Deals & Cases

Homburger advised AMAG Leasing AG on a CHF 130 m Auto Covered Bond Issuance under its CHF 1.5 bn Auto Covered Bond Programme

In November 2021, 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.

On November 3, 2022, AMAG Leasing successfully completed the issuance of CHF 130 m 2.25% Fixed Rate Auto Covered Bonds due 2026 thereunder. The Auto Covered Bonds are indirectly backed by a portfolio of lease assets originated by AMAG Leasing. AMAG Leasing is the leading car leasing company in Switzerland with a portfolio currently comprising approximately 185,000 contracts valued at more than CHF 4.6 bn. AMAG Leasing is a subsidiary of AMAG Group, which is the largest mobility company in Switzerland.

The Swiss law governed Auto Covered Bond Programme is the first Corporate Covered Bond Programme backed by auto lease receivables in Switzerland. It offers much greater issuance flexibility at lower cost than an ABS.

The issuance of the CHF 130 m 2.25% Fixed Rate Auto Covered Bonds was well received in the market and allows AMAG Leasing to further diversify its long-term funding sources.

Zürcher Kantonalbank acted as Sole Arranger.

Homburger acted as sole legal advisor advising AMAG Leasing as Issuer and the Zürcher Kantonalbank as Sole Arranger. The Homburger team was led by partners Daniel Haeberli and Stefan Kramer (both Capital Markets / Financial Market Regulation) and included partner Stefan Oesterhelt (Tax), associate Daniel Junginger as well as junior associate Alexander Cochardt (both Capital Markets).