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Allen & Overy in the first EUR 4.7bn consumer loan securitisation of Deutsche Bank S.p.A.

Allen & Overy has provided assistance in relation to a securitisation of consumer loans originated by Deutsche Bank S.p.A. for a value of approximately EUR 4.7 billion.

This is the first securitisation carried out by Deutsche Bank S.p.A. over this type of assets. The senior notes have been rated by DBRS and Moody’s and admitted to trading on the ExtraMot Pro segment of Borsa Italiana. The transaction has been structured in accordance with the “simplicity, transparency and standardisation” (STS) criteria provided for by the EU regulations and it has been designated by the originator as STS by means of a notification to ESMA. PCS has acted as third party verification agent.

Allen & Overy has assisted Deutsche Bank, as arranger, with a team led by partner Stefano Sennhauser and counsel Pietro Bellone, with the support of associate Chiara D’Andolfo and trainee Pietro Milanesi. Partner Francesco Guelfi and senior associate Elia Ferdinando Clarizia, together with associate Simona Simone and trainee Lino Ziliotti, have advised on tax matters.