Swiss Credit Card Securitisation Listed on the SIX Swiss Exchange
11. Juni 2012 – Walder Wyss assisted Credit Suisse and Swisscard (the "Originators") as Swiss transaction counsel on the first public Swiss credit card securitisation transaction listed on the SIX Swiss Exchange. The collateral backing the notes comprises Swiss Visa, MasterCard, and American Express credit card receivables originated by Credit Suisse and Swisscard – a joint venture between Credit Suisse and American Express.
On the closing date, Swiss Credit Card Issuance No. 1 AG (the "Issuer") will use the proceeds from the issuance of the CHF370,000,000 asset-backed notes due 2015 to acquire Issuer Certificate No. 1 (ICN1). ICN1 is a secured limited-recourse note, entitling the Issuer to a share of the proceeds from receivables held by Swiss Payments Assets AG (the "Asset SPV") along with any investment proceeds on the amounts held in its accounts. The Asset SPV will use the ICN1 proceeds to acquire receivables from the Originators. The structure allows for issuance of further series. The Asset SPV can acquire further accounts during the revolving period from any originator designated as a selling originator. In consideration for the right to the receivables arising under the designated accounts, the Asset SPV will pay to the Originator a purchase price equal to the principal purchase price and the initial and deferred finance charge purchase price.
This landmark transaction is the first public Swiss credit card securitisation transaction listed on the SIX Swiss Exchange and is believed to be a breakthrough for Swiss credit card securitisation transactions. Walder Wyss advised the Originators 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 (Associate, Finance), Ramona Wyss (Trainee, Finance) and Mirjam Barmet (Trainee, Finance).