Securitisation and Structured Finance
Our securitisation and structured finance team is known for its ability to advise on every major asset class (RMBS, CMBS, credit cards, trade receivables, auto-loans and unsecured loans), as well as whole business securitisations, CLOs and also covered bonds.
We regularly act on international deals involving both cash and synthetic securitisations in the private and public markets, advising originators, arrangers, investors and trustees on the establishment of new securitisations (including bilateral, standalone and master trust and master issuer programmes) and the restructuring of, and issuances from, existing structures and platforms.
Our lawyers specialise in finding innovative solutions to complex financing problems. This puts us in an exceptional position to address the challenges of today’s market.
- Our securitisation and structured finance team is known for its technical excellence, commercial pragmatism and attentive, client-focused service. We focus on client relationships rather than on niche products or practice areas. This allows us to deploy smaller, but more versatile, teams, drawing on the expertise of our DCM, banking, financial regulation and tax specialists to deliver advice that is carefully tailored to the needs of our clients and particular transactions.
- We act on transactions for all types of originators, such as banks (including on significant risk transfer transactions), insurers (including on matching-adjustment structures), specialist lenders, industrial companies, regulated utilities and others.
- We regularly act for large hedge fund clients in relation to regulatory capital driven structured finance transactions and in relation to non-standard consumer finance transactions.
- We also act for both sellers and bidders (and their financing banks) on the asset-backed financings of acquisitions of financial assets, including performing and non-performing loan portfolios.
Key experience
We advised M&G in relation to its investment in what we believe to be the second mobile handset securitisation in Europe and the first in which subordinated notes were issued to an external investor.
We advised NewDay Cards Ltd on the establishment of a new master issuer asset-backed notes programme within NewDay’s existing own-brand master trust structure and the first issuance of a series of notes under the new programme.
We advised experienced mortgage originator and servicer Paratus in relation to the RMBS securitisation of buy-to-let mortgages secured on properties in the U.K. and originated and serviced by Paratus.
We advised Blue Motor Finance in relation to an issuance by Azure Finance No.3 plc of £263,100,000 floating rate asset backed Sterling notes and residual certificates.
We assisted Paragon Banking Group PLC to complete its latest securitisation, Paragon Mortgages (No.29) PLC. We acted for the arrangers, Santander Corporate & Investment Banking and Bank of America Securities.
We advised Lendco Limited, a UK-based specialist non-bank mortgage originator of buy-to-let and bridging loans, on the establishment of a £250m warehouse funding line with Santander. £899 million of prime buy-to-let mortgage assets were securitised, creating £747 million Class A AAA rated senior bonds.
We bring together leading experts from across the firm who deliver commercially-focused advice at the forefront of legal, regulatory and market developments impacting the public and private securitisation markets.
We were involved in the very first securitisation in the UK in 1985 and have remained leaders in this highly sophisticated area of asset-backed finance. We continue to support our clients on market-leading securitisation transactions in jurisdictions throughout the world.
Winner: ABS Deal of the Year GlobalCapital’s 2024 European Securitization Awards. NewDay Funding Master Issuer Series 2023-1
Key contacts
The continuity, knowledge, expertise, commercial mindedness, can-do attitude, problem solving ability and approachable attitude. Nothing compares. I have worked with this firm for 36 years and nothing has changed my view. Legal 500
There is a very strong depth of knowledge within the team and they are responsive to new developments. Chambers