominal value of €1.8 billion and secured by consumer loan receivables of Santander. (2020)

Santander Consumer Bank
Advised UniCredit, Société Générale and Banco Santander as joint lead managers, on a €600 million ABS securitisation transaction of auto loans of Santander Consumer Bank rated by Moody's and DBR.

Santander Consumer Bank
Advised Santander Consumer Bank as sole transaction counsel for a securitisation of consumer loans rated by Standard & Poor's and DBRS. Bearer bonds with a total nominal value of €850 million were issued, which are backed by Santander's consumer loan receivables. The issuer is a German special purpose entity. The securitisation transaction was arranged by UniCredit Bank acting also as Joint Lead Manager together with Banco Santander.

Société Générale, Banco Santander, ING Bank and Wells Fargo
Advised Société Générale S.A., Banco Santander S.A., ING Bank N.V. and Wells Fargo Securities as joint lead managers on a €600 million ABS securitisation transaction of auto loans of Santander Consumer Bank AG rated by Moody's and Fitch. The issuer is SC Germany Auto 2019-1 UG (haftungsbeschränkt).⠀

Société Générale, BNP Paribas
Advised the joint arrangers and the joint lead managers in a securitization of a German car loan portfolio arranged by Société Générale and BNP Paribas, which is STS-approved by SVI (Cars Alliance Auto Loans Germany V 2023-1). (2023)

Stellantis
Advised CSC, a corporate services provider, in its capacity as collateral agent and ER collateral agent in connection with a €1 billion auto lease securitisation transaction. The notes, with a total nominal value of €1 billion, are backed by a portfolio of fixed-rate receivables related to German auto leases granted by Stellantis Bank S.A., German Branch (Stellantis Bank). The notes have been issued by ECARAT DE S.A., Compartment Lease 2025-1, are rated by DBRS and Moody's, and listed on the Luxembourg Stock Exchange. (2025)

Tier Mobility
Advised Tier Mobility, Europe's leading shared micro-mobility provider, on its asset backed US$60 million financing from Goldman Sachs. This will help the startup to fuel Tier Mobility's e-scooter fleet expansion and extend its international coverage, helping the company to cover strategic growth markets.⠀

Tier Mobility
Advised Tier on an €80m asset-backed financing from Pollen Street Capital as lender, secured by the company's fleet of vehicles. The transaction includes bespoke components to shield assets held at the borrower level, while ensuring operational flexibility for Tier in the financing arrangement.⠀

Tier Mobility
Advised Tier (and its former subsidiary nextbike GmbH) on a €30 million financing by EFFICIENCY SOLUTIONS II SV SARL (an affiliated member of SUSI Energy Efficiency Fund II, Luxembourg) (SUSI), through the sale and purchase of nextbike's project contract receivables.⠀

Other

Degussa
Advised Degussa Bank as issuer on the issue of €60 million in AT1-contingent convertible bonds with an annual coupon of 4.74% (one of the first regulatory capital transactions in the form of AT1 instruments in Germany).

Nord/LB
Advised Nord/LB on the issue of US$500 million in subordinated bonds with a ten-year term and 6.25% coupon, which satisfies the criteria for eligible capital in the form of supplementary capital (Tier 2).

Deutsche Bank Group
Advised Deutsche Bank in its function as Intercreditor Agent and Principal Paying Agent and Registrar, Deutsche Bank Luxembourg as Schuldschein Agent, and Deutsche Trustee as Security Agent in connection with the €1 billion structured refinancing of offshore windpark Meerwind.

DZ Bank
Advised DZ Bank on its €1.5 billion capital increase. All 186.9 million new shares have been placed with shareholders at a subscription price of €7.90 per share and, because of the capital increase, DZ Bank's Tier 1 ratio has increased significantly.

Société Générale
Advised a syndicate of global financial institutions in connection with the financing of the German A7 Autobahn (highway) project for a Hochtief consortium through project financing and project bonds under the EIB initiative for project bonds.