November 2024
Deutsche Bank has been appointed on auxmoney’s second public Asset-Backed Security (ABS) transaction of 2024
The Deutsche Bank Trust and Agency Services (TAS) team has supported auxmoney, a German consumer loans specialist, with their latest securitisation, Fortuna Consumer Loan ABS 2024-2 Designated Activity Company. The loans were originated by auxmoney via its digital credit platform.
The notes consisted of seven classes of Floating Rate Notes totalling €500m and the Class X Fixed Rate Notes totalling €7.5m, all due in 2034. The Class A notes have been designated as Social Notes having been structured in accordance with the International Capital Market Association (ICMA) Social Bond Principles.
Social bonds are use of proceeds bonds that raise funds for new and existing projects with positive social outcomes. The Social Bond Principles recommend a clear process and disclosure to facilitate the tracking of funds to these social projects, while simultaneously aiming to improve insight into their estimated impact – such as the financial exclusion for underserved borrowers in the case of auxmoney.
TAS will perform all core roles including Account Bank, Calculation Agent, Cash Administrator and Principal Paying Agent. “We are delighted that auxmoney have chosen Deutsche Bank to perform agency services on their second transaction of the year,” said Stephanie Mcintosh, Head of Structured Finance, EMEA, Deutsche Bank.
About auxmoney
auxmoney is a digital-lending platform for consumer credit in Europe. Through risk models and digital processes, auxmoney improves access to affordable credit thereby contributing to financial inclusion. Institutional investors like family offices, banks, insurance companies and pension funds are using the auxmoney marketplace to generate predictable return.