White & Case advises Hyundai Capital Bank Europe on €700 million auto loan securitisation

Global law firm White & Case LLP has advised Hyundai Capital Bank Europe GmbH (Hyundai Capital Bank Europe) on a €700 million asset-backed securities (ABS) auto loans transaction.

“This is the second public auto ABS deal for our client Hyundai Capital Bank Europe,” said White & Case partner Dennis Heuer, who co-led the Firm’s deal team. “Good market conditions, the strong reputation of Hyundai Capital Bank Europe and the excellent cooperation of all parties involved made it possible to upsize the deal from €600 million to €700 million.”

The bearer bonds have a total nominal value of €700 million and are secured by auto loan receivables originated by Hyundai Capital Bank Europe. The issuer is Luxembourg-based special-purpose vehicle Pony S.A., Compartment German Auto Loans 2024-1. The transaction was arranged by Banco Santander S.A. and ING Bank N.V. both of which, along with Société Générale S.A., acted as joint lead managers for the 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 (Frankfurt) and local partner Claire-Marie Mallad (Frankfurt) and included partners Bodo Bender (Frankfurt) and Ingrid York (London), counsel Alexander Born (Frankfurt) and Willem Van de Wiele (Brussels & Luxembourg), associates Reetu Vishwakarma (Frankfurt), Maxim Arrazola de Oñate (Brussels & Luxembourg) and Phillan Amin (London) and transaction lawyers Bojan Bajalović and Nga Nguyen (both Frankfurt).

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