Volkswagen Financial Services AG has started a new program for the securitization of German auto lease receivables via master trust “VCL Master S.A.“ on January 21, 2010. After the development of the German auto loan securitization program “Driver“ VW Financial Services AG appointed Mayer Brown again as transaction counsel for the development of a new securitization program.

The first issues effected by way of the VCL Master Securitization Program comprised four series of ECB-eligible Asset-Backed Securities backed by German lease receivables of VW Leasing in the initial amount of EUR 345 million. HSBC Bank plc acted as accompanying lead manager.

The Mayer Brown team included Dr. Ralf Hesdahl (lead), Andreas Lange (both Banking&Finance), Dr. Ingo Kleutgens, (Tax, all Frankfurt), Associates: Kirsten Schürmann, Stefanie Hentschel (both Banking&Finance), Susan Köhler (Tax, all Frankfurt).