News and Insights

Print this page

Search News & Insights

Matheson Advises on Innovative Irish Auto Loan Securitisation

AUTHOR(S): Turlough Galvin
PRACTICE AREA GROUP: Structured Finance and Securitisation, Finance and Capital Markets, Tax, Listing Services
DATE: 11.12.2018

Matheson advised Deutsche Bank AG, London Branch as Arranger and Lead Manager, in relation to the €138 million asset backed securities issued by Citizen Irish Auto Receivables Trust 2018 DAC in December 2018. The transaction represents the second public securitisation by First Citizen Finance DAC. The transaction is a 12 month revolving cash securitisation of car loans (hire purchase contracts and leases) extended to Irish borrowers by First Citizen Finance DAC. The Class A Notes were rated AAA / Aaa by S&P and Moody’s respectively.

A notable and novel feature of the transaction is that the revolving period is structured so as to enable Citizen Irish Auto Receivables Trust 2018 DAC to replenish its portfolio of car loans on a daily basis for an initial 12 month period. First Citizen Finance DAC has stated that: “the replenishment feature, the first of its kind in an Irish securitisation, means we can tap into additional funds through next year without having to organise a full new securitisation”. S&P have described the replenishment feature as “unique in the context of revolving deals”.

The transaction was fully documented under Irish law and the securities were listed on the Main Securities Market of Euronext Dublin.

The portfolio consisted of over 9,000 contracts originated between 2015 and 2018. First Citizen Finance DAC will act as servicer of the portfolio.

The Matheson team providing sole legal and tax advice to Deutsche Bank on the transaction was led by Finance and Capital Markets Partner, Turlough Galvin, and David Kiernan. Matheson also acted as listing agent.


About cookies on our website

Following a revised EU directive on website cookies, each company based, or doing business, in the EU is required to notify users about the cookies used on their website.

Our site uses cookies to improve your experience of certain areas of the site and to allow the use of specific functionality like social media page sharing. You may delete and block all cookies from this site, but as a result parts of the site may not work as intended.

To find out more about what cookies are, which cookies we use on this website and how to delete and block cookies, please see our Which cookies we use page.

Click on the button below to accept the use of cookies on this website (this will prevent the dialogue box from appearing on future visits)