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ABCP on the Blockchain: Weinberg Capital DAC

ABCP On The Blockchain: Weinberg Capital DAC

Weinberg Capital DAC is an Asset Backed Commercial Paper (ABCP) vehicle domiciled in Ireland, which was established in 2008 by Landesbank Baden-Württemberg (LBBW).

The vehicle securitises trade receivables, customer loans and leases from German companies and their subsidiaries, along with the senior notes of other SPVs.

In February last year, LBBW launched its first Distributed Ledger Technology (DLT) issuance of ABCP using the Weinberg vehicle.

This innovative new technology vastly improves clearing time and simplifies the process of issuing ABCP to an investor.

LBBW has just announced that they have conducted a further transaction using the technology, through Weinberg Capital DAC.

This new transaction added further benefits such as notification and advanced settlement information, along with automation of back-office processes to reduce manual work.

LBBW’s DLT platform, created through its 100% subsidiary targens GmbH, looks set to increase its offering through the Weinberg vehicle in the months and years to come.

Deal Information

Weinberg Capital DAC had €3.4billion in assets by the end of 2018, according to its most recent accounts.

Legal Advisor: Matheson
Corporate Administrator: TMF Administration Services Limited
Bankers: Landesbank Baden-Württemberg / Bank of Ireland
Arranger: Landesbank Baden-Württemberg
Liquidity Facility Agent: Landesbank Baden-Württemberg
Paying Agent: Citibank, N.A., London Branch
Independent Auditors: Mazars