AMAG Leasing AG’s CHF 1.5 Billion Covered Bond Programme And CHF 260 Million Inaugural Issue

Homburger acted as sole legal advisor advising AMAG Leasing.

AMAG Leasing established its CHF 1.5 bn Auto Covered Bond Programme irrevocably guaranteed as to payments of interest and principal by AMAG Leasing Auto Covered Bond AG (the Programme).

AMAG Leasing successfully completed its inaugural issuance of CHF 260 m 0.00% Fixed Rate Auto Covered Bonds due 2025 thereunder. The Auto Covered Bonds are indirectly backed by a portfolio of lease assets originated by AMAG Leasing (the Cover Pool). AMAG Leasing is the leading car leasing company in Switzerland with a portfolio currently comprising approximately 180,000 contracts valued at more than CHF 4 bn. AMAG Leasing is a subsidiary of AMAG Group, which is the largest mobility company in Switzerland.

The Swiss law governed Programme is the first Corporate Covered Bond Programme in Switzerland. It offers much greater issuance flexibility and quicker «time to market» compared to ABS.

The first issuance of Auto Covered Bond was well received in the market and attracted new investors allowing AMAG Leasing to further diversify its long-term funding sources.

Zürcher Kantonalbank acted as Sole Arranger.

The Homburger team was led by partners Daniel Haeberli (Picture) and Stefan Kramer (both Capital Markets / Financial Market Regulation) and included Stefan Oesterhelt (Tax), associates David Borer and Pierina Janett-Seiler as well as junior associates Yannick Rüfenacht and Naomi Mark and paralegal Ganna Schneuwly (all Capital Markets).

Involved fees earner: David Borer – Homburger; Daniel Haeberli – Homburger; Pierina Janett-Seiler – Homburger; Stefan Kramer – Homburger; Naomi Mark – Homburger; Stefan Oesterhelt – Homburger; Yannick Rüfenacht – Homburger;

Law Firms: Homburger;

Clients: AMAG Leasing AG;

Author: Federica Tiefenthaler