Paksoy has advised Volkswagen Dogus Finansman A.S. on the issuance of TRY 5 billion asset-backed securities in various series, with the first series issued in the amount of TRY 566.5 million and TRY 250 million. There is also a TRY 239.5 million subordinated note in the deal structure.
The securitization transaction was backed by the company's auto loans receivables.
Volkswagen Dogus Finansman A.S. is 51% owned by Volkswagen Financial Services AG and 49% by Turkish conglomerate Dogus Group.
Paksoy describes the issuance, which features a one-year revolving period, as the first public auto loan securitization transaction originated from Turkey, and the first securitization transaction made by a Turkish non-bank institution. It is rated by both Fitch and Moody's.
The Paksoy team was led by Partner Omer Collak and included Counsel Sansal Erbacıoglu, and Associate Soner Dagli.