Schoenherr has advised Raiffeisen Bank International as arranger on a true sale securitization of a EUR 538 million portfolio of vehicle leasing receivables by Raiffeisen Leasing Group. Clifford Chance advised RBI on German law aspects of the transaction, and anchor investors, which include the European Investment Bank and the European Investment Fund, were advised by Linklaters and Binder Groesswang.
The securitization, which is known as "ROOF 2021," is designed as a follow-up transaction to the "ROOF Leasing Austria" securitization, which was successfully signed in 2016 (also with Schoenherr's assistance). The ROOF 2021 transaction is larger than its 2016 predecessor, and is intended to initiate new financings for small and medium-sized enterprises and mid-cap companies in Austria in an amount of up to EUR 560 million. According to Schoenherr, "in this context, the transaction serves in particular as Covid-19 emergency aid and serves to further combat climate change also in the field of mobility."
In addition, Schoenherr reports, "the transaction was structured to comply with the rules of the new EU framework for simple, transparent and standardized securitizations. It is rated by two independent rating agencies. This transaction particularly stands out as it is one of the first STS-compliant securitization transactions in the Austrian market."
Schoenherr's consisted of Partner Martin Ebner, Counsel Matthias Pressler, Attorneys at Law Philipp Wetter and Marco Thorbauer, and Associate Michael Schmiedinger.