Criteria for the securitisation of German auto leasing receivables with a non-German SPV

The TSI certification process can also be used for auto ABS transactions and for auto leasing receivables and commercial leasing receivables with German assets and a non-German SPV. This is, on the one hand, related to tax matters while, on the other, international automobile companies have well-established procedures and programmes that make it difficult for a German SPV to be used.

The following link shows the main criteria with regard to the transaction structure and the special purpose vehicle that need to be fulfilled if a non-German SPV is used.

Criteria applying to non-German SPVs

The reporting guidelines for the leasing receivables asset class apply to true sale transactions. These provide guidance on the award of the certificate CERTIFIED BY TSI – DEUTSCHER VERBRIEFUNGSSTANDARD. The explanations given are not to be understood as conclusive definitions. The definitions in the listing prospectus always apply to securitisations transactions. For synthetic securitisation structures, different recommendations apply to the details provided in the reports; these are agreed directly with the mandator.

Reporting requirements for a leasing transaction

In addition to the reporting guidelines, the declaration of undertaking per asset class represents a core element of the certificate CERTIFIED BY TSI – DEUTSCHER VERBRIEFUNGSSTANDARD. In presenting the signed declaration of undertaking, the Originator/Issuer undertakes to comply with the quality criteria underpinning the certification for the entire term of the securitisation transaction. The declaration of undertaking for the auto leasing receivables asset class can be opened via the following link:

Declaration of undertaking for the auto leasing receivables class