GE’s Swiss Auto Lease Securitisation Transaction Listed on the SIX Swiss Exchange
28. März 2012 – Walder Wyss assisted GE Money Bank AG ("GE") as Swiss transaction counsel on the first public Swiss auto lease securitisation transaction listed on the SIX Swiss Exchange, transferring a portfolio of auto lease assets originated by GE to a newly set-up special purpose vehicle in Switzerland, Swiss Auto Lease 2012-1 GmbH (the "Issuer"). The Issuer issued CHF200,000,000 asset-backed senior notes due 2015 to the Swiss capital market. This landmark transaction is the first Swiss public auto lease securitisation transaction listed on the SIX Swiss Exchange and is believed to be a breakthrough for Swiss auto lease securitisation transactions and Swiss domestic securitisation transactions in other asset classes more generally.
Walder Wyss advised GE on the overall structuring and all Swiss legal, tax and VAT aspects of the transaction. The Walder Wyss team included Johannes A. Bürgi (Partner, Finance), Thomas Meister (Partner, Tax), Thomas S. Müller (Managing Associate, Finance), Lukas Wyss (Managing Associate, Finance), Jan Ole Luuk (Counsel, VAT), Simon Kehl (Associate, Corporate), Dan Schmelzer (Associate, Finance), David Borer (Trainee, Finance), Ramona Wyss (Trainee, Finance) and Nicolas Jacquemart (Trainee, Finance). Mayer Brown International LLP acted as English and US counsel to GE.