Credit Europe Bank N.V. has converted €208 million of German and Belgian consumer loans into asset-backed securities and thus closed the first German-Belgian consumer loan securitisation. Leading international law firm Mayer Brown advised London-based Standard Chartered Bank which acted as arranger during the transaction.

The goal of the securitisation was to create securities eligible for the European Central Bank. In order to safeguard the transfer of the loans which were created partly under German and partly under Belgian law, it was essential to use a special purpose vehicle under Belgian law.
Dr. Ralf Hesdahl, partner at Mayer Brown in Frankfurt
said: “This is a significant and pioneering deal as it is the first German-Belgian consumer loan securitisation.”

The Mayer Brown team working on the deal included partners Dr. Ralf Hesdahl (coordination, Banking & Finance), Astrid Pieron (Brussels) and associates Kirsten Pirzkall (coordinating associate, Banking & Finance, Frankfurt), Charles-Albert Helleputte (Brussels), Christiane Grasser, Dr. J.F. Götz Gallenkamp, Tillmann Haas (Banking & Finance, Frankfurt).