Picture © European Investment Bank 2017

Global law firm White & Case LLP has advised the European Investment Fund (EIF) and the European Investment Bank (EIB) on a synthetic securitisation deal.

The transaction revolves around leases granted to small and medium-sized enterprises (SMEs) in Romania, originated by Deutsche Leasing Romania IFN S.A. (DLRO), a member of the Deutsche Leasing Group.

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Dennis Heuer, a partner at White & Case and co-leader of the firm’s deal team, highlighted the significance of the EIF and EIB securitisation investments, exceeding €3 billion in 2023, with a focus on Central & Eastern Europe amounting to over 55 per cent of the total.

The DLRO deal stands out as one of several recent transactions where White & Case has provided counsel to EIF and EIB.

The primary aim of this transaction is to bolster lending capacity for SMEs in Romania, placing a special emphasis on environmentally sustainable projects.

The firm said the initiative aligns with its broader goals of facilitating a transition to climate neutrality while contributing to job creation and overall economic growth. The EIF guarantee covers mezzanine and senior tranches, encompassing a reference portfolio valued at approximately €330 million.

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Crucially, half of DLRO’s exposure to the senior tranche and the entire exposure to the mezzanine tranche are counter-guaranteed by the EIB. This strategic move enables the redeployment of DLRO’s capital, providing additional support to the local economy.

DLRO will retain the junior tranche and maintain full exposure to a set of selected leases sharing similar characteristics to the referenced exposures.

The transaction incorporates a use-it-or-lose-it synthetic excess spread mechanism, a three-year replenishment period, and a pro-rata amortisation of the senior and mezzanine tranches, contingent on performance triggers.

The White & Case team driving this transaction includes partners Dennis Heuer (Frankfurt), Ingrid York (London), and Arnaud Cagi-Nicolau (Luxembourg). The team further comprises local partner Claire-Marie Mallad (Frankfurt) and associates Reetu Vishwakarma (Frankfurt) and Konstantinos Strakas (Luxembourg).