01/09/2003
WestLB AG Securitises Automobile Leasing Assets worth € 1 Billion
WestLB AG, Düsseldorf/Münster, has successfully structured a € 1 billion securitisation of automobile leasing assets. The leasing assets are collateralised by a pool of passenger cars serviced by BMW Leasing GmbH. The purchase price of the assets is refinanced via the "Compass" commercial paper programme sponsored by WestLB, i.e. through short-term obligations placed in the money market with institutional investors. This transaction enabled WestLB to further enhance its leading position in the German asset securitisation market.