Orrick has acted on SapphireOne Auto 2017-1, the first public Auto ABS transaction of My Money Bank in France. Relying on the use of a French securitization fund, the transaction is also the first French public Auto ABS to be backed by a mix of auto loan and lease contracts, originated exclusively in the French overseas territories of La Réunion, Guadeloupe, Martinique and French Guiana.
Another major feature is that the deal is structured so as to refinance both the leasing installments, as well as the residual values of the leased vehicles.
The fund issued one tranche of senior notes rated Aaa(sf) by Moody’s and AAAsf by Fitch, four mezzanine tranches rated Aa1(sf)/AAsf, A1(sf)/Asf, Baa1(sf)/BBB+sf and Ba1/BBB-sf, as well as one tranche of unrated subordinated notes, totaling €527 million.
The deal was featured as Bloomberg’s Deal of the Month for January 2018.
Orrick advised Crédit Agricole Corporate and Investment Bank, the arranger and joint lead manager, as well as Morgan Stanley and BNP Paribas, who also served as joint lead managers. The cross-border Orrick team included Olivier Bernard and Laure Seror on the structured finance aspects, Anne-Sophie Kerfant and Rudy Marouani on the tax issues and Sushila Nayak on the swap aspects.