Linklaters advises auxmoney on seventh and largest public securitisation to date with a volume of EUR 650,000,000
Linklaters has advised auxmoney on setting up its seventh asset-backed securities (ABS) transaction on the Fortuna platform with a volume of €650 million. The securitisation of German consumer loans was significantly oversubscribed by investors. More than 40 different institutional investors participated in this transaction as well as in the second public ABS placed by Lender & Spender, auxmoney’s Dutch subsidiary, within the same week.
The underlying loan portfolio includes at least 50 per cent loans that comply with the standards set out in the auxmoney Social Bond Framework, which is certified by the rating agency Fitch. The transactions have been confirmed by SVI as securitisations that meet the requirements for simple, transparent and standardised (STS) securitisations. The securities are listed on the Luxembourg Stock Exchange.
With these transactions, auxmoney is one of the leading ABS issuers in Europe. Since its debut in 2021, the leading European digital lending platform for consumer loans has placed ABS bonds with a total volume of more than €3.5 billion on the capital markets.
Through a highly differentiated risk assessment process, auxmoney improves access to loans while simultaneously reducing the risk and cost of lending.
The Linklaters team, led by structured finance expert Jördis Heckt-Harbeck, has regularly advised auxmoney on asset-backed transactions since its debut, including those on the “Fortuna” platform.
“We are delighted to have supported auxmoney once again in this transaction. The transaction and auxmoney’s unparalleled growth demonstrate how digital platforms can make lending processes faster, more transparent, and more cost-effective,” says Jördis Heckt-Harbeck, Partner at Linklaters.
The Linklaters team was led by Jördis Heckt-Harbeck (Partner, Capital Markets, Frankfurt). Other team members included Christian Storck (Partner, Capital Markets), Michael Deane (Managing Associate, Capital Markets), Ulrich Johann (Counsel, Tax), Arthur Weilert (Associate, Tax), Moritz von Egidy (Associate, Capital Markets), Helena Obenheimer (Senior Transaction Lawyer, Capital Markets), Alexander Dill (Transaction Lawyer, Capital Markets; all Frankfurt).
