Vasil Kisil & Partners advised Fitch Ratings on the Ukrainian law matters of the first ever auto loan-backed securitization in Ukraine.

Privatbank commercial bank is the first Ukrainian bank to sell notes backed by auto loans for the amount of USD 110 million The auto loan-backed securitization was successfully completed by two consecutive placements of notes.

This auto loan-backed securitization is the second securitization in Ukraine. In February 2007 Vasil Kisil & Partners already advised Fitch Ratings on the first ever Ukrainian securitization backed by a pool of mortgage loans for the amount of USD 180 million.

In the course of the auto loan-backed securitization transaction Vasil Kisil & Partners drafted a second legal opinion on the securitization transaction, including the true-sale and related matters, as well as issues related to write-off assets from the balance sheet of Privatbank, acting as the originator. VKP also rendered advice on transaction-related risks and mitigation thereof.
The team of Vasil Kisil & Parthers included Denis Lysenko, partner, and Yulia Kyrpa, associate.

The Banking & Finance practice of Vasil Kisil & Partners is a rapidly developing practice of the firm, recommended by the last editions of the leading international handbooks – PLC Which Lawyer? and IFRL 1000.