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The Legal 500 Hall of Fame Icon The Legal 500 Hall of Fame highlights individuals who have received constant praise by their clients for continued excellence. The Hall of Fame highlights, to clients, the law firm partners who are at the pinnacle of the profession. In Europe, Middle East and Africa, the criteria for entry is to have been recognised by The Legal 500 as one of the elite leading lawyers for seven consecutive years. These partners are highlighted below and throughout the editorial.
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France > Derivatives, structured finance and securitisation > Law firm and leading lawyer rankings

Editorial

Index of tables

  1. Derivatives, structured finance and securitisation
  2. Other recommended firms
  3. Leading individuals
  4. Next generation lawyers

Leading individuals

  1. 1

Next generation lawyers

  1. 1
    • Cibele Natasha Antunes - Linklaters (structured finance)
    • Olivier Bernard - Orrick Rambaud Martel (securitisation)
    • Emmanuel Lebaube - White & Case LLP (structured finance)
    • Julien Rocherieux - Clifford Chance (structured finance)
    • Clément Saudo - Allen & Overy LLP

Who Represents Who

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Allen & Overy LLP’s ‘very good’ practice has strengths in derivatives and securitisation work, with the team’s co-heads Hervé Ekué and Fabrice Faure-Dauphin reflecting this binary expertise in their own specialisms. The group advises on the full gamut of over-the-counter instruments, from credit derivatives to rates, equities and commodities, with added strength through the practice’s knowledge of the regulatory framework, in particular in the derivatives market. The team handles domestic and cross-border instructions, with matters spanning an array of transactions. The group advised nuclear power and renewable energy company Areva on the organisation of the assignment of the derivatives portfolio from Areva to New Areva Holding as part of a restructuring, and acted for Goldman Sachs on the negotiation of collateral contracts concerning non-centrally cleared derivatives according to the European Market Infrastructure Regulation. In another highlight, the group assisted arrangers HSBC France and Société Générale with setting up a €1.5bn securitisation programme for FCT Auto ABS French Leases Master. Other clients include BNP Paribas, Bank of America Merrill Lynch and Nomura International. Counsel Clément Saudo is another name to note.

Clifford Chance assists financial institutions, corporates, insurers, asset managers, private equity funds and public entities such as European institutions with a broad variety of matters, with expertise spanning repackaging and factoring alongside more classic securitisation, derivatives and structured finance matters. Alternative market financing products are another key strength. The group, led by Jonathan Lewis and Frédérick Lacroix, undertakes domestic and cross-border work, with its capabilities in English, French and US law a major asset. Recent highlights include acting for GE Money Bank on refinancing a loan portfolio, which involved assisting with three sets of public RMBS securitisations by SapphireOne Mortgages with a total value exceeding €2bn. Together with the firm’s wider capital markets team, the department advised Carrefour on a non-dilutive cash-settled synthetic convertible bond issue and the corresponding equity options to hedge Carrefour’s risk exposure. Other work includes advising the European Investment Bank on the purchase of Class B1 and B2 notes issued by SC Poland Consumer 16-1. Crédit Agricole and Deutsche Bank are other clients. Counsel Julien Rocherieux is also noted.

Gide Loyrette Nouel A.A.R.P.I. combines ‘a high level of business acumen’ with ‘quick response times’, ‘direct access to partners’ and ‘stable teams’. The team’s strengths lie in derivatives and structured products, flanked by regulatory expertise, but the group also advises on securitisations and has expertise across all asset classes, as well as in repurchasing transactions and securities lending mandates. Paris-based Arnaud Duhamel and counsel Laurent Vincent, and London-based Karine Imbrosciano, who is ‘very client-focused’, jointly head the practice. Duhamel’s skillset in structured products and strategic equity derivatives is noted, along with his strong regional focus on sub-Saharan Africa and other emerging markets. Xavier Chassin de Kergommeaux who has developed a particularly strong practice in advising building societies, is a key name for securities. In a French market first, Kergommeaux led advice to Caisse Centrale des Crédits Immobiliers de France -3CIF and BNP Paribas, as arranger, on the winding-up and liquidation of French securitisation fund CIF Assets in order to allow the bondholders to comply with legislation coming into effect in January 2018, and also handled the setting-up of a new refinancing structure for Crédit Immobilier de France containing secured intragroup loans. Société Générale, Deutsche Bank and Europcar are also clients.

Hogan Lovells (Paris) LLP has broad experience in structured finance, derivatives and securitisation mandates. Key names include practice head Sharon Lewis, who also directs the firm’s global finance and international debt capital markets group; Baptiste Gelpi; and Katia Merlini, who was promoted to the partnership in January 2017. Areas of expertise include equity-linked securities, corporate bonds and structured products, such as repackagings, as well as covered bonds and financial restructuring. A major highlight was assisting Crédit Agricole with the approximately €1.1bn securitisation of receivables from housing loans for thirty-nine regional banks. Other clients include EDF, Edmond de Rothschild (France), BNP Paribas and the Islamic Corporation for the Development of the Private Sector.

Following Christine Van Gallebaert’s arrival in March 2017 from Gide Loyrette Nouel A.A.R.P.I., Jones Day has considerably broadened its capabilities to handle the full range of structured finance, securitisation and derivatives transactions. Van Gallebaert’s knowledge of asset-backed financings, in particular securitisation including covered bonds and debt funds, adds to Alban Caillemer du Ferrage and Qian Hu’s expertise in OTC derivatives. The team is proficient in handling matters with strong cross-border elements and also acts on high-value domestic work. Recent highlights include advising My Money Bank on the sale of its portfolio of revolving consumer credits to Advanzia Bank. The team is also called on to issue legal opinions for international associations, for example advising the International Swaps and Derivatives Association on the validity and enforceability of the standard agreements governing over-the-counter transactions, repurchase agreements, securities lending and FX transactions, and assisting the French Banking Federation with the drafting of new French legislation, such as the execution annex and the clearing addendum of the FBF Master Agreement. Other clients include GE Capital, BNP Paribas, Euronext and Crédit Agricole.

Linklaters’ expertise covers a broad range of structured finance, derivatives and securitisation transactions. Bertrand Andriani and Patrice Doat head the department, and have core strengths in structured asset and project financings, covered bonds and securitisation finance. Counsel Cibele Natasha Antunes’ knowledge of OTC and securitised derivatives, repurchase agreements and stock lending transactions, in addition to her qualification as a solicitor in England and Wales, make her another key practitioner. Areas of expertise for the team include project bonds, asset-backed commercial papers, car fleet securitisation transactions and hedging transactions. Recent domestic highlights include advising Natixis as arranger on Purple Master Credit Cards FCT’s €2bn ABS issuance programme, and assisting UBS with Rallye’s €200m non-dilutive cash-settled bonds exchangeable into Casino shares. Cross-border mandates include acting for the European Investment Fund, as lead investor, to Lendix SME Loan Fund II, a French securitisation company. Other clients include BNP Paribas, Lafarge and Crédit Agricole Corporate and Investment Bank.

Orrick Rambaud Martel is especially active in structured finance and securitisation mandates, both specialisms of practice head Hervé Touraine and Olivier Bernard. The pair have a strong track record in cross-border transactions, but also handle domestic work. Arnauld Achard is the key name for derivatives matters, though his experience also spans structured products, debt-and debt-like securities and optimisation products. Highlights included advising Morgan Stanley and several other financial institutions as joint lead managers on SapphireOne Mortgages FCT 2016-2 and SapphireOne Mortgages 2016-3, and acting for commercial fleet specialist Fraikin on the issuance of notes by FCT Eurotruck Lease II and FCT Eurotruck Lease III for subscription by insurance companies and financial institutions as part of Fraikin’s €1.2bn whole business securitisation. Another major highlight was assisting EDF, Natixis and Société Générale with the high-profile monetisation of a compensatory sum owed by the French state to EDF, which required a dual-track structure consisting of a securitisation vehicle issuing bonds and a bank financing. Santander, Veolia and Naturex are other clients.

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