DUBAI, LONDON, TOKYO - Allen & Overy has advised on a securitisation of a revolving portfolio of auto loans originated by Dubai based Emirates NBD. This is the first public securitisation in the UAE in the last two years.
Allen & Overy advised the sole bookrunner Citi, the guarantor, Japan Bank for International Co-operation (JBIC), and the trustee Citicorp Trustee Company. This innovative transaction was structured through an issuance of JPY19 billion (approx. USD221 million, GBP140 million) floating rate notes by a special purpose vehicle, which were purchased by JBIC and a portion of which were sold to a second special purpose vehicle, which issued JPY15.2 billion (approx. USD177 million, GBP112 million) floating rate notes, guaranteed as to principal by JBIC. All of the notes are due in 2022.
Finance partner Tim Conduit commented: "It is very encouraging to see the return of public asset-backed issuance to the UAE. We are hopeful that other institutions will follow Emirates NBD's lead and that issuance will diversify into other asset classes. This transaction amply demonstrates Allen & Overy's global reach, with lawyers from Singapore, Tokyo, Dubai and London advising across the transaction."
Finance partner Jason Humphreys commented: "This transaction was a market first for many of the participants, including JBIC. We were happy to once again advise our long standing client JBIC on a first of a kind transaction for them. The innovative structure of the transaction effectively marries the requirements of both ENBD as originator and JBIC as guarantor and has facilitated this reopening of the ABS market."
The Allen & Overy team advising Citi as bookrunner was led by partner Tim Conduit, assisted by associates Tess Kelly and Murtaza Virani. Partner Jason Humphreys acted for JBIC, assisted by senior associate Nick Fawcett and associate Richard White. Partner Morgan Krone and senior associate Luke Lewis advised Citicorp Trustee Company. Dubai law advice was provided by partner Anzal Mohammed.
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