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Germany > Capital markets > Structured finance and securitisation > Law firm and leading lawyer rankings

Editorial

Index of tables

  1. Capital markets: structured finance and securitisation
  2. Other recommended firms
  3. Leading individuals

Leading individuals

  1. 1
    • Martin Geiger - Hengeler Mueller
    • Bernhard Kaiser - Freshfields Bruckhaus Deringer
    • Oliver Kronat - Clifford Chance

Who Represents Who

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Allen & Overy LLP adopts ‘a practical and commercial approach’ to advise on complex and innovative structured finance transactions, securitisations and derivatives, and the restructuring thereof. The team of ‘experts’ advised Bank of America Merrill Lynch as arranger and lead manager on Kingfisher’s €317m commercial mortgage-backed securities (CMBS) transaction. Another client was Macquarie regarding the first public residential mortgage-backed security (RMBS) transaction in Germany for five years. Other highlights included structured financings backed by ship and airplane loan portfolios and transactions related to car financings. Martin Scharnke continues to advise Credit Suisse on its European platform for the issuance of securitised derivatives. Kai Schaffelhuber divides his time between regulatory matters and structured finance and Matthew Howard covers English law. Stefan Henkelmann was promoted to partner and Jens Nollmann to counsel.

With a track record in structured finance and derivatives dating back to the early 1990s, Clifford Chance’s ‘experts in the field’ are recognised for their ‘excellent expertise and comprehensive but also expedient advice’. The team advises on classic securitisations and asset-backed commercial paper (ABCP) programmes, European Central Bank (ECB) repo transactions, asset-backed securities (ABS) restructurings, portfolio sales, cashflow and synthetic transactions and repackagings, with additional expertise in derivate products. Recent innovative work includes advising NIBC Bank Deutschland on the financing of MEP Werke’s solar panel hiring model, a whole business securitisation, and handling the first securitisation of fintech loan receivables in Germany, the Netherlands and Spain. Oliver Kronat acted for Santander Consumer Bank as originator of a €1.4bn securitisation of German consumer loans. Arne Klüwer joined Dentons in April 2017.

Hengeler Mueller’s ‘first-class practice’ continues to handle an impressive volume of securitisation transactions and is noted for its ‘comprehensive industry expertise and experience combined with a very good network in the German corporate landscape’. The firm is traditionally strong on the banking side; it advised Bank of America Merrill Lynch on the securitisation of a loan granted to The Squaire. Other clients include BMW Bank regarding the securitisation of German auto financing loans and Abcbank concerning the securitisation of leasing receivables. Stefan Krauss advised on several RMBS transactions, including for DG HYP. Cerberus and Lone Star sought advice on several non-performing loan (NPL) transactions. The ‘unbelievably resilient and totally reliable’ Martin Geiger ‘understands the client’s and the bank’s interests and mediates in a pragmatic and solution-oriented manner between the two’.

Freshfields Bruckhaus Deringer provides ‘good-quality’ advice on structured finance products and financing transactions, securitisations and derivatives, with particular strength in multi-jurisdictional matters. It advised Crédit Agricole CIB and RBS as arrangers of the extension of a securitisation programme for the sales financing of Peugeot and Citroën in Germany and the transfer of the programme to a new originator, a joint venture between Banque PSA and Santander. Other work included acting for Opel Bank on the securitisation of German auto loan receivables and the restructuring of a conduit warehouse structure; the team also represented various companies and banks on hedging via equity derivatives, the clearing of derivatives and exchange-traded derivatives. Bernhard Kaiser is the new main contact, with Andreas Bartsch now in an of counsel position.

Linklaters focuses on restructuring, refinancing and executing existing structured finance transactions and portfolio transactions. It advised Erste Abwicklungsanstalt (EAA) on the transfer of a pan-European portfolio of assets and liabilities of Westdeutsche Immobilienbank to EAA, and assisted Commerzbank with the €1bn synthetic securitisation of a portfolio of medium-sized business loans for regulatory capital relief by way of a European Investment Fund (EIF) financial guarantee. Kurt Dittrich, new head of the finance division in Germany, has been advising key client Eurex Clearing on its new clearing model for US members. Christian Storck is an expert in OTC derivatives and Barbara Lauer was promoted to partner. Laurenz Uhl left the firm.

Baker McKenzie remains in a ‘strong position in automotive sector securitisations’, also handles multi-jurisdictional ABCP transactions in the trade, leasing and residual value receivables segments, and advises on new and innovative asset classes, including matters in the fintech sector. Martin Kaiser acted for new client ING Wholesale Banking as arranger of a securitisation transaction for Mauser and Sandra Wittinghofer assisted an independent leasing company with building a securitisation platform in Luxembourg and regularly advises NIBC Bank; and Matthias Eggert joined Dentons in April 2017.

With clients such as BMW, Mercedes, Volkswagen and Ford, Hogan Lovells International LLP continues to ‘concentrate on securitisations in the automotive sector’ and international matters. Sven Brandt advised Volkswagen Financial Services and Volkswagen Leasing on the €820m securitisation of automobile leasing contracts and Dietmar Helms acted for Mercedes-Benz Auto Finance in its first securitisation of auto loan receivables in China. The team has also been advising NordLB on a €1.3bn privately placed ship financing securitisation and has expertise in real estate, renewable energy, insurance, retail and financial services, where new clients include Kreditech and Portigon.

Traditionally strong in the auto loans and leasing segments, Mayer Brown LLP continues to advise on multiple transactions in true sale securitisations and asset-based lending business. Together with the London office, Andreas Lange represented Barclays, Deutsche Bank, HSBC and Lloyds Bank as joint arrangers and joint lead managers of a €544m auto loan securitisation. The firm also covers the regulatory aspects of structured financial products and all aspects of OTC derivatives and clearing. Jochen Seitz advises Bank Julius Bär on issuing programmes for certificates and structured products, new regulatory requirements for OTC derivatives and a direct credit substitution product. Patrick Scholl is also recommended.

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