Deals & Cases

Swisscard AECS GmbH

20 juin 2016 – On 15 June 2016, Swisscard AECS GmbH (the Originator) closed its fifth credit card securitization transaction involving the issue by Swiss Credit Card Issuance 2016-1 AG (Issuer) of CHF 190,000,000 0.130 per cent Asset-Backed Class A Notes (due 2021), CHF 6,000,000 1.250 per cent Asset-Backed Class B Notes (due 2021) and CHF 4,000,000 2.500 per cent Asset-Backed Class C Notes (due 2021) 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 Swisscard – a joint venture between Credit Suisse and American Express. The transaction was again issued through Swisscard’s credit card receivables securitization platform.

The proceeds of the transaction has mainly been used to refinance the Originator’s second securitization transaction that was redeemed in full on 15 June 2016. Also, the transactions has been structured to reflect the fact that the originator role has been transferred from Credit Suisse to Swisscard as a consequence of the business transfer from Credit Suisse to Swisscard which included the transfer of the credit card receivables portfolio from Credit Suisse to Swisscard as of June 30, 2015. Simultaneously, the Originators' credit card receivables securitization platform and the current third and fourth credit card securitization transaction involving the issue by Swiss Credit Card Issuance 2015-1 AG and Swiss Credit Card Issuance 2015-2 AG of Asset-Backed Class A Notes, Asset-Backed Class B Notes and Asset-Backed Class C Notes (due 2020/2022) have been partially amended and restated to reflect and address the business transfer.

Walder Wyss advised Swisscard and Credit Suisse (as leaving Originator) 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), Julia Lehner (Associate, Finance), Anna Baldenbach von Bröchen (Associate, Finance), Janine Corti (Associate, Tax) and Sebastian Müller (Trainee, Finance).