“Dennis Heuer impressed us with his outstanding technical expertise, very high levels of availability, the speed at which he worked, as well as his negotiation skills […].”
Biography
Widely recognised as a leading finance and capital markets lawyer, Dennis has over two decades of experience advising domestic and international clients on a broad spectrum of complex cross-border transactions.
A partner in the Firm’s Global Capital Markets Practice, Dennis co-heads the EMEA Private Asset-Backed Credit and Structured Credit Group and is a core member of the firm-wide ESG and Financial Institutions Industry Groups. His practice spans a diverse range of sectors, with a particular focus on private credit, structured credit, fund finance, bank regulatory and securitisation.
Dennis has extensive experience representing banks, private credit providers, asset managers, funds, insurance companies, debt collection companies, multinational corporates and fast growth companies in transactional and advisory mandates.
His track record includes advising on securitisations, bank lending transactions, regulatory capital deals, and complex financing structures that bridge the fund finance, securitisation and corporate finance markets.
Recognised for his structuring skills and ability to deliver innovative and market-leading solutions, Dennis has played a key role in the growth of private credit and the ongoing convergence of funding markets.
A sought-after speaker, author and commentator, Dennis frequently presents at client, media and industry events, sharing insights on financial services regulation, fund finance, non-performing loans, and impact investments.
Experience
Synthetic Securitisations
Advised Deutsche Bank AG on IFC's inaugural trade finance synthetic securitisation (2026).
Advised the European Investment Fund on a synthetic securitisation between Bigbank and the EIB Group, referencing a portfolio exceeding €210 million of loans, credit lines and leases originated by Bigbank (2026).
Advised Piraeus Bank S.A. on a €2 billion synthetic STS securitisation under its Ermis programme, referencing a portfolio of corporate and SME loans and representing the bank's largest synthetic STS securitisation to date (2026).
Advised Avida Finans AB on its first synthetic STS securitisation, referencing a Nordic consumer loan portfolio with a total value of up to SEK 2.8 billion (2025).
Advised the European Investment Fund on the first synthetic securitisation of a €980 million portfolio of consumer auto loans originated by Cetelem in Spain, supporting financing for household energy-efficiency projects (2025).
Advised the European Investment Fund on a synthetic STS securitisation of a €1.4 billion portfolio of Spanish SME loans originated by BBVA (2025).
Advised the European Investment Fund and the European Investment Bank on the first synthetic securitisation for Banca Transilvania S.A., referencing a portfolio of loans originated for Romanian micro, small and medium-sized enterprises and corporates (2024).
Advised the European Investment Fund on a synthetic STS securitisation of German consumer loans originated by Deutsche Bank AG (2024).
Advised the European Investment Fund on a second synthetic STS securitisation of German consumer loans originated by Deutsche Bank AG, including a €250 million EIF mezzanine guarantee over a €2.2 billion reference portfolio (2024).
Advised the European Investment Fund and the European Investment Bank on a synthetic securitisation of leases granted to SMEs in Romania and originated by Deutsche Leasing Romania IFN S.A. (2024).
Advised the European Investment Fund and the European Investment Bank on a revolving synthetic securitisation with Europejski Fundusz Leasingowy S.A. for a PLN 2 billion portfolio of leasing receivables (2024).
Advised Santander Consumer Bank AG on its first synthetic STS securitisation, referencing a €1.294 billion portfolio of loans to large corporates (2024).
Advised the European Investment Fund on the first synthetic securitisation of an Italian consumer auto loan portfolio originated by Deutsche Bank AG (2023).
Advised Bayerische Landesbank on its first synthetic STS securitisation transaction, referencing a €1 billion portfolio of corporate credit facilities (2022).
Advised the European Investment Fund and the European Investment Bank on a synthetic securitisation of a Greek SME, small-mid cap and mid-cap loan portfolio originated by Eurobank S.A. (2022).
Advised the European Investment Bank and the European Investment Fund, as guarantor, on a synthetic securitisation of a German SME and mid-cap loan portfolio originated by Deutsche Bank AG (2021).
Advised the European Investment Bank and the European Investment Fund, as guarantor, on a synthetic securitisation in Romania originated by Deutsche Leasing Romania IFN S.A. to support COVID-19 financing for businesses (2021).
Advised the European Investment Fund, as guarantor, on a synthetic securitisation for Europejski Fundusz Leasingowy involving an approximately €490 million Polish SME portfolio, with the EIF guarantee covering senior and mezzanine tranches (2019).
Advised Société Générale on a US$3.4 billion impact-investment significant risk transfer transaction linked to its diversified lending portfolio, using a French FCT structure and incorporating an incentive for additional Positive Impact Finance lending (2019).
Advised Crédit Agricole Corporate & Investment Bank on Premium Green PLC Balance Sheet Notes, a US$3 billion green synthetic securitisation of its project finance and asset finance loan portfolio (2017).
Advised NORD/LB on its €10.1 billion Northvest 2 credit portfolio securitisation, referencing approximately 4,300 loans across renewable energy, infrastructure, aircraft, German mid-market and shipping sectors (2017).
Advised Hamburg Commercial Bank, formerly HSH Nordbank, on a synthetic risk-transfer transaction backed by a diversified €3 billion portfolio of corporate and real estate loans (2016).
Advised the States of Hamburg and Schleswig-Holstein on a €10 billion synthetic-securitisation risk shield for HSH Nordbank AG (2009).
True Sale Securitisations and Asset-Backed Financings
Advised CSC Trustees GmbH as trustee and CSC Trustees Limited as expectancy rights trustee on Stellantis Bank S.A., German Branch's €1 billion asset-backed securitisation of auto lease receivables (2026).
Advised Santander Consumer Bank AG as lead counsel on an STS asset-backed securitisation of an approximately €700 million portfolio of German consumer loans (2026).
Advised Santander Consumer Bank AS as Swedish and EU counsel on an STS asset-backed securitisation of a SEK 6.5 billion portfolio of Swedish auto loans (2026).
Advised Bank Deutsches Kraftfahrzeuggewerbe, a subsidiary of Société Générale, on a €700 million asset-backed securitisation of auto loans (2025).
Advised Bank Deutsches Kraftfahrzeuggewerbe, a subsidiary of Société Générale, on a €750 million asset-backed securitisation of auto loans (2025).
Advised BNP Paribas and Natixis as arrangers and transaction counsel on the €650 million STS-approved securitisation of German auto loans originated by RCI Banque S.A., German Branch, through Cars Alliance Auto Loans Germany V 2025-1 (2025).
Advised CSC Trustees GmbH as collateral agent and CSC Trustees Limited as expectancy rights collateral agent on Stellantis Bank S.A., German Branch's €1 billion asset-backed securitisation of auto lease receivables (2025).
Advised CSC Trustees GmbH as trustee on Stellantis Bank S.A., German Branch's €475 million asset-backed securitisation of auto loan receivables (2025).
Advised Deutsche Bank AG on a €30 billion German RMBS transaction relating to more than 230,000 residential mortgage loans originated by former Postbank AG, through Wendelstein 2025-1 UG (haftungsbeschränkt) (2025).
Advised Santander Consumer Bank AG as lead counsel on an STS asset-backed securitisation of an €850 million portfolio of German consumer loans (2025).
Advised Bank Deutsches Kraftfahrzeuggewerbe, a subsidiary of Société Générale, on a €600 million asset-backed securitisation of auto loans (2024).
Advised Deutsche Bank AG on a €10 billion German RMBS transaction relating to more than 60,000 residential mortgage loans originated by BHW Bausparkasse AG, through Wendelstein 2024-1 UG (haftungsbeschränkt) (2024).
Advised Hyundai Capital Bank Europe GmbH on a €700 million asset-backed securitisation of auto loans (2024).
Advised Hyundai Capital Bank Europe GmbH on an asset-backed securitisation of auto loans with an aggregate principal amount of €500 million (2023).
Advised Société Générale S.A. and BNP Paribas on an STS-approved securitisation of a German auto loan portfolio through Cars Alliance Auto Loans Germany V 2023-1 (2023).
Advised creditshelf on a €100 million asset-backed financing transaction (2022).
Advised Creditplus Bank AG on a €1 billion asset-backed securitisation of consumer auto loans (2021).
Advised Tier Mobility on its asset-backed financing from Goldman Sachs, its largest debt facility at the time, to support the expansion of its e-scooter fleet (2021).
Advised Waterfall Asset Management, LLC on FINN's €500 million asset-backed debt capital financing secured against its vehicle fleet (2021).
Advised ALD AutoLeasing D GmbH on a securitisation of more than €400 million of leasing receivables through Red & Black Auto Lease Germany 3 S.A. (2020).
Advised Santander Consumer Bank AG as drafting and lead counsel on a €1.8 billion full-stack asset-backed securitisation of German consumer loans through SC Germany S.A., Compartment Consumer 2020-1, arranged by Société Générale and Banco Santander (2020).
Advised Tier Mobility and nextbike GmbH on a €30 million financing from Efficiency Solutions II SV S.à r.l., funded through the sale and purchase of nextbike project-contract receivables (2020).
Advised Tier Mobility on an €80 million asset-backed financing from Pollen Street Capital, secured against its fleet of vehicles (2019).
Advised Crédit Agricole CIB and HSBC on a €1 billion securitisation programme of German auto loans originated by RCI Banque, including the issuance of €950 million Class A asset-backed notes by Cars Alliance Auto Loans Germany V 2019-1 (2019).
Advised the European Investment Fund, as guarantor of PLN 360 million of senior notes, on Alior Leasing's securitisation of Polish lease receivables (2019).
Advised Santander Consumer Bank AG on a €3.8 billion asset-backed securitisation of consumer and commercial auto loans through SC Germany Mobility 2019-1 UG (haftungsbeschränkt) (2019).
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 asset-backed securitisation of auto loans originated by Santander Consumer Bank AG through SC Germany Auto 2019-1 UG (haftungsbeschränkt) (2019).
Advised UniCredit Bank AG, Société Générale S.A. and Banco Santander S.A. as joint lead managers on a €600 million asset-backed securitisation of auto loans originated by Santander Consumer Bank AG (2018).
Advised HSH Nordbank on its US$360 million Castellum ABF refinancing, collateralised by a portfolio of commercial real estate loans secured by English law mortgages (2015).
Advised HSBC France on structural amendments and the increase from €2 billion to €3 billion of RCI Banque's German auto loan master securitisation programme (n/a).
Advised Bayerische Landesbank on the securitisation of lease receivables through multi-seller commercial paper programmes (n/a).
Advised Crédit Agricole CIB and HSBC France on a €2 billion master securitisation programme of German auto loans originated by RCI Banque S.A., German Branch, through Cars Alliance Auto Loans Germany Master (n/a).
Advised Lufthansa Cargo AG as seller and servicer on its first €60 million ABCP transaction under UniCredit's Arabella programme (n/a).
Non-Performing Loans
Advised Hamburg Commercial Bank on Lowell's Danish non-performing loan securitisation (2023).
Advised Intrum on Piraeus Bank S.A.'s €300 million non-performing loan securitisation (2023).
Advised Intrum on Piraeus Bank S.A.'s €500 million non-performing loan securitisation (2022).
Advised Hoist Finance on a strategic partnership with Magnetar Capital for joint pan-European non-performing loan portfolio investments, structured to achieve significant risk transfer (2021).
Advised Intrum on Piraeus Bank S.A.'s €2.7 billion non-performing loan securitisation relating to Piraeus Bank's Sunrise II portfolio (2021).
Advised Intrum on Piraeus Bank S.A.'s €4.9 billion and €1.92 billion non-performing loan securitisations relating to Piraeus Bank's Project Vega and Project Phoenix portfolios (2021).
Advised Intrum on Piraeus Bank S.A.'s €7.2 billion non-performing loan securitisation relating to Piraeus Bank's Sunrise I portfolio (2021).
Advised Hoist Finance on its first rated Italian investment-grade securitisation of a €5 billion portfolio of unsecured non-performing loans, including the issuance of €337 million of notes to achieve capital relief (2019).
Advised Hoist Finance on an unrated securitisation of an Italian non-performing loan portfolio, structured for capital-relief purposes (2019).
Advised Intrum Holding AB on the hive-down of Piraeus Bank S.A.'s Recovery Banking Unit, Intrum's acquisition of an 80% interest in the resulting entity for €328 million and the management of a €28 billion non-performing loan securitisation portfolio (2019).
Advised Cerberus on the acquisition from HSH Nordbank of a portfolio of performing and non-performing real estate-backed loans with borrowers in Germany, the Netherlands, France, Denmark and Finland (2018).
Advised Piraeus Bank S.A. on the sale and transfer to APS Investments of a portfolio of non-performing unsecured retail consumer loan and credit card exposures with €2.238 billion of total legal claims and €385 million of on-balance-sheet gross book value (2018).
Others
Advised Dott and Tier Mobility on a senior secured floating rate bonds issuance (2025).
Advised the Free State of Bavaria on the reorganisation of BayernLB's equity structure (2024).
Advised Tier Mobility on its merger with Dott (2024).
Advised Deutsche Bank Group, acting as intercreditor agent and principal paying agent and registrar, Deutsche Bank Luxembourg as Schuldschein agent and Deutsche Trustee as security agent, on the €1 billion structured refinancing of the Meerwind offshore wind park (2015).
Advised NORD/LB on its issuance of US$500 million of ten-year Tier 2 subordinated bonds with a 6.25% coupon (2014).
Advised Société Générale and a syndicate of global financial institutions on the financing of the German A7 Autobahn project through project financing and project bonds under the EIB project bond initiative (2014).
Advised DZ Bank on its €1.5 billion capital increase, which resulted in a significant increase in its Tier 1 ratio (2013).
Advised Degussa Bank as issuer on the issuance of €60 million of AT1 contingent convertible bonds with a 4.74% annual coupon (n/a).
Professional Highlights
Best Lawyer for Banking Law (2025), Financial Institutions (2026), Leasing Law (2026), Capital Markets, Banking and Finance Law (2025, 2026)
Handelsblatt
Leading Individual: Strukturierte Finanzierungen
JUVE 2026/2027
Recommended Lawyer: Capital Markets: Structured Finance
Chambers Global/Europe, 2026
Recommended Lawyer: Capital Markets: Structured Finance and Securitization
The Legal 500 Germany, 2026
Highly regarded lawyer: Capital Markets: Structured Finance and Securitization
IFLR1000, 2026
Baierlein, Daniel, Barra Caracciolo, Giuseppe, Messore, Angelo, Fanti, Gianluca, Heuer, Dennis, Wieland, Andreas, Willey, Stuart: Cracking the EU's NPL reforms; A package of reforms aimed at tackling non-performing loans will have far-reaching consequences for European banks, June 2018
Baierlein, Daniel, Barra Caracciolo, Giuseppe, Fanti, Gianluca, Heuer, Dennis, Messore, Angelo, Wieland, Andreas, Willey, Stuart: New EU Measures on NPLs – Part 1: Statutory Prudential Backstop for NPLs Provisioning and ECB Addendum, April 2018
Co-author, "Calculation of risk-weighted credit exposures", White & Case Financial Regulatory Observer September 2017, Pages 8-10 (with Claire-Marie Mallad)
Co-author, "What is green? Green ABS – an emerging asset class (Was ist grün? Green ABS – Eine neue aufstrebende Assetklasse)", Die Bank 09/2017, Pages 23-27 (with Annekatrin Kutzbach)
Co-author, "Too big to fail – no more: The new European resolution framework for banks: the corporate perspective", Business Law Magazine, Issue 2 , Pages 18-21, 2016 (with Stuart Willey and Andreas Wieland)
Co-author, "On the way to a European Capital Markets Union (Auf dem Weg zu einer europäischen Kapitalmarktunion)", Zeitschrift für Bank- und Kapitalmarktrecht, pp. 45-50, February 2016
Co-author, "Debt Funds as alternative to transfer credit risk (Kreditfonds als Alternative zum Transfer von Kreditrisiken)", Zeitschrift für das gesamte Kreditwesen, Issue 18, Pages 910-915, 2013 (with Michael Schwalba)
Co-author, "Intervention in the rights of creditors under the German Restructuring Act and the European Framework for Bank Recovery and Resolution (Eingriffe in Rechte von Gläubigern nach deutschem und europäischem Bankenrestrukturierungsrecht)", Zeitschrift für das gesamte Kreditwesen, Issue 14, Pages 720-722, 2011 (with Ulf Gosejacob)
Co-author, "Securitization of residual value risks of leasing companies (Verbriefung von Restwertrisiken bei Leasing-Unternehmen)", FLF, January 2007 (with Stephan Paesler)
Co-author, "DZ Bank launches Germany's first synthetic true-sale transaction (Erste deutsche synthetische True-Sale Transaktion)", IFLR, Pages 15-16, Juli 2004 (with Andreas Bartsch)
Heuer, Dennis: Code de la consommation (Der Code de la consommation), Dissertation, Bielefeld, 2001
