UlfKreppel

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With more than 20 years of product experience, Ulf Kreppel's practice focuses on securitization and structured finance involving a broad variety of asset classes. He has worked with financial institutions as well as alternative capital providers (in their various roles). His experience includes complex and multijurisdictional, public and private traditional and synthetic securitizations, asset-based lending, and covered bond financings that have been part of stand-alone term transactions, warehousing deals, or asset-backed commercial paper programs. Ulf advises on a broad range of asset classes, including auto loans and leases, commercial and noncommercial real estate loans, and trade receivables. He also represents two major European financial institutions as counsel for their asset-backed commercial paper programs (ABCP).

During his professional career, Ulf has advised on a number of innovative and market-first transactions and participated in several legislative initiatives, most recently in relation to implementation of a legal framework for simple, transparent, and standardized securitizations and the blockchain-based settlement of securities under an ABCP program. As an integrated part of his practice, he also advises on derivatives (including credit derivatives) and has significant experience dealing with regulatory, capital markets, and tax-related issues pertaining to structured financings. Most recently, Ulf also has been advising on IBOR transition matters.

Ulf is recognized as a leading German lawyer in the areas of capital markets, structured finance, and securitization by IFLR 1000, JUVE, Chambers, and PLC Which lawyer? He has coauthored several articles on the legal risks and structural solutions for securitizations in Germany.

Expérience

  • IBL Banca renews securitization program and issues new Series No. 12 asset-backed securitiesJones Day assisted IBL Banca, as originator and co-arranger, and UniCredit, as co-arranger, in the annual update of the securitization program for a total maximum amount of €10 billion, launched in 2017 through the special purpose vehicle Marzio Finance S.r.l. as well as in the issuance of the new Series No. 12 of asset-backed securities under the said program.
  • Stellantis Financial Services Italia completes €750 million first STS securitization of auto loansJones advised Stellantis Financial Services Italia (f/k/a Banca PSA Italia S.p.A.) in relation to the first securitization transaction of auto loans originated by Stellantis Financial Services Italia (joint venture between Stellantis Financial Services S.A and Santander Consumer Bank group in Italy) having a nominal value of approximately €750 million.
  • Santander Consumer Bank completes €1 billion new STS securitization of auto loansJones Day advised Santander Consumer Bank S.A. in relation to the new securitization transaction of auto loans originated in Italy by Santander Consumer Bank S.p.A., having a nominal value of approximately €1 billion.
  • UniCredit Bank AG and Crédit Agricole Corporate & Investment Bank complete €1.420 billion first securitization transaction of auto loans by Crédit Agricole Auto Bank S.p.A.Jones Day advised UniCredit Bank AG and Crédit Agricole Corporate & Investment Bank in relation to the first securitization transaction of auto loans originated by Crédit Agricole Auto Bank S.p.A. (member of Crédit Agricole Consumer Finance) having a nominal value of approximately €1.420 billion.
  • Banca Sistema restructures "Quinto Sistema 2019" securitisationJones Day advised Banca Sistema S.p.A. on the restructuring of the "Quinto Sistema 2019" securitisation and implementation of a swap/hedging agreement for the securitisation.
  • Leading specialty and materials company amends and restates its receivables purchase and servicing agreementJones Day acted as transaction counsel in connection with an amendment and restatement of a leading specialty and materials company's receivables purchase and servicing agreement to incorporate, amongst others, an additional originator and to increase the programme amount.
  • Intesa Sanpaolo acts as senior lender and investor on securitization of small and medium enterprise loans originated by Funding CircleJones Day advised Intesa Sanpaolo, as senior lender and investor, in connection with a securitization transaction of small and medium enterprise loans granted by Funding Circle (originator) in the United Kingdom.
  • Natixis completes private French consumer loans assets-backed securitisation for YounitedJones Day acted as legal counsel to Natixis, as arranger and senior investor, in connection with a private French consumer loans assets-backed financing through the establishment of a French fonds commun de titrisation (FCT) Youni ABF-1.
  • Natixis and Goldman Sachs complete €1.5 billion first Green "use of proceeds" RMBS in France for BPCE groupJones Day acted as legal adviser to Natixis and Goldman Sachs Bank Europe SE, joint lead managers, and Natixis, interest rate swap counterparty, in connection with the securitization of French residential loans originated by the Banques Populaires and the Caisses d'Epargne through the French fonds commun de titrisation “BPCE Home Loans FCT 2021 Green UoP".
  • Findomestic Banca (BNPP group) completes €800 million SRT securitizationJones Day advised Findomestic Banca S.p.A. (BNPP group) in connection with a €800 million public securitization of auto loan receivables originated by Findomestic Banca (BNPP group).
  • Creditis Servizi Finanziari structures STS securitization of consumer creditsJones Day advised, as reviewing counsel, Creditis Servizi Finanziari S.p.A. (as originator) in the new simple, transparent, and standardized (STS) securitization of receivables arising from consumer loans (CO) disbursed by Creditis Servizi Finanziari S.p.A., an Italian financial intermediary controlled by Chenavari.
  • Sigla acts as originator in its first market CQS securitizationJones Day advised Sigla S.r.l., as originator, in the take-out phase of the securitization of receivables arising from personal loans backed by the assignment/delegation of one-fifth of salary/pension originated by Sigla.
  • Volkswagen Bank acts as originator on new Italian securitization transaction arranged by UniCredit Bank AGJones Day assisted Volkswagen Bank, as originator, in connection with a new Italian securitization transaction, structured by UniCredit Bank AG (as arranger), of auto-loans granted by Volkswagen Bank - Italian Branch.
  • Ferro expands receivables purchase programJones Day advised Ferro Corporation, a leading global supplier of technology-based functional coatings and color solutions, in connection with the expansion of its receivables purchase program with ING Belgium in Europe.
  • UniCredit Bank structures new securitization of receivables originated by Marcegaglia GroupJones Day assisted UniCredit Bank AG, as arranger, in connection with a new securitization of trade receivables originated by Marcegaglia Group (steel sector).
  • Volkswagen Bank renews auto-loan securitization programme in compliance with STS requirements under EU Securitization RegulationJones Day represented Volkswagen Bank GmbH, a subsidiary of Volkswagen AG, as originator, in connection with an auto loan securitization programme for the issuance by Driver Master S.A. (acting with respect to its Compartment 1) of up to €10 billion asset-backed floating rate Class A Notes and asset-backed floating rate Class B Notes.
  • LBBW issues blockchain-based asset-backed securitiesJones Day advised Landesbank Baden-Württemberg (LBBW), a universal bank and the central bank of the savings banks in Baden-Württemberg, Saxony, and Rhineland-Palatinate in Germany, on its pilot project regarding the blockchain-based issuance and redemption of asset-backed commercial paper (ABCP).
  • Volkswagen Bank securitizes Italian auto loans for first timeJones Day advised Volkswagen Bank GmbH in connection with its first Italian securitization relating to auto loans granted by Volkswagen Bank, Italian Branch.
  • BNP Paribas, Finint, and UniCredit act as arrangers in trade receivables securitization facility for leading Italian-based industrial groupJones Day advised BNP Paribas, along with Finanziaria Internazionale (Finint), and UniCredit, as arrangers, in connection with a €300 million trade receivables securitization transaction originated by a leading global Italian-based industrial group through the issuance of asset-backed securities with a partly paid structure by a securitization vehicle established pursuant to law 130/1999.
  • Volkswagen Financial Services establishes auto loan securitization program Driver MasterJones Day advised Volkswagen Financial Services in connection with the establishment of the auto loan securitization program Driver Master S.A.
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    March 2022 Commentary

    EBA Recommends Adjustments to Proposed EU Green Bond Standard to Develop Sustainable Securitisation Market in Europe

    APRIL 2021 Commentary

    European Parliament Passes New Rules for NPE Securitisations and Synthetic Securitisations

    March 2021 Alert

    Will German Banks Have to Scrutinize Their Customers for ESG Compliance?

    January 2021 White Paper

    2020 Anti-Money Laundering Year in Review

    May 2020 Alert

    How to Address the COVID-19 Crisis with Bonds

    April 2020 White Paper

    Act to Mitigate the Consequences of the COVID-19 Pandemic Under Germany's Civil, Insolvency and Criminal Procedure Law of 27 March 2020

    July 2019 Jones Day Publications

    Setting Up Crypto Funds in the European Union

    July 2019 Commentary

    Bank of England Publishes Discussion Paper on Risk Management Systems for Collateral Referencing LIBOR

    March 2019 Jones Day Publications

    ESMA Opinion Details Technical Standards for Securitisation Disclosures

    September 2018 Commentary

    ECB Targets Non-Performing Loan Provisions in 2021 Supervisory and Evaluation Process
    Voir toutes les publications

    Autres publications

    • September 2017
      Blockchain und Verbriefung - Die perfekte Symbiose (Blockchain and Securitization - The Perfect Match), Risiko Manager 09/2017

    Interventions

    • September 27 - 28, 2018
      TSI Congress 2018—Securitisation and Asset-Based Finance in Times of Change
    • September 28 - 29, 2017
      TSI Congress 2017

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