The Legal 500

Clifford Chance’s very experienced team has ‘excellent industry knowledge’ and ‘exceptional multi-jurisdictional coverage’. It advised RBS on the largest CMBS loan restructuring in Germany to date, involving an innovative acquisition structure with a value of €2bn; and also acted for Bayerische Landesbank, Commerzbank and Valovis Bank on the €300m securitisation of mail order receivables originated by the insolvent Quelle, the first transaction of its kind with an insolvent originator in Germany. It maintains a strong relationship with the Federal Government and Ministry of Finance on regulatory proposals. Oliver Kronat is recommended.

Hengeler Mueller is in the vanguard of the German structured finance sector, and ‘stands out’ among competitors. Its impressive client base includes household names such as Deutsche Bank, Deutsche Postbank and HSBC. It recently acted for Eurohypo on a large real estate related CMBS transaction, and for Highstreet Joint Venture on one of the largest CMBS restructurings. Clients recommend Martin Geiger, Dirk Bliesener and the well-respected Stefan Krauss.

Freshfields Bruckhaus Deringer has been heavily involved in financial markets stabilisation measures, the restructuring of ABS transactions, and securitisations of trade and lease receivables. Among recent highlights, it advised the Federal State of North Rhine-Westphalia in its role as a major shareholder of WestLB, on the establishment of the first German special bad bank, and also advised the German Financial Markets Stabilisation Fund on the establishment of a bad bank for Hypo Real Estate Holding. In derivative securities, the team has advised JP Morgan on the structuring of certificates distributed in Germany. Clients recommend Bernhard Kaiser and Andreas Bartsch.

Linklaters LLP’s team is headed by Oliver Dreher (on the structured products side) and Kurt Dittrich (securitisation). The firm acted for Commerzbank on the update of its €5bn credit-linked note programme, and for RBS on the establishment of its €15bn covered bond programmes; and also advised on a €12.7bn risk shield for Landesbank Baden-Württemburg, and the €750m refinancing of Danish SME banks for BNP Paribas and Danske Bank.

Allen & Overy LLP’s three-partner team, headed by Okko Hendrik Behrends, is highly respected in the market and enjoyed a successful 2010. The firm advised Eurex, the world-leading derivatives exchange, on the first German platform for credit default swaps, and also advised BNP Paribas on the securitisation of government-guaranteed loan receivables. Kai Schaffelhuber is recommended.

Baker & McKenzie’s three-partner structured finance team is headed by Dietmar Helms and has a good market share in ABS transactions. The practice acted for several clients, including HSBC on Volkswagen Leasing’s securitisation of €1bn auto lease receivables, and also advised Landesbank Baden-Württemberg on the restructuring of its Weinberg Capital programme. Martin Kaiser is recommended, and Matthias Eggert is highly rated for real estate securitisations.

Oliver Kessler heads the structured finance group at Sidley Austin LLP, which recently advised a major international bank, as agent for a syndicate of international lenders, in an insolvency matter involving one of the first workouts of CMBS-style CRE loans in Germany. The team also advised WestLB on amending a number of trade receivables transactions, and various US-based funds on financial markets regulatory issues and on the creation of bad banks by WestLB and Hypo Real Estate.

White & Case LLP receives high praise from clients for its ‘excellent industry knowledge and legal expertise’ and ‘pragmatic advisory approach’, with practice head Ulf Kreppel and Dennis Heuer both rated as ‘outstanding’. Key highlights of 2010 included advising Residential Capital, the mortgage subsidiary of GMAC Financial Services, on the complex sale of its European mortgage assets and businesses to subsidiary funds. The team also assisted BayernLB as co-arranger of a €300m trade receivables programme for Quelle, one of the best-known German online retail stores, in light of its insolvency.

Clients praise the ‘outcome-oriented’ approach of Ashurst LLP. 2010 saw the team act for new clients Bank of America Merrill Lynch and Nomura, advising the former on the German Structured Programme as well as on issuances under the programme, and the latter on various OTC derivatives transactions. The firm also assisted Santander on the securitisation of €1bn of consumer credits. Head of the team Tobias Krug is highly recommended by clients, who feel the team offers ‘extremely good’ value for money.

Hogan Lovells International LLP enjoyed a successful 2010. The team, led by Sven Brandt, advised Erste Abwicklungsanstalt on the implementation of the first bad bank model in Germany for WestLB; the Dr Peters Group on the acquisition of two Airbus A380 aircraft by a close-ended fund and the leasing of the aircraft to Air France; and the Ford Motor Company on its sale of Volvo, including regulatory and financing matters.

The seven-partner team at Mayer Brown LLP was instructed by Volkswagen Financial Services on the setting-up of a new securitisation programme of lease receivables in the German auto industry, and also acted for Indigo Capital on WET Automotive System’s financial reorganisation. In another highlight, the firm was nominated to the panel of the German Special Financial Market Stabilisation Fund, and advised on the operation of Germany’s first bad bank.

Specialisms of Paul, Hastings, Janofsky & Walker (Europe) LLP include commercial and residential real estate, non-performing loans and aircraft leases. Among its recent highlights, Peter Smeets represented Memesys in the restructuring of media financing with Hallmark Studios; and Hergen Haas assisted a large German commercial bank on a loan to a hospital in the city of Kassel.