Swisscard’s Swiss Credit Card Securitisation 2016-1 listed on the SIX Swiss Exchange
15. Juni 2015 –
On 15 June 2015, Credit Suisse AG and Swisscard AECS GmbH (the Originators) closed their third credit card securitization transaction involving the issue by Swiss Credit Card Issuance 2015-1 AG (Issuer 2015-1) of CHF 190,000,000 0.180 per cent Asset-Backed Class A Notes (due 2020), CHF 6,000,000 1.125 per cent Asset-Backed Class B Notes (due 2020) and CHF 4,000,000 1.875 per cent Asset-Backed Class C Notes (due 2020) and by Swiss Credit Card Issuance 2015-2 AG (Issuer 2015-2) of CHF 190,000,000 0.340 per cent Asset-Backed Class A Notes (due 2022), CHF 6,000,000 1.500 per cent Asset-Backed Class B Notes (due 2022) and CHF 4,000,000 2.375 per cent Asset-Backed Class C Notes (due 2022) to the Swiss capital market. All Notes are listed on the SIX Swiss Exchange and are backed by a portfolio of Swiss Visa, MasterCard, and American Express credit card receivables originated by Credit Suisse and Swisscard – a joint venture between Credit Suisse and American Express. The transactions were again issued through Credit Suisse’s and Swisscard’s credit card receivables securitization platform.
The proceeds of the two transactions will mainly be used to refinance the Originators’ first securitization transaction that was redeemed in full on 15 June 2015. Also, the two transactions have been structured to address and allow for the consummation of the potential upcoming general business transfer from Credit Suisse to Swisscard which, if and when consummated, includes the transfer of the credit card receivables portfolio. Simultaneously, the Originators’ credit card receivables securitization platform and the current second credit card securitization transaction involving the issue by Swiss Credit Card Issuance No. 2 Ltd. of CHF 189,800,000 0.40 per cent Asset-Backed Class A Notes (due 2016), CHF 6,200,000 1.80 per cent Asset-Backed Class B Notes (due 2016) and CHF 4,000,000 2.70 per cent Asset-Backed Class C Notes (due 2016) have been partially amended and restated to address and allow for the potential business transfer.
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 Lukas Wyss (Partner, Finance), Johannes A. Bürgi (Partner, Finance), Thomas Meister (Partner, Tax), Thomas S. Müller (Partner, Finance), Jan Ole Luuk (Counsel, VAT), Anna Baldenbach von Bröchen (Associate, Finance), Janine Corti (Associate, Tax), Anna-Lynn Fromer (Trainee, Finance) and Valentin Wiesner (Trainee, Finance).