Hogan Lovells advised the arrangers and joint lead managers Crédit Agricole Corporate & Investment Bank and StormHarbour Securities LLP, on the securitisation of a portfolio of lease receivables worth PLN 2.2 billion, originated by Europejski Fundusz Leasingowy S.A., a leading Polish leasing company. The structure of the transaction stipulates a three-year revolving period during which the repaid lease receivables are replaced by new ones on an on-going basis. This is one of the largest publicly rated securitisation transactions in terms of value carried out so far by an originator from Poland.

This follows the work of Hogan Lovells (which specialises in, among other things, legal and tax advisory services in the field of securitisation) on a number of previous transactions of this type in the Polish market.

In accordance with the terms of the transaction, EFL Lease ABS 2017-1 Designated Activity Company, acting as the issuer (SPV), issued notes with a total nominal value of PLN 1.8 billion, secured by lease receivables of PLN 2.2 billion, purchased from Europejski Fundusz Leasingowy S.A. A sizable portion of the issued notes were acquired by domestic and international financial institutions, including the European Investment Bank (EIB). Furthermore, the European Investment Fund (EIF) has provided a guarantee for those notes purchased by private investors. These notes have obtained the following ratings: "A+ sf", granted by Fitch Ratings, and "AAASF", granted by Scope Ratings.

Piotr Zawiślak (partner) and Julian Craughan (partner) led and supervised the transaction. The transaction team consisted of - from the Hogan Lovells Warsaw office: Artur Bilski (lawyer), and Jakub Matusielański (lawyer), and from the Hogan Lovells London office: Fadzai Mandaza (senior associate), and Victoria Hewitson (associate).

Andrzej Dębiec (partner) – Head of Tax Department at Warsaw office of Hogan Lovells, and Zbigniew Marczyk (counsel) were involved in providing tax advice in relation to the transaction.

A separate Hogan Lovells team led by Andrew Carey (partner) and supported by Megan James (associate) advised Citicorp Trustee Company Limited as Note Trustee and Security Trustee, and in its various agency capacities for the transaction.

About Hogan Lovells


Hogan Lovells is a global law firm offering comprehensive legal and tax advice in more than 50 offices located in Europe, North and South America, Africa, Asia, the Middle East, and Australia.
Hogan Lovells is one of the largest law firms in Poland. For many years it has been regularly ranked in the renowned national and international legal directories prepared by Rzeczpospolita, Legal 500 EMEA, Chambers & Partners (Europe and Global), IFLR1000, and WTR 1000. In addition, in 2016 we received the title of Pro Bono Law Firm of the Year awarded by Rzeczpospolita's Law Firm Ranking. “Hogan Lovells” or the “firm” is an international legal practice that includes Hogan Lovells US LLP, and Hogan Lovells International LLP.

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