German SPV


Comprehensive service from a single source

Advantages of a German SPV

True Sale International GmbH (TSI) and TSI Services GmbH as a wholly owned subsidiary, represent the German securitisation market. Our services include the provision and liquidation of special purpose vehicles (SPVs). If you use a German SPV for your securitisation transaction, this comes with various advantages for you as originator or arranger:

Proven and recognised standard

The provisioning process was agreed with the German regulator and leading law firms when the TSI securitisation platform was launched in 2004. We have now been providing SPVs to the German market for almost 20 years. More than 160 securitisation transactions have already used a German SPV under German law since 2005. Shareholders in the SPVs are three officially recognised and registered German foundations set up by KfW as the founder. The German and European regulator and the Eurosystem are very familiar with this model.

The foundations of the Capital Markets Union Foundation project

Process security through transparent corporate governance

The foundations are headed by renowned, independent foundation directors; there is no identity of persons at the level of the individual foundations. This means that under company or supervisory law they cannot form a group or exert a controlling influence. In addition, our clients enjoy process security through clear corporate governance structures, for example through the foundation statutes and the separation of shareholder, service provider and management functions at all levels.

Regulatory certainty

We ensure the careful processing of audit reports and the performance of monitoring duties as prescribed by the law on limited liability companies through an agency agreement with the foundations. In addition, we support you and coordinate solutions to current, regulatory and tax issues that may become relevant in the short term in the context of your transaction.

Capital market promotion and network

All three foundations are actively involved in capital market-related science funding with a focus on the securitisation market. Our individual support, proven and standardised processes, including integration into the TSI network, round off the service we provide for you.

Science & Practice

Comprehensive service from a single source

We provide German SPVs with internationally competitive start-up costs and professional one-stop service within approximately six to eight weeks. TSI Services takes over all activities and expenses associated with the establishment of the SPV against payment of a service fee. This includes all costs of establishment and endowment.


Advantage: This makes it easier for our clients to cost transactions and reduces the number of individual invoices and bookings.


In addition, we provide the client and the SPV with further support services within the framework of the securitisation platform. These are defined in a service agreement and essentially comprise the following:

  • We provide information on general developments in the securitisation market and general, transaction-independent coordination with regulators, legislators or federal authorities
  • We provide the infrastructure for these support services
  • We coordinate all tasks between the SPV, the originator and shareholders of the SPV

TSI is actively involved in the STS verification of European quality securitisations through its independent subsidiary STS Verification International GmbH (SVI).

You will find all relevant information on the English-language SVI website


Are you considering using a German SPV?

Do you have questions about a planned securitisation transaction?
Please get in touch. We will be happy to answer them.

Catrin Kreuchauff

Managing Director

Mario Uhrmacher

Managing Director