Ashurst advises BNP Paribas on €650 million STS public securitisation for German branch

Ashurst advised BNP Paribas S.A. Niederlassung Deutschland, acting as arranger and lead manager, in connection with a public STS securitisation of auto‑loan receivables. The transaction comprised an STS (simple, transparent and standardised) public securitisation of receivables arising from motor finance agreements between BNP Paribas S.A. Niederlassung Deutschland and consumers in Germany. BNP Paribas S.A. Niederlassung Deutschland, which operates in Germany under the Consors Finanz brand, provides consumer credit including retail auto finance. The transaction was also structured to satisfy the Significant Risk Transfer (SRT) criteria under the CRR. The receivables were acquired by the French securitisation fund Autonoria DE 2025 through an issuance of €650 million of notes in seven classes (A–G), all of which were listed on the regulated market of the Luxembourg Stock Exchange following approval by the Commission de Surveillance du Secteur Financier (CSSF). The class A notes are the most senior securities issued by Autonoria DE 2025 and carry ratings of AAAsf from Fitch and AAA(sf) from S&P. The subordinated tranches are rated between AA‑sf and BB+sf by Fitch and between AA(sf) and BB(sf) by S&P. The class G notes are unrated. Ashurst represented BNP Paribas S.A. Niederlassung Deutschland with a team composed by: Agathe Motte (partner), Aurélien Fournier (counsel), Lucien Jarry (senior associate) and Agathe Burtz (associate) handling French structured finance aspects; Martin Kaiser (partner) and Ivan Zlatanov (counsel) handling German structured finance aspects; Annabel Massey (counsel) for derivatives; Katia Fettes (partner) and Anna Kozakiewicz (senior associate) for Luxembourg law; Henry Hillind (senior associate) for English law; Margaret Sheehan (partner) for US law; and Emmanuelle Pontnau‑Faure (partner) with Théo Savonnet (associate) for French tax aspects.

Ashurst advises BNP Paribas on €650 million STS public securitisation for German branch

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