Matheson acted as Irish legal and tax counsel, and Irish listing agent, in connection with the US$495,810,000 Juniper Receivables Designated Activity Company (DAC) securitisation of US auto contracts acquired by Ally Bank. Ally Bank is also the sponsor, servicer and administrator of the transaction. Ally Bank is one of the largest providers of automotive financing in the US and has been in the business for almost 100 years, originating in excess of approximately US$30 billion of new auto contracts each year recently.
The Matheson team was led by Alan Keating and Turlough Galvin. Alan Keating, New York resident Partner in Matheson said:
“We are delighted to have worked with Ally Bank on this US auto loan securitisation transaction, particularly as it represents the first such transaction for Ally Bank involving an Irish issuer. The transaction closed in November 2017 and reconfirms Ireland’s position as the location of choice for international debt issuance and securitisation transactions.”