Clifford Chance

Clifford Chance advises Albion Capital Corporation S.A. on USD 275m auto loan securitisation

International law firm Clifford Chance has advised Albion Capital Corporation S.A. (Albion), an asset-backed commercial paper conduit sponsored by The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), on the USD 275m securitisation of a Russian auto loan portfolio originated by Bank VTB 24, part of VTB Group. Albion provided the financing for this transaction. BTMU jointly arranged this transaction with VTB Capital.

This transaction was notable because it is the first securitisation of retail assets in the Russian market since the start of the financial crisis. It was said by VTB Capital to reinforce the confidence that foreign banks have in the Russian banking system.

Clifford Chance has a long track record of acting for arrangers, originators and other financial institutions on Russian auto loan structured financings, including securitisations for Bank Soyuz, MDM Bank, Raiffeisenbank and Russian Standard Bank.

London partner Simeon Radcliff who, together with Moscow counsel Evgeny Soloviev, led the transaction, was supported by associate Adeline Goh and additional assistance was provided by senior associates James Pedley and Fabien Jacquemard.  Derivatives advice was provided by London partner Claude Brown supported by associate Ariel Sittner. Russian law advice was provided by Evgeny Soloviev supported by associate Elizaveta Turbina. Russian tax advice was provided by Russian partner Alexander Anichkin and associate Christina Tokareva. Amsterdam partners Frank Graaf and Frank de Vos advised on the Dutch law aspects of the transaction supported by senior associate Esther Griffioen and associate Tijmen Bongartz.