The transaction featured €377.5 million in senior notes rated AAA by S&P, DBRS, and Fitch, underscoring strong market confidence and compliance with EU securitisation standards.

This transaction represents a landmark development in the Dutch asset-backed securities (ABS) market, as it is the first time that specialised heavy equipment lease receivables have been included in a public securitisation. By doing so, it expands access to funding for SME equipment finance and sets a precedent for future innovation in the sector.

This transaction follows the award-winning private securitisation deal, Project Spyder, which was recognised as the Private Securitization Deal of the Year at the GlobalCapital European Securitization Awards 2025. Hogan Lovells acted as counsel to BNP Paribas, Bank of America and Citibank as senior lenders on this private asset-based structured financing transaction.

Hogan Lovells team for Hive 2025-1:

The Hogan Lovells team was led by partners Robert Masman (Amsterdam) and Julian Craughan (London), and counsel Dylan Goedegebuure (Amsterdam), with support from partners Alexander Fortuin (Amsterdam), Emil Arca (New York), counsel Stephen Bate (London), senior associate Lauren Kimmel (New York), and the Finance and Tax teams in Amsterdam, London and New York.

This transaction underscores Hogan Lovells’ continued strength in advising on complex, cross-border capital markets transactions across Europe and globally.