White & Case Advises BDK on €700M ABS Auto Loan Deal
White & Case LLP has successfully advised Bank Deutsches Kraftfahrzeuggewerbe (BDK) on a significant €700 million asset-backed securities (ABS) auto loans transaction. The deal involved Frankfurt-based special purpose vehicle Red & Black Auto Germany 13 UG as the bond issuer, with Societe Generale S.A. acting as lead manager and initial funder.
The White & Case team, led by partner Dennis Heuer in Frankfurt and local partner Claire-Marie Mallad, also included London-based partner Ingrid York, counsel Alexander Born, and transaction lawyer Anna Spentzou. The team has previously advised BDK on ABS auto loan deals in 2024 and May 2025, demonstrating their expertise in this area.
The transaction involved the issuance of bearer bonds, totaling €700 million and secured by auto loan receivables originated by BDK. The bonds have been rated by DBRS Ratings GmbH and Fitch Ratings Ireland Limited, ensuring their credibility in the market. Despite extensive search results, the specific bank advising the White & Case team and the reason behind the transaction's timing remain unclear.
The successful completion of this transaction underscores White & Case's strong position in the ABS auto loans market, with Dennis Heuer and his team providing expert guidance to BDK. The involvement of Societe Generale S.A. as lead manager and initial funder further solidifies the deal's significance. Although some details remain unknown, the transaction's impact on the automotive financing sector is undeniable.
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