Rising Stars

Securitisation in London

Allen & Overy LLP

Allen & Overy LLP 'really does dominate the securitisation and structured real estate finance spaces, including bespoke structures in often unusual asset classes', and clients note that the lawyers are 'thoughtful, efficient and pragmatic in their solutions'. The firm's ten-partner group handles the full range of asset classes, though it has  particular depth in whole business securitisations and corporate structured funding, including infrastructure and project bond-related work. Practice head Salim Nathoo recently acted for African Frontier Capital LLC in a $62m receivables financing transaction to provide capital to fund access to solar products to consumers living off-grid in Kenya. Key partner Lucy Oddy frequently advises financial institutions, funds, private equity firms and corporates on structured finance. Sally Onions assisted a global institutional alternative investment management firm as the seller and retention holder in a  £2.1bn securitisation transaction backed by non-conforming owner-occupied and buy-to-let mortgages. Emerging partner talent Iona Misheva is adept in a variety of asset classes, among them commercial real estate, whole business, receivables and residential mortgage loans. Daniel Hill is recommended for public and private RMBS and covered bond transactions both in the UK and in Europe. Tim Conduit is 'particularly helpful and proactive' in receivables financing transactions. Franz Ranero is a key adviser on CLO transactions, and senior associate Tim Monahan is also highly recommended.

Practice head(s):

Salim Nathoo


Other key lawyers:

Tim Conduit; Lucy Oddy; Sally Onions; Daniel Hill; Iona Misheva; Tim Monahan; Franz Ranero


Testimonials

‘Proactive, and interested in engaging with both their client banks and the other parties to the relevant agreements, to address key issues.’

‘Tim Conduit is particularly helpful and proactive.’

‘A&O really does dominate the securitisation and SREF spaces. We use them extensively for bespoke structures in often unusual asset classes and they are thoughtful, efficient and pragmatic in their solutions.’

Key clients

Yorkshire Building Society (YBS)


Principality Building Society (PBS)


African Frontier Capital (Mauritius) LLC (AFC)


CarVal


Bank of Scotland PLC


Bain Capital, Fortress Investment Group


Clifford Chance LLP

At Clifford Chance LLP 'the team is always a pleasure to work with, going above and beyond to support the client through transactions, and making themselves available at short notice'. The practice led by Maggie Zhao 'has deep knowledge and experience and is a go-to team for complex transactions requiring innovative solutions'. It is frequently called upon to handle market-first transactions across a host of asset classes, among them RMBS, covered bonds, consumer ABS, auto ABS and SME lending transactions. Head of the international structured debt group Kevin Ingram recently acted for Bank of Ireland in the £600m Temple Quay No.1 PLC, a static RMBS securitisation backed by a non-conforming portfolio of performing and reperforming mortgage loans. Key partner Christopher Walsh has  in-depth experience of structured debt transactions and capital market products. Emma Matebalavu is head of the firm's global financial markets practice and specialises in all types of mortgage finance. Simeon Radcliff stands out for multi-jurisdictional trade receivables transactions. Jessica Littlewood leads the European CLO practice, and is a key adviser to both managers and investors. Up-and-coming partners Adam Craig ( who 'has an ability to present ideas in an easily digestible way'), Will Sutton and Simi Arora-Lalani are all heavily involved in the firm's high-profile transactions.

Practice head(s):

Maggie Zhao


Other key lawyers:

Kevin Ingram; Christopher Walsh; Emma Matebalavu; Jessica Littlewood; Adam Craig; Will Sutton; Simeon Radcliff; Simi Arora-Lalani; Soojean Choi


Testimonials

‘Quality of people and ideas.’

‘Chris Walsh and Simi Arora-Lalani are exceptional.’

‘The team is always a pleasure to work with. They go above and beyond to support you through transactions. They keep you up-to-date on billing. They make themselves available at short notice when necessary. Constructive approach to assisting you with achieving your target outcomes.’

‘Adam Craig – very good at working through complex problems with multiple parties, and at explaining potential solutions. Adam has an ability to present ideas in an easily digestible way, and therefore can get people over the line on ideas with ease. Senior associate Soojean Choi – great attitude, and approach to work. Very organised, and effective at managing complex processes involving multiple parties and many moving parts.’

‘The Clifford Chance team has deep knowledge and experience and are our go-to team for complex transactions requiring innovative solutions.’

Key clients

JP Morgan


Goldman Sachs


Morgan Stanley


Deutsche Bank


Bank of America


Barclays


Credit Suisse


Citi


Credit Agricole Corporate and Investment Bank


ING


Standard Chartered


Santander


NewDay


Shawbrook


Close Brothers


HSBC


118 118 Money


Natixis


Lloyds Bank


BNP Paribas


NatWest Markets


Cerberus


Blackstone


Elliott


Davidson Kempner


Apollo


Rothesay


Fortress


Work highlights


  • Advised B2Holding, a leading, Norwegian headquartered pan-European debt investor and servicer, in connection with the securitisation of portfolios of non-performing loans and real estate owning companies across multiple European jurisdictions including France, Italy, Greece, Cyprus, Romania, Bulgaria, Croatia, Slovenia and Serbia.
  • Advised Bank of America and Goldman Sachs in their role as Joint Arrangers, Joint Lead Managers and Risk Retention Holders on Cassia 2022-1, a €235.5 million agented CMBS issuance secured over separate portfolios of logistics properties located in Italy.
  • Advised Bank of Ireland on Temple Quay No.1 PLC, a static RMBS securitisation backed by a non-conforming portfolio of performing and reperforming mortgage loans. These loans are secured by owner occupied and buy-to-let properties located in the United Kingdom.

Linklaters LLP

Linklaters LLP has one of the deepest benches in London for securitisation, and one of the broadest practices in terms of deal types and asset classes. It handles deals backed by novel assets, as well as  NPL, RMBS, CMBS, CLO, credit card and auto loan transactions. The firm has ‘top team with strength through the experience levels, is always well organised, and runs deals smoothly, being ahead of their peers in terms of planning a transaction and delivering on time‘. Mark Nuttall and standout securitisation partner Julian Davies lead the practice. Davies led a team that acted for Sixth Street Partners on its agreement with Real Madrid C.F. and sports company Legends on a deal backed by stadium operations at the Santiago Bernabéu Stadium. Adam Fogarty focuses on the acquisition, disposal and financing through the public and provide securitisation markets of financial assets including residential and commercial mortgages. He worked with newly promoted partner Lucy Sidey to assist Pacific Investment Management Company LLC on the acquisition of a portfolio of €1.32bn of non-performing loans secured over real estate in Cyprus from Hellenic Bank. Andrew Vickery played a key role in advising advised TwentyFour Asset Management on a £300m UK buy-to-let RMBS. Also recommended are the ‘super-focussedAlexander Shopov; RMBS, ABS, covered bonds, and utility securitisation partner Reza Taylor; Thomas Quoroll, who is ‘unflappable and great at managing deals‘; and newly promoted partner Aditi Srivastava.

Practice head(s):

Mark Nuttall; Julian Davies


Other key lawyers:

Mark Drury; Adam Fogarty; Andrew Vickery; Alexander Shopov; Reza Taylor; Thomas Quoroll; Aditi Srivastava; Lucy Sidey; Fiona Cotter


Testimonials

‘Response times. Breadth of coverage. They go far to make sure you are covered where you need it.’

‘Alex Shopov – super-focused, drives himself and team to deliver the right result for the client.’

Tom Quoroll – unflappable, great at managing deals.’

‘Top team with strength through the experience levels. Always well organised and run the deals smoothly, being ahead of their peers in terms of planning/managing a transaction and delivering on time. The senior lawyers are on top of legal issues at market leaders in terms of technical skills.’

‘Tom Quoroll – calm under pressure, excellent judgement and draftsman. Liked by everyone on every deal. Excellent choice for brokering a challenging deal with difficult parties. He leads a team from the front. Alex Shopov – top brain and technical lawyer, able to come up with a solution to any problem. Totally committed to delivering a quality product for his clients. Limitless enthusiasm.’

‘Fiona Cotter – always excellent on every matter. Hardworking and smart. No ego. Aditi Srivastava – can turn her hand to anything. Always willing to take on a challenge and a delight to work with.’

‘Although Linklaters is a very large London firm, the team maintains a small company feel, with an engaging and personal approach to their clients.’

Key clients

Morgan Stanley & Co. Limited


TwentyFour Asset Management (24AM)


Goldman Sachs International


Pacific Investment Management Company LLC (PIMCO)


Sixth Street Partners


Amitra Capital Limited (a wholly owned subsidiary of CPPIB Credit Investments Inc.)


Cadwalader, Wickersham & Taft LLP

Cadwalader, Wickersham & Taft LLP is ‘forward-thinking and innovative in the solutions it provides‘ and clients remark that the securitisation practice is ‘typically regarded as one of the most innovative teams in the industry with deep expertise‘. Stephen Day, who is ‘one of the leading figures in the industry with a track record across the entire spectrum of securitisation products‘, is among the firm’s standout partners. He and Suzanne Bell acted for Santander Consumer Finance Oy in the €550m securitisation of Finnish hire purchase receivables via a novel double SPV structure. Matthew Duncan, who has a track record innovative transactions, acted for originator Belmont Green Finance Limited in a £422m RMBS transaction. His market knowledge is unrivalled‘, say clients of ‘the godfather of the CLO marketDavid Quirolo. Newly promoted partner Alexander Collins, who is known for his ‘quick thinking and solution-driven approach‘, is also a key adviser on CLOs, as are specialists Daniel Tobias and Claire Puddicombe. Robert Cannon handled £100m transaction for underwriter GC Securities. Sabah Nawaz, who acts for funds and corporate borrowers, ‘has a deep understanding of the commercial side of the industry‘. Nick Shiren‘s broad structured finance practice includes work on the securitisation of residential and commercial mortgages and consumer assets.

Practice head(s):

Suzanne Bell; Robert Cannon; Stephen Day; Matthew Duncan; Sabah Nawaz; Claire Puddicombe; David Quirolo; Nick Shiren; Daniel Tobias; Alexander Collins


Other key lawyers:

Elena Bernal; Will Sharp


Testimonials

‘Very approachable and easy to work with. Their advantage is the ease with which they build relationships and the professional dedication to all the work.’

‘Special thanks to one of their partners – Alex Collins who has been very helpful on all the deals we have worked with them.’

‘Typically regarded as one of the most innovative teams in the industry with deep expertise.’

‘Stephen Day is acknowledged as one of the leading figures in the industry with a track record across the entire spectrum of securitisation products and sectors. His original thinking coupled with his depth of knowledge mark him out.’

‘The Cadwalader team are forward-thinking and innovative in the solutions they provide. The firm benefits from a number of outstanding lawyers, with a range of expertise. They are always on hand to answer questions and work collaboratively with both in-house counsel and the business. Building long standing relationships with clients and understanding their needs is at the forefront of Cadwalader’s agenda – this coupled with the teams excellent industry knowledge makes for an ideal working relationship.’

‘David Quirolo is an industry leader. His market knowledge is unrivalled – his interaction with European / UK regulators is an asset as he is always on top of regulatory changes and developments, ensuring that his clients are ready to adapt. David ensures that his team are well-skilled and capable of delivering an excellent service to clients. Alex Collins is a great new addition to the firm’s partnership. His exceptional understanding of the market makes him an asset on any transaction. Clients benefit from his quick thinking and solution-driven approach. Alex is constantly on hand to respond to clients and his dedication makes him the go to person for complex or new transactions requiring extra care and thought.’

‘The team is very good at setting and meeting reasonable deadlines – work is always provided on time and quickly. The team are very commercial and always willing to discuss different strategies to find the best outcome.’

‘Sabah Nawaz has been a key contact for me at CWT for multiple years and her standards have never dropped. She is easily contactable and very good at explaining complicated structures in a simple way. She also has a deep understanding of the commercial side of the industry which is very helpful when it comes to working on new structures.’

Key clients

Premium Credit Limited


Santander Consumer Oy Finance


Emil Frey


Belmont Green Finance Limited


GC Securities


Natixis


Work highlights


  • Advised a wide range of investment banks, as arrangers and sponsors, investment managers and investors on 40 CLO transactions at a value in excess of €16bn.

Dentons

At Dentons, 'the efficiency and communication are impressive'. The firm is known for handling high-value public securitisations, private securitisations, forward flow arrangements, trade receivables, corporate loan and trade finance securitisations, and auto loan securitisations, and is highly regarded for its mortgage loan expertise. Peter Voisey stands out for  'his availability to discuss issues at any time of the day and for his incredible calmness and ability to direct client conversation'. Voisey is co-head of the practice with Edward Hickman, who 'provides excellent service'. The 'exceptionally thorough' Catriona ’Kitty’ Lloyd is a key adviser on corporate trust matters. Voisey and Lloyd recently advised the arranger, a global financial institution, on the issuance of £1.2bn in notes by Duncan Funding 2022-1 plc, an RMBS transaction for TSB Bank plc designated as STS under the UK Securitisation Regulation, with Lloyd assisting Citicorp Trustee Company Limited and Citibank, N.A., London Branch in trustee and agency roles. The partners are supported by a strong junior team, which includes senior associate Jimmy Yang and associate Kamraan Akhtar, who both worked with Voisey on a £250m specialist RMBS transaction for Bluestone Mortgages Limited.

Practice head(s):

Peter Voisey; Edward Hickman


Other key lawyers:

Catriona ‘Kitty’ Lloyd; Kamraan Akhtar; Jimmy Yang


Testimonials

‘Peter Voisey is one of the most reliable partners I have worked with in the structured finance space, marking himself out from others both by his availability to discuss issues at any time of the day and for his incredible calmness and ability to direct client conversation.’

‘Dentons has been attentive and delivered a number of pieces for us over the past couple of years. Their efficiency and communication are impressive. Knowing they are on the phone and available to deal with our hectic timelines as meant that we have had peace of mind in the legal aspects of our securitisations and funding discussions.’

‘Jimmy Yang and Peter Voisey as associate and partner in the team have been our main contacts. Personable relationship with both has been key to delivering tasks in a timely and succinct manner. They have provided honest commentary when asked which is worth a significant amount to our company.’

‘Overarching knowledge across their practice area and excellent jurisdictional coverage.’

‘Catriona Lloyd has been exceptionally thorough, and has considered matters more widely than the mere initial request – her clarity of communication stands out. Peter Voisey has extensive experience and exercises innovative thinking for solution finding.’

‘The team at Dentons demonstrated good knowledge in the industry and the key items that we needed to consider. The team was always contactable and was able to turnaround efficiently with extremely tight timescales.’

‘Ed Hickman provided excellent service on this transaction highlighting considerations that were important for us based on his prior experience. He was also able to suggest alternatives on items where we had push back from our counterparty which strikes a good balance for all parties involved.’

Key clients

Coventry Building Society


Principality Building Society


Atom Bank plc


DBRS


Deutsche Bank


Co-operative Bank


Bluestone Mortgages


Santander


Work highlights


  • Advising Bluestone Mortgages on its £250 million RMBS transaction, Genesis Mortgage Funding 2022-1.
  • Advising Coventry Building Society on its annual update of its RMBS programme, Economic Master Issuer PLC, and issue of £350 million series 2023-1 notes under the programme
  • Advising MPowered Mortgages, through MQube, on its establishment of a £2 billion forward flow funding programme for its residential mortgage origination platform.

Herbert Smith Freehills LLP

Herbert Smith Freehills LLP is 'extremely responsive, supportive, and knowledgeable', and clients remark that the partners 'master the transactions until last detail and give consistent assistance not only from legal perspective but also from market practice'. The firm is known for handling innovative securitisation structures rather than focusing on volume, and it continued that trend in 2022. Joy Amis, who is 'a partner you can rely whether you need to bring pragmatic results or you need to find unlikely solutions to non-standard problems', acted for Morgan Stanley as arranger and sole lead manager in a €493m RMBS transaction backed by a portfolio of Spanish mortgage transfer certificates, which represent represent economic rights in respect of residential mortgage loans granted to individuals domiciled in Spain. Michael Poulton provides 'sensible and pragmatic advice' and is a key adviser to Pepper Money, a leading non-bank mortgage lender in the UK, for which he handles the full lifecycle of securitisation from warehouse transactions to public RMBS transactions, through to the call and refinancing of previously issued public securitisations. The other key partner is Jake Jackaman, who assisted Allianz Global Investors with a €46m financial lease securitisation. Senior associates Victoria Salisbury, who has 'excellent technical and market knowledge', and Charlene Kong also play key roles in the practice.

Practice head(s):

Michael Poulton; Jake Jackaman; Joy Amis


Other key lawyers:

Victoria Salisbury; Charlene Kong


Testimonials

‘HSF Finance-Securitisation team is extremely responsive, supportive, and knowledgeable about the deals. They master the transactions until last detail and give consistent assistance not only from legal perspective but also from market practice.’

‘Joy Amis is a partner you can rely whether you need to bring pragmatic results or you need to find unlikely solutions to non-standard problems. She is close and fits in your needs while she delivers all her expertise with full availability. She leads a great team where you can balance contributions without loosing a shred of quality.’

‘They are my go-to firm. They have excellent technical and market knowledge, and the lawyers are super commercial and easy to deal with.’

Key clients

Allianz Global Investors GmbH


Barclays


BNP Paribas


Citicorp Trustee Company Limited


Crédit Agricole Corporate and Investment Bank (CACIB)


Fleet Mortgages


LendInvest


Merrill Lynch International


Molo Finance


Morgan Stanley


Pepper Assets Services, S.L.U.


Pepper Money


SCIO Capital


SeQura Worldwide, S.A.


Silbury Finance


Splend (UK and Australia)


Tideway


Virgin Atlantic


Work highlights


  • Advised Morgan Stanley as arranger and sole lead manager on the 2022 Clavel Residential 2 RMBS, backed by a portfolio of Spanish mortgage transfer certificates issued by Banco Santander, S.A.. Spanish mortgage transfer certificates represent economic rights in respect of residential mortgage loans granted to individuals domiciled in Spain.
  • Advised Merrill Lynch International as sole arranger and lead manager on the Bank of Ireland UK’s £506,650,000 securitisation of a portfolio of performing and re-performing owner occupied and buy-to-let mortgage loans secured over properties in the UK (“Temple Quay No.1”) . This was the first transaction of its type for Bank of Ireland in the UK.
  • Continuing to support Pepper Money, a leading non-bank lender of first and second charge mortgages in the UK, through the full lifecycle of securitisation from warehouse transactions to public RMBS transactions to the call and refinancing of previously issued public securitisations.

Hogan Lovells International LLP

At Hogan Lovells International LLP, 'the team is composed of exceptional individuals with a deep knowledge of what is needed to deliver a trade receivables securitisation'. The firm's work encompasses a broad range of ABS transactions, with a growing presence in mortgage-backed structures, and clients note that the partners are 'really solution-driven and try always to strike the right balance from the start'. Standout partner Julian Craughan has a particular focus on consumer and SME assets, including residential, automotive, lease, buy-now-pay-later and unsecured loan securitisations. He advised UK mortgage lender Enra Specialist Finance on a forward flow transaction backed by buy-to-let mortgage loans. Prominent partner Tauhid Ijaz assisted warehouse lender, seller and retention holder Apollo Asset Management with a €365m Dutch RMBS deal, which is a prime example of the firm's growing role in residential mortgage transactions. Newly promoted partner David Palmer has 'very deep subject matter expertise and an ability to focus in on the key issues'.  He worked with US-qualified partner Dennis Dillon on the £120m financing of a warehouse for SME merchants originated by Liberis Limited.

Practice head(s):

Julian Craughan; Tauhid Ijaz


Other key lawyers:

Dennis Dillon; David Palmer; Isabel Tinsley


Testimonials

‘The team is composed of exceptional individuals with a deep knowledge of what is needed to deliver a trade receivables securitisation. The team is really solution driven and try always to strike the right balance / compromise from the start which is efficient. Re billing, HL implemented a regular reporting of the accrued fees which is very helpful to monitor the legal fees.’

‘On top of their excellent technical skills, the individuals (Dennis Dillon, David Palmer) are really pleasant to work with. They understand the commercial matters and always try to explain the issues in clear manner, not overcomplicating things.’

‘Delivers digestible legal advice which is easy to follow in a complex area of expertise.’

‘David Palmer (partner) and Isabel Tinsley (Counsel). Isabel is extremely strong for a non-partner.’

‘Strong commercial thinking – with an aim to get to the answer effectively. Good sense of how to engage in the negotiation to keep processes moving.’

‘David Palmer is excellent. Very deep subject matter expertise, ability to focus in on the key issues, and extreme patience even with demanding clients!’

‘Extremely knowledgeable, strong team from trainee up to partner who work seamlessly together, flawless work output, innovative fee arrangements for large projects adopting a “balanced scorecard” approach, such that an uplift was given on fees dependent on our feedback of performance’

‘Knowledge of the industry and our business. Flawless work output.’

Key clients

Volkswagen (including Volkswagen Finance Services (UK Limited


Zopa Limited


HSBC Bank PLC


Banco Santander S.A.


Citigroup Global Markets Limited


BNP Paribas


Standard Chartered Bank


Brookfield


Enra Group Limited


Mercedes Benze Financial Services


RCI Financial Services


Bank of America


National Air Traffic Services


Taulia inc.


Quantum Mortgages


Affinity Water Limited


Department for Education


Ambac Assurance UK Limited


Apollo Asset management


Deutsche Bank Group


Societe Generale


Castlelake


Scania GB (a separate part of the VW Group)


Bank Millenium


Work highlights


  • Advised Bank of America Securities as Arranger and Lead Manager on the largest UK residential mortgage backed securitization (RMBS) in 2022, a £2.1 billion RMBS transaction.
  • Advised Apollo Global Management as warehouse lender, seller and retention holder in respect of its €365m inaugural Dutch residential mortgage backed securitisation, Prinsen Mortgage Finance No. 1 B.V. , a static securitisation of prime Dutch mortgage loans granted to individuals by Fenerantis B.V. (under the Merius Hypotheken label) to finance the acquisition of residential properties located in the Netherlands.
  • Advised UK mortgage lender Enra Specialist Finance in relation to (i) a financing of an amount up to £300m with development loans and bridging loans secured over property in England and Wales and (ii) their forward flow transaction in respect of first ranking buy-to-let mortgage loans.

Latham & Watkins

Latham & Watkins has a broad-ranging structured finance practice that encompasses the full range of securitisation transactions and which is seen as taking an increasingly prominent role at the top end of the market. Sanjev Warna-Kula-Suriya, who leads the global structured finance and securitisation practice, is a key adviser to private equity sponsors, hedge funds, commercial and investment banks, and corporates on a broad range of innovative capital raising and investment transactions, including CMBS deals and CLOs. Jeremiah Wagner is widely recognised as one of the market's leading practitioners, and he represents sponsors, originators, issuers, lenders, underwriters, and arrangers in deals backed by residential mortgage loans, commercial mortgage loans, credit card receivables, small and big ticket equipment leases, auto loans and leases, dealer floorplan loans, insurance products, and more. He recently worked with Thomas Cochran to assist Barclays Bank as arranger of an innovative £794m deal backed by Supplier of Last Resort receivables originated by EDF and Octopus Energy. Stephen Curtis specialises in structured debt and securitisation financings across all major asset classes, including infrastructure, regulated utilities, commercial real estate, and operating assets. Alex Martin's recent work includes a €337m in CLO issuance by Carlyle, which included new ESG-screening features.

Practice head(s):

Sanjev Warna-kula-suriya


Mayer Brown International LLP

At Mayer Brown International LLP, 'the team is renowned for its ability to engineer novel solutions for its clients n securitisation transactions involving different asset classes'. London managing partner Dominic Griffiths is 'well known for his skilled technical knowledge'. He handles cross-border securitisations, asset-based lending, senior secured lending, loan-on-loan deals and other innovative structured financings. He recently acted for BNP Paribas, Citibank and Citigroup as arrangers in a $3bn cross-border securitisation of trade receivables originated by subsidiaries of Chinese technology company Lenovo Group. 'A first-rate lawyer with encyclopaedic knowledge', David O’Connor is highly regarded for his work on RMBS and CMBS deals, and is a key adviser to global investment banks such as Citigroup. CLO specialist Dasha Sobornova moved to Akin but Ronan Mellon joined from DLA Piper to bolster the firm's capability in that area as part of his broad structured finance practice. Key banking and finance partner Charles Malpass is 'thoughtful, detail oriented and commercial', and senior securitisation consultant Neil Hamilton also plays a key role in the practice. Both acted for Ellington Management Group, LLC as issuer, seller and retention holder of a €495m public RMBS deal, which is backed by a portfolio of Spanish re-performing residential mortgage loans.

Practice head(s):

Dominic Griffiths; David O’Connor


Other key lawyers:

Ronan Mellon; Charles Malpass; Neil Hamilton


Testimonials

‘Charles Malpass is one of the best securitization lawyers I have come across. He is thoughtful, detail oriented and commercial.’

‘The team is renowned for its ability to engineer novel solutions for its clients in DCM and in securitisation transactions involving different asset classes. The team ability to manage multi-jurisdictional transactions is massive. Also the young associates within the team are able to perfectly conduct transactions, in any event a partner is always present at the table.’

‘Preferred lawyers in my point of view are Dominic Griffiths for all the securitisation products and David O’Connor for the DCM transactions. Dominic is one of the best lawyers I have ever worked with and he is well known for his skilled technical knowledge. He is also in charge with the Firm in London and his ability to develop loyal client relationships is incredible. David is excellent within the DCM market and he is also incredibly skilled in handling his team very well. He is a first-rate lawyer with an encyclopaedic knowledge in DCM products.’

Key clients

BNP Paribas


Citibank


Waterwheel Capital Management


Ellington Management


Northcross Capital


Norton Rose Fulbright

Norton Rose Fulbright ‘has a decent amount of experience and expertise in the area of securitisation and is diligent in its work in order to achieve deadlines and timelines‘. The firm continues grow its capacity to handle RMBS, CMBS, covered bonds, trade receivables deals and much more on behalf of issuers, cash managers and trustees. Head of debt capital markets Peter Young and ‘approachable, trustworthy’ securitisation partner David Shearer oversee the practice, of which counsel Rae Parsons is a prominent member. The hire of Christian Lambie, formerly of Allen & Overy LLP and Morgan Stanley, is a boon to the practice as he brings 25 years’ experience in in advising advising sponsors, arrangers, investors, rating agencies and service providers on high-value transactions. Shearer recently acted as drafting counsel in a warehouse facility for New Wave Capital Limited. which involved the private issue of senior ranking notes to a US investment bank and of mezzanine notes to private investors based in the UK. Shearer and Parsons advised Eurobank on its €5bn covered bond programme, which provides external funding for its underlying Greek mortgage loan book.

Practice head(s):

Peter Young; David Shearer


Other key lawyers:

Rae Parsons; Christian Lambie


Testimonials

‘The team has a decent amount of experience and expertise in the area of securitisation and is diligent in its work in order to achieve deadlines and timelines.’

‘David Shearer has a vast amount of experience and is an approachable and trustworthy individual to work with on complex matters.’

Key clients

New Wave Capital Limited


Eurobank S.A.


Barclays Capital


Royal Bank of Canada


The Bank of Nova Scotia


Piraeus Bank


NatWest


777 Partners


Equitable Bank


Work highlights


  • Advised NWC in connection with amendments to the transaction documentation of an existing warehouse facility.
  • Acted for Eurobank as issuer in connection with Eurobank’s €5BN Covered Bond Programme.
  • Acted for Barclays as arranger and lead manager in connection with Piraeus Bank’s €5BN Covered Bond Programme.

Paul Hastings LLP

Paul Hastings LLP has 'very deep mortgage industry knowledge', giving it a strong platform for work on CMBS and RMBS transactions, though it is also a key player in CLO and NPL transactions. Miles Flynn, CLO specialist Cameron Saylor and Paul Severs (who 'loves to solve commercial problems and is very good and coming up with pragmatic solutions that work for everyone') lead the practice. Saylor acted for Credit Suisse in the issuance of €400m of notes by Harvest CLO XXIX DAC, in the first Euro transaction in the market where a large Japanese bank acted as the sole AAA investor. Newly promoted structured credit partner James Baillie has a particular focus on CLOs, on which he advises issuers, originators, investment managers, lenders, and arrangers. He and Saylor are 'great partners to work with always available'. Up-and-coming partner Victoria Morton, who has 'deep technical knowledge', worked with Severs to advise on the separation of Kensington Mortgage Company from group companies KHL and Kayl within the framework of 12 existing public securitisations and 3 private securitisations. Restructuring expert Mei Lian also has a key role in the practice.

Practice head(s):

Miles Flynn; Cameron Saylor; Paul Severs


Other key lawyers:

James Baillie; Victoria Morton


Testimonials

‘A very good and solid CLO team.’

‘Cameron Saylor and James Baillie are great partners to work with always available.’

‘The practice operates a bespoke model where clients have the benefit of dedicated associate/partner cover. This allows for the development of deep relationships with their clients The team also has very deep mortgage industry knowledge and specific experience dealing with us over a period of decades cumulatively.’

‘Paul Severs has a wealth of experience advising specialist mortgage lenders specifically. He is also the type of person that loves to solve commercial problems and is very good and coming up with pragmatic solutions that work for everyone. He can also be very aggressive when pursuing his clients interests.’

‘Victoria Morton – our go-to member of the team. She has supported our transactions throughout her career and now engages us as the partner on most of our deals. She was instrumental in the recent sale of our business and has delivered many of our securitisations effectively. She also has deep technical knowledge.’

Key clients

Kensington Mortgage Company Limited


Kayl Sarl


The Mortgage Lender


Deutsche Bank


Fairfield


Mount Street


Oplo Group and Tandem Bank


LiveMore Capital Limited


Balbec Capital LP


ING Bank


DRC Capital


Fairhold Finance


OakNorth


Together Group


Piraeus Bank S.A.


doValue S.p.A.


Work highlights


  • Advised on the proposed sale of Kensington Mortgage Company to Barclays Bank UK PLC and the separation of this entity legally and commercially from group companies Kayl and KHL that were the retention holders for £8 billion of securitised assets. Advised on the separation of Kensington from KHL and Kayl within the framework of 12 existing public securitisations and t3 private securitisations.
  • Advised Together Money on their largest ever first charge only owner-occupied and buy-to-let residential mortgage-backed securitisation, Together Asset Backed Securitisation 2022-1ST1 Plc.
  • Advised Credit Suisse on the issuance by Harvest CLO XXIX DAC of c. €400m of notes backed by corporate debt.

Reed Smith LLP

Reed Smith LLP 'provides sound legal advice and structures, whilst being able to provide practical solutions to all issues that arise'. Clients praise the partners for 'their ability to explain and simplify legal language, quick and good responses to queries, and willingness to get stuck in'. Best known for its work on the trustee side, the firm continues to broaden its practice into CLOs, RMBS and CMBS deals. EMEA managing partner Tamara Box leads the practice, in which Simon Hugo is a standout partner. He has extensive experience in the structuring of complex new securitisation deals, as well as handling defaults, distressed investing, and special situations. 'Their knowledge of the industry means they get to the crux of the matter quickly', say clients of Hugo and Nathan MenonSarah Caldwell is increasingly visible in the trustee space, and Jason Richardson in notable for his work on CMBS, NPL transactions and synthetic securitisations. Clients attest to the firm's 'excellent securitisation, in particular cross-border, practice, that is able to handle all product types, no matter the complexity of the structuring'.

Practice head(s):

Tamara Box


Other key lawyers:

Simon Hugo; Jason Richardson; Sarah Caldwell; Katie Grace; Nathan Menon; Nick Stainthorpe


Testimonials

‘The team were always available to us and work tirelessly to achieve the successful closure of the project. They provided sound legal advice and structures, whilst being able to provide practical solutions to all issues that arose. We received excellent tailored legal services.’

‘Simon Hugo and Katie Grace went out of their way to find practical solutions and ensure a successful project. The team as a whole worked well together and were excellent.’

‘Their ability to explain and simplify the legal language. Quick and good responses to queries and willingness to get stuck in to assisting.’

Sidley Austin LLP

Sidley Austin LLP 'consistently delivers an extremely professional and rigorous service reflective of the vast knowledge and expertise they have in the field of securitisation'. 'Extremely intelligent, commercially savvy' head of global finance Rupert Wall is widely regarded as a leading expert on securitisation and the team he leads 'provides a tailored approach and understands deeply the intricacies of transactions'. He worked with senior managing associate Azeem Sulemanji and managing associate Rebecca Chambers to assist CVC Credit as collateral manager with more than €1.2bn in new issuance of public European CLOs, including the €400m Cordatus 25 deal. Beyond the CLO space, he also acted for Finland's leading auto leasing business, Lahi Tapiola, on two STS auto loan securitisations with a total value in excess of €1bn. Senior counsel Nick Brittain is particularly active in asset-backed commercial paper conduits, his recent work including the establishment of a platform for Barclays Bank. Up-and-coming partner Emilie Stewart focuses on structured real estate transactions and NPL financings. One client remarks that 'there is a low turnover, so you really get to know the people giving you advice and trust that they know the ins and outs of your business'.

Practice head(s):

Rupert Wall


Other key lawyers:

Nick Brittain; Emilie Stewart; Azeem Sulemanji; Rebecca Chambers; Ellina Zinatullina


Testimonials

‘We consider Sidley to be one of the leading securitisation legal teams and have utilised their services over a significant number of years. The team consistently delivers an extremely professional and rigorous service reflective of the vast knowledge and expertise they have in the field of securitisation.’

‘Sidley have acted for us as lender counsel on several bilateral securitisation financings. They are unique in that they are a relatively small team with highly qualified and diverse expertise. The team act for both sponsors and lenders, and in a variety of asset classes. Therefore we find they provide a tailored approach and understand deeply the intricacies of the transaction of the transaction and are able to approach issues from first principles.’

‘Rupert Wall has thoroughly impressed us with his exceptional qualities – responsiveness, extensive knowledge and cross-practice expertise. He has always sought to achieve the best position for us on transactions, and is very eloquent in defending our position which leads to the best outcome.’

‘The team has extensive experience and an in depth knowledge of the nuances of the securitisation industry. They are very approachable, quickly responsive to queries and requests for viewpoints, opinion and consultation. They go beyond expectations on the work they do.’

‘Rupert Wall is extremely intelligent, commercially savvy, has great experience in the securitisation market and can provide compelling advice at a moment’s notice.’

‘In my opinion, this practice stands out by the quality of both its partners and associates and by the availability of its partners. It should also be commended for a significant improvement to the diversity of the team in recent years.’

‘Rebecca Chambers is fantastic. She’s quick to provide feedback, draws on the practice’s resources when required and is proactive and ensuring a successful close to each transaction. Rupert Wall, is very experienced and rounded but most importantly is always available and ready to help out when needed.’

‘Rupert Wall is friendly, commercial and solutions-oriented, without sacrificing on the highest level of knowledge and expertise. Ellina Zinatullina is starting to rise above the pack with her drive and dedication.’

Key clients

CVC Credit


Permira Credit


Spire Partners


Oaktree Capital Management


Polar Asset Management


Zurich Insurance


Investec Bank PLC


LahiTapiola


Morgan Stanley Investment Management (MSIM)


Jaja Finance


Zenith


Barclays Bank PLC


Intermediate Capital Group PLC (ICG)


1Sharpe Capital


Work highlights


  • Represented CVC Credit as collateral manager counsel on over EUR1.2bn in issuance of public European CLOs in 2022.
  • Acting for ICG on all of its asset-backed securitised fund lending transactions in Europe.
  • Advised Lahi Tapiola, a large Finnish insurance company and auto finance originator on each of their public, STS auto securitisations to come to market.

Simmons & Simmons

At Simmons & Simmons, 'partners tend be very involved, rather than delegating too far down, and are supported by a high quality team of associates'. The firm acts for arrangers, lenders, borrowers, issuers, originators, servicers and trustees on domestic and cross-border securitisations and other asset-backed financings, including RMBS, car loan and credit card receivables transactions, and covered bonds. 'Very hands on, commercially pragmatic and available' practice head Michael Lorraine is particularly adept in alternative lender and fintech structures. He acted for Landbay Partners Limited as originator of specialist buy-to-let loans on a forward flow agreement. Key partner Amer Siddiqui focuses on public RMBS transactions and 'his knowledge and level of involvement is first-class and he is always proactive in identifying key issues'. He assisted a syndicate of banks, among them Barclays and HSBC, on the £365m Together CRE3 public securitisation, which is backed by residential and commercial real estate assets. Kathryn James frequently handles consumer loan transactions, James Grand leads the firm’s CLO practice, and counsel Kate Cofman-Nicoresti specialises in trade finance-related transactions. Managing associate Olga Staszewska is 'very efficient and meets all deadlines'.

Practice head(s):

Michael Lorraine


Other key lawyers:

Amer Siddiqui; Kathryn James; Olga Staszewska; James Grand; Kate Cofman-Nicoresti


Testimonials

‘Market-leading and we have used them before. Not cheap but realistic on fees and you do get what you pay for.’

‘Michael Lorraine and Olga Staszewska are our main contacts. Michael provides calm and authoritative advice. Olga is very efficient and meets all our deadlines.’

‘A team that has grown recently with strong leadership and associate base.’

Key clients

Bank of America Merrill Lynch


BNP Paribas


Citigroup


European Investment Fund


Funding Circle


Macquarie Group


Morgan Stanley


Natwest Markets


Sanne Group


Standard Chartered Bank


Work highlights


  • Advising as lead legal counsel on the successful LIBOR transition of the Business Mortgage Finance series of public small-ticket CMBS transactions.
  • Advising Standard Chartered Bank as issuer on its new US$5 billion covered bond programme, and the first USD1.5bn issue under that programme, with the covered pool comprising export credit agency loans.
  • Advising HSBC on a senior warehouse facility to LendInvest, a leading asset manager for property finance.

Weil, Gotshal & Manges (London) LLP

Weil, Gotshal & Manges (London) LLP is best known for its leading role in the CLO market, in which it acts for leading players Apollo, M&G, Fair Oaks, RBC BlueBay and Guggenheim, among others. The firm also handles a broader range of securitisations. Head of the London structured finance and derivatives practice Jacky Kelly is widely recognised for her skill in transactions covering diverse asset classes, among them pan-European auto fleet rentals, residential property bridging loans, shopping catalogue receivables, and broadcasting receivables. She advised Guggenheim Securities on an innovative transaction to securitise Syco Entertainment's intellectual property in the 'Got Talent' franchise across 72 territories. Kelly and associate Luke Stowe 'have a deep understanding of the European CLO space and provide solid advice on transactions and potential regulatory issues'. Key partner Brian Maher recently acted for Apollo Management International LLP and Redding Ridge Asset Management in a range of new CLO issuances, refinancing and warehouse transactions, including the offering the €452m RRE 11 deal. 'The whole team, from partner to associate, works well together and focuses on supporting the client', remarks one client.

Practice head(s):

Jacky Kelly


Other key lawyers:

Brian Maher;  Luke Stowe


Testimonials

‘During a long career I have been a client of many leading law firms and I have pleasure to report that the team at Weil stands out for a number of reasons: quality of the people, understanding of the CLO product, flexibility, practicality, pragmatism, friendliness, humility.’

‘The team has strong knowledge around the European CLO space and is very responsive to working to meet tight deadlines. The team is also responsive to ad hoc questions/concerns.’

‘Jacky Kelly (partner) and Luke Stowe (associate) have a deep understanding of the European CLO space and provide solid advice on transactions and potential regulatory issues.’

‘Highly experienced team with deep market knowledge. Approachable, considered and collaborative.’

‘The whole team, from partner to associate, works well together and focuses on supporting the client.’

‘The team is very responsive and has excellent knowledge of our business and the sector which translates into commercial and effective advice. Our deals are well consistently staffed and they are very communicative on timelines and great at managing process.’

Key clients

Deutsche Bank


Apollo


Guggenheim Securities


Goldman Sachs


The Very Group/Shop Direct


M&G


Redding Ridge Asset Management


RBC BlueBay Asset Management


Brigade Capital


Fair Oaks Capital


Guggenheim Partners


Maslow Capital


Nuveen Alternative Advisors


Work highlights


  • Advising Guggenheim Securities on Syco (Simon Cowell) Entertainment’s £125 million securitisation of the intellectual property in the Got Talent franchise.
  • Advising Apollo / Redding Ridge on multiple large CLOs in 2022 and 2023 (new issuances called RRE 11 (selected by Creditflux as New CLO of the Year), RRE 12, RRE 14 and RRE15) and refinancings, CLO warehouses, termination of existing deals and regulatory advice.
  • Represented a private fund as senior financier of a facility to fund diamond inventory and receivables in the UK and various European jurisdictions originated by a European gem business.

White & Case LLP

White & Case LLP has a broad securitisation practice that encompasses a high level of activity in the CLO space, as well as securitisations of real estate loans, receivables and more esoteric assets. The firm is also making a big push on ESG-related deals, and practice head Chris McGarry recently acted for BNP Paribas in the €352m Grosvenor Place CLO 2022-1 DAC, which is the first CLO to contractually utilise the marketing and reporting features of Article 8 of the EU’s Sustainable Finance Disclosure Regulation. 'They have been innovative in the ESG space and are looking a few years ahead', remarks a client. Debashis Dey, who works from both London and Dubai, 'really knows his stuff but is able to take on board a variety of different views to help craft a solution that works for everyone'. Tom Falkus is increasingly visible in performing and non-performing loan portfolio acquisitions and financings, securitisations, restructurings, warehouse facilities, asset-based lending and secured loan transactions. Counsel Adam Farrell joined from Paul Hastings LLP in 2023, bringing expertise in CLOs, RMBS, CMBS and trade receivables deals.

Practice head(s):

Chris McGarry


Other key lawyers:

Debashis Dey; Tom Falkus; Adam Farrell; Greg Pospodinis


Testimonials

‘The CLO space is fairly mature, and the legal market reflects that. Where White & Case are pushing forward is on the ESG space, and they have been innovative in this space – they are looking a few years ahead and I very much find them proactive rather than reactive which is certainly something I value.’

‘On ESG I find Chris McGarry and new hire Adam Farrell to be enthusiastic in this space – they care about it and it comes through in interactions.’

‘The team is able to offer a true and seamless blend of top-notch international legal advice coupled with local law savvy. Lots of firms advertise this – this is one of the few times I’ve seen this actually happen in practice.’

‘Debashis Dey – really knows his stuff but is able to take on board a variety of different views to help craft a solution that works for everyone. Great at explaining unfamiliar concepts. Greg Pospodinis – fantastic local awareness, not just of the differing legal regimes but also of the differing approaches that market participants are likely to take.’

Key clients

Bank of America


BNP Paribas


Citigroup


Credit Suisse


CVC Credit


European Investment Fund


Goldman Sachs


GreensLedge


Guggenheim Partners


Habito


Hertz


J.P. Morgan


Morgan Stanley


NatWest


PGIM


Sixth Street


Work highlights


  • Advised Goldman Sachs as arranger on the CVC Cordatus Loan Fund XXIV DAC transaction for CVC Credit.
  • Advised Morgan Stanley as arranger on the Fidelity Grand Harbour 2022-1 DAC transaction for Fidelity.
  • Advised BNP Paribas as the arranger on the Carlyle Euro CLO 2022-5 DAC transaction for Carlyle.

Addleshaw Goddard

The securitisation practice as Addleshaw Goddard is ' very responsive and have a good grasp of the softer skills'. As well as handling public and private securitisations, structured warehouse finance across a range of established asset classes, the firm continues to advise on tokenisation, digital assets and cryptocurrencies in the context of securitisation, and clients remark that it has 'sophisticated legal advisors in complex financial products, extending to market-leading and innovative crypto/blockchain-based structures, in a firm outside the Magic Circle, which is quite unusual'. Vastly experienced practice head Rachel Kelly is 'a standout advisor in the structured finance space who has carved out experience in the crypto, blockchain and fintech sectors'. Carl Posern, who is qualified in both English and German law, handles securitisations and bespoke transactions for funders and originators. Legal director Kerry Pettigrew 'has the ability to get the job done efficiently'. Emerging partner talent Zoe Connor and Partner Taymour Keen, who joined in 2023 from Weil, Gotshal & Manges (London) LLP to add structured real estate finance expertise, have central roles in the practice.

Practice head(s):

Rachel Kelly


Other key lawyers:

Carl Posern; Zoe Connor; Beth Collett; Kerry Pettigrew; Taymour Keen; Olga Friedmann


Testimonials

‘Sophisticated legal advisors in complex financial products, extending to market-leading and innovative crypto/blockchain-based structures, in a firm outside the Magic Circle, which is quite unusual.’

‘Rachel Kelly is a standout advisor in the structured finance space who has carved out experience in the crypto / blockchain / fintech sectors, advising on market-leading structures. She is supported by one of the leaders in the payment services space.’

‘The firm has made strides since hiring Carl Posern. They are very responsive and have a good grasp of the softer skills. Overall, very pleasant to work with.’

‘Olga Friedmann is very proactive and manages clients excellently, both in delivery and expectation-setting. She gives the impression of being an extension of our legal function and makes herself available at all times.’

‘The team provided expert advice.’

‘Kerry Pettigrew has the ability to get the job done efficiently.’

Ashurst

Ashurst's securitisation practice is one of the newer market entrants but has gained traction over the last five years, notably in innovative warehouse transactions and public transactions in a range of asset classes and structures, including master trusts, trade receivables, fintech securitisations, CMBS, Islamic structures and bespoke derivatives. Among clients, the firm is known for 'lots of partner involvement, and a very commercial approach in a complex area of law'. The 'absolutely excellent' Thomas Picton leads the practice following the retirement of veteran partner and industry stalwart Jonathan Walsh. He recently acted for specialist bridging lender Glenhawk Financial Services, UK Specialist Lending to secure a £200m in funding line with NatWest Markets through a private securitisation. Counsel Zena Kukreja leads the firm's ESG activity in the securitisation space, which includes work on innovative transactions under the ICMA Sustainability Framework. Senior associate Theodoros Kotsiras is also recommended.

Practice head(s):

Thomas Picton (Securitisation)


Other key lawyers:

Zena Kukreja; Theodoros Kotsiras


Testimonials

‘Very high quality partners.’

‘Lots of partner involvement.’

‘Very commercial in a complex area of law.’

Key clients

Shawbrook Bank


Santander UK plc


Lloyds Bank


BNP Paribas


Keystone Property Finance


Bank of America


Glenhawk Financial Services


Castlelake LP


CarFinance 247


MT Finance


Aldermore Bank


Duologi Finance


Lendable


Banco Santander


MT Finance


Work highlights


  • Advised Keystone Property Finance Limited on its second public securitisation of residential mortgage loans (Hops Hill No.2 plc).
  • Advised Santander UK plc in the 2022-1 144A and Reg S public RMBS under its Holmes programme.
  • Advised MT Finance on a forward flow agreement with J.P. Morgan to support the launch of its buy-to-let (BTL) mortgage offering.

Baker McKenzie

The securitisation practice at Baker McKenzie is 'uniquely on top of matters as they evolve, very reliable and very responsive'. Best known for its work advising trustees on complex and high-value transactions, the firm is also growing its roster of originator clients. Head of the structured banking and finance group Simon Porter also leads the corporate trust practice, which advises corporate trustees on new issuance, variations to existing transactions, consent solicitations and restructuring. He recently assisted HSBC Corporate Trustee with the administration of healthcare group NMC, the issuer of $450m in convertible bonds. Sarah Porter is 'well abreast of all market best practice and is particularly knowledgeable about engaging on trustee-related matters'. Emerging partner talent Jeremy Levy acted for data insights company Kantar in a €140m receivables financing transaction. Global head of banking and finance Matthew Dening and senior associate James Tanner, who 'shows huge levels of commitment to transactions', also have key roles in the practice.

Practice head(s):

Simon Porter


Other key lawyers:

James Tanner; Jeremy Levy; Sarah Porter; Matthew Dening; Madeleine Barrow


Testimonials

‘The Baker McKenzie structured finance team provided a very high level of support to our transactions. They were extremely responsive and consistently produced, and turned, documentation inside tight deadlines.’

‘The team is ably led by Sarah Porter with the James Tanner as the lead associate. James showed huge levels of commitment to the transactions and was always available and he and the team were consistently very prompt in turning documents.’

‘They really work hard to understand our business and strategic plans.’

Key clients

BNP Paribas Trust Corporation UK Limited


Citibank


HSBC


ING


Deutsche Trustee Company Limited


Finalbion


First Rand Bank


GLAS


Standard Chartered Bank


Santander


4finance


Commerzbank


NIBC


Banca IMI


Natixis


Natwest Markets


Wells Fargo Bank


MUFG


TMF Trustee Limited


US Bank


Clearpay Limited (now part of Square)


Blackstar Capital


Aptiv Global Operations Limited


Fintex Capital


Kantar


Zebra Technologies


Nets A/S


Ratepay


Ahlstrom-Munksjo Oy


Woodside Corporate Services Limited


CSC Corporate Trustees Limited


Computershare


Homeloan Management Limited


Credit Agricole


Corona Energy Limited


Evri / Hermes


Valeo Foods


Bradesco Bank


UBS, London Branch


Atalaya


Salary Finance Limited


Commerzbank


Work highlights


  • Acting for Credit Suisse AG and Zürcher Kantonalbank as Joint Arrangers, Joint Lead Managers and Joint Bookrunners in connection with the First Swiss Mobility 2022-1 AG and First Swiss Mobility 2023-1 AG Swiss securitisation transactions.
  • Acting for Salary Finance Limited, a leading Fintech, in connection with a warehouse securitisation of its consumer receivables.
  • Acting for BNP Paribas Trust Corporation UK Limited on litigation currently in the High Court regarding whether or not a EUR 250 million make whole premium is due on early repayment of approximately EUR 1 billion of Bonds backed by a loan agreement (governed by English law) between Uro Property Holdings and Silverback Finance Limited (which issued Bonds to fund the loan).

Dechert LLP

Dechert LLP has a large global finance practice, for which securitisation is a key source of work. Head of structured finance and real estate Aparna Sehgal oversees the London office’s securitisation work, for which John McGrath and Richard Pugh are the standout partners. Noteworthy new additions to the team include Aaron Scott, a structured finance and securitisation specialist who heads up the firm's CLO offering, where he is assisted by counsel Glenn Weston and associate Rory O’Connor. Consequently, the firm has seen growth in CLO transactions and repo securitisations, though it also continued to advise on a wide variety of structures. McGrath and Weston acted for Palmer Square Europe Capital Management LLC in the establishment of a warehouse financing facility, and the issuance of €503m in CLO notes backed by a portfolio of primarily senior secured loans, senior secured bonds, unsecured senior loans, second lien loans, mezzanine obligations and high yield bonds. They also assisted the same client with a €389m CLO deal that included the ‘uptier priming’ concept, which is a new feature in the CLO market.

Practice head(s):

Aparna Sehgal


Other key lawyers:

John McGrath; Richard Pugh; Glenn Weston; Rory O’Connor; Aaron Scott


Key clients

Palmer Square Europe Capital Management LLC


Anchorage CLO ECM, L.L.C.


Five Arrows Managers LLP


Five Arrows Global Loan Investments PLC


Work highlights


  • Advised Palmer Square Europe Capital Management  in connection with (a) the establishment of a warehouse financing facility and (b) the issuance by Palmer Square European Loan Funding 2022-1 Designated Activity Company of €503.7m of CLO notes backed by a portfolio of primarily senior secured loans, senior secured bonds, unsecured senior loans, second lien loans, mezzanine obligations and high yield bonds managed by Palmer Square.
  • Advised Anchorage CLO ECM  in connection with (a) the establishment of a warehouse financing facility and (b) the issuance by Anchorage Capital Europe CLO 6 DAC of €383.8m of CLO notes backed by a portfolio of primarily secured senior loans, secured senior bonds, unsecured senior obligations, mezzanine obligations, second lien loans, corporate rescue loans and high yield bonds managed by Anchorage.
  • Advised Five Arrows Managers LLP (“FAM”) and Five Arrows Global Loan Investments PLC (“GLI”) in connection with (a) the establishment of a warehouse financing facility and (b) the issuance by Contego CLO X Designated Activity Company (the “Issuer”) of €305,800,000 of CLO notes backed by a portfolio of primarily secured senior loans, secured senior bonds, unsecured senior obligations, mezzanine obligations, second lien loans, corporate rescue loans and high yield bonds managed by FAM.

DLA Piper

DLA Piper is known for 'innovative thinking where it matters most, and the ability to deliver specialised solutions with confidence and clarity'. Adept in complex multi-jurisdictional transactions, the practice is known for its ability to handle innovative issues, among them fund structuring, asset tokenisation and technology innovation. Global co-chair of financial services Mark Dwyer leads the practice, in which the highly respected Vincent Keaveny is a standout partner. Dwyer's work with novel asset classes includes acting for Concord Music in a $1.8bn securitisation of a music catalogue including works by Creedence Clearwater Revival, Daft Punk and Pink Floyd. Steven Krivinskas, who acts for both financial institutions and borrowers, is 'very skilled at regular vanilla securitisation transactions, but should be a go-to choice for more esoteric transactions'. He acted for Deutsche Bank as arranger in a €200m securitisation of auto loans. Newly promoted partner Marcus Lovatt 'goes above and beyond to provide a great service'. CLO specialist Ronan Mellon moved to Mayer Brown International LLP in 2022. Finance, projects and restructuring partner Martin Bartlam left for an in-house position in late 2023.

Practice head(s):

Mark Dwyer


Other key lawyers:

Vincent Keaveny; Steven Krivinskas; Marcus Lovatt; Patrick Lightbown


Testimonials

‘Innovative thinking where it matters most, ability to deliver specialised solutions with confidence and clarity.’

‘Steven Krivinskas is a talented lawyer. He remains solution-focused and prepared to think broadly to address potential challenges. He and his team are very present and supportive, and incredibly diligent and progressional throughout.’

‘This practice is very in touch with the commercial needs of clients in the securitisation space and they are willing to workshop different ideas to find the best solution.’

‘Marcus Lovatt is a very approachable and friendly partner who goes above and beyond to provide a great service. His knowledge of the sector is strong and his understanding of commercial terms is second to none. Patrick Lightbown is a strong associate who shows a very good knowledge of the industry and is extremely capable of handling a transaction in Marcus’s absence.’

Key clients

Concord Music


Deutsche Bank


Banco Santander


Ares Management


Einride AB


Ares Management Limited


Natwest Markets


Mount Street Mortgage Servicing


Together Money


More 2 Life


Work highlights


  • Advising Concord Music on the issue of $1.65bn 6.50% Secured Music Catalog Term Notes, Series 2022-1, Class A-2 and $150m Series 2022-1, Class A-1 Notes, the largest music rights securitisation to date.
  • Advising freight mobility technology company Einride on a $300m asset-backed facility provided by Barclays.
  • Advising one of the UK’s leading specialist lenders, Together Money, on a £467m private securitisation transaction, Fairway Asset Backed Securitisation 1 Limited.

Fieldfisher

Clients of Fieldfisher are 'very impressed with how proactive and responsive the team is'. Guy Usher is head of the financial markets and products group, which is home to the securitisation team, in which Alex Campbell is the standout practitioner. Campbell, who has ' extensive industry knowledge and is clear and concise in his advice', and Marsili Hale, who leads the loan and mortgage servicing practice, acted for Law Debenture Trust Corporation plc in the successful restructurings of the Great Hall Mortgages No. 1 plc Series 2006-1, Series 2007-1 and Series 2007-2 RMBS transactions, which together have a value of £1.27bn. Peter Knust, who joined from Bryan Cave Leighton Paisner in 2023, 'provides well rounded, timely and sound advice' to corporate trust and corporate service provider clients. Key partner Stephen Moller frequently advises fintech companies and investment managers on receivables financings, while Dougall Molson  (who is 'innovative, hardworking and has a structurer's mindset') handles private, ABS, true sale and synthetic securitisations.

Practice head(s):

Guy Usher


Other key lawyers:

Alex Campbell; Marsili Hale; Peter Knust; Stephen Moller; Dougall Molson


Testimonials

‘The practice is strong across all seniority levels.’

‘Dougall Molson is innovative, hardworking and has a structurer’s mindset. In a world where transactions often don’t fit into neat packages, Dougall ensures that the problem / mission at the heart of the instruction is expertly and seamlessly dealt with’

‘Fieldfisher are excellent communicators, and strive to provide timely and clear advice. Their experience is overarching and they are able to draw from other teams for comprehensive advice.’

‘Alex Campbell has overarching and extensive industry knowledge and is clear and concise in his advice and recommendations. Peter Knust has a wealth of experience and has ability to provide well rounded, timely and sound advice.’

‘Good understanding of capital markets, securitisation under English Law.’

‘Responsiveness and expertise in securitisation. Peter Knust.’

‘Peter Knust is a great advisor. His owns extensive expertise in debt/securitisation and provides his clients with a clear guidance. Highly recommended.’

‘Very impressed with how proactive and responsive the team was, very knowledgeable of the subject matter, turned work around at short notice.’

Key clients

VG Fund Services Jersey


PF Capital Finance Limited


CSC Group


BCMGlobal Mortgages


RSM Advisory


Apex Group


Vistra


Intertrust Group


Law Debenture Trust Corporation


Propfin Limited


Market Financial Solutions Limited


Bank North Limited


Aros Kapital Limited


Jefferies International Limited


Société Générale


Work highlights


  • Advising multiple corporate services providers on the LIBOR restructurings of over 30 tough legacy securitisations with an aggregate total value of £15 billion.
  • Advising on two private real estate-backed securitisations with a total value of £500 million arranged by BNP Paribas and Credit Suisse.
  • Advising Trafigura on two asset-backed commercial paper securitisation conduits.

Milbank

Milbank has one of the most active Euro CLO transaction practices in London, and it acts for a host of leading players in the market, among them KKR, BNP Paribas, Polus Capital Management, and Bain Capital. Recognised as a leading adviser to European CLO managers, the firm has some of the most prominent partners in this space, notably practice head James Warbey,  John Goldfinch, and Claire Bridcut, who is a key member of the firm's alternative investments practice and focuses heavily on CLOs and bespoke structured lending deals. Reflecting its prominent position in the market, the practice continues to be involved in market-leading deals, a prime example being the €324m issuance of CLO notes by Adagio X EUR CLO Designated Activity Company, in which Goldfinch acted for AXA Investment Managers US Inc. Goldfinch also advised Bain Capital Credit U.S. CLO Manager II, LP on a €385m deal, which introduced a new construct into CLO documentation to permit and optimise CLO participation in certain liability-management techniques such as the Asset Priming Transactions and Uptier Priming Transactions.

Practice head(s):

James Warbey


Other key lawyers:

John Goldfinch; Claire Bridcut


Key clients

AXA Investment Managers US Inc.


Bain Capital Credit U.S. CLO Manager II, LP.


Cross Ocean Adviser LLP


Trinitas Capital Management, LLC (WhiteStar)


PGIM Loan Originator Manager Limited and PGIM Limited


Capital Four CLO Management II K/S and Capital Four Management Fondsmæglerselskab A/S


KKR


Bridgepoint Credit Management Limited


BNP Paribas


Park Square Capital, LLP


Polus Capital Management


Work highlights


  • Advised AXA Investment Managers US Inc in connection with the €324,750,000 issuance of CLO notes in the tenth CLO transaction on its European CLO platform.
  • Advised Polus Capital Management in connection with a €228 million third party capital commitment investment for its second captive collateralised loan obligation equity vehicle, Cairn Loan Investments II.
  • Advised Park Square Capital, LLP on its €3,075,000,000 direct lending joint venture fund with Sumitomo Mitsui Banking Corporation for the purposes of acquiring corporate loans in the European and North American markets.

Morgan, Lewis & Bockius UK LLP

At Morgan, Lewis & Bockius UK LLP, ‘the high-quality team provides advice on some of the most cutting-edge structured finance transactions‘. The firm has a deep bench of experienced partners, among them the ‘first-class lawyerMerryn Craske, who is ‘extremely well known in factoring securitisation transactions‘. She advises banks, originators, alternative investment funds, private equity firms, and other market participants in relation to securitisation and structured finance transactions in a range of asset classes. Richard Hanson, who ‘thinks laterally to get good client outcomes‘, frequently advises alternative investment funds and asset managers on structured finance and securitisations. He assisted Blackstone Mortgage Trust, Inc. with a £1bn back leverage revolving facility structure. Theresa Kradjian and Lisa Cargill are also heavily involved in the portfolio sales, warehouse financings, asset-backed commercial paper conduits and pan-European funding platforms.

Other key lawyers:

Merryn Craske; Theresa Kradjian; Lisa Cargill; Richard Hanson


Testimonials

‘This high-quality team provides advice on some of the most cutting-edge structured finance transactions. The team has a strong market reputation in structured credit products and ABS.’

‘I worked a lot with a first-class lawyer Merryn Craske, she is commended for her expert handling of ABS. She is extremely well known also in factoring securitisation transaction and in general she is held in high regard for her expertise in structured finance’

‘Rick Hanson is excellent and thinks laterally to get good client outcomes.’

Key clients

Avenue Capital


Banco Santander


Bank of America


Blackstone Mortgage Trust, Inc


BNP Paribas


Cerberus Capital Management/Cerberus European Investments/CHL Mortgages


Cheyne Capital


Citigroup Global Markets and Citibank N.A., London Branch


Clydesdale Bank/Virgin Money


EFG International/EFG Private Bank


GE Capital


J.P. Morgan Chase Bank


J.P. Morgan Securities


Merrill Lynch International


M&G Investment Management


NewDay Cards


Roundshield Partners


Waterfall Asset Management


Work highlights


  • Advised banks, as Arrangers and Lead Managers, on Clydesdale/Lanark’s RMBS master trust programme update and 2022 issuances.
  • Advised Blackstone Mortgage Trust on a back leverage revolving facility involving European commercial real estate debt.

Pinsent Masons LLP

Pinsent Masons LLP climbs the ranking this year having continued to invest in its securitisation practice, which focuses predominantly on private transactions. 'Their turnaround times are impressive', remark clients of the banking and restructuring practice led by Edward Sunderland. He recently acted for Lowell UK Shared Services Limited in the amendment and restatement of a private securitisation of a portfolio of unsecured consumer debt obligations. Victoria Baker advises on a wide variety of structured finance and securitisation transactions representing originators, arrangers, investors and issuers including in relation to securitisations and complex back-to-back and warehouse receivables financings. Veteran partner Ian Falconer 'demonstrates incredible knowledge of the sector, terrific human skills, dedication, communication and insight'. He assisted State Oil Limited with the amendment of a £700m receivables securitisation programme. Newly promoted partner Alexis Hayworth focuses on focused on advising lead managers and issuers on public listed securitised bond issues backed on property rental income.

Practice head(s):

Edward Sunderland


Other key lawyers:

Ian Falconer; Victoria Baker; Alexis Hayworth


Testimonials

‘I think the most important aspect of the team is how responsive they are. Their turnaround times are impressive, as is their understanding of what we are trying to achieve.’

‘Victoria Baker knows our business inside out. She also is adept at managing the lawyers on the “other side” of the trade.’

‘Ian Falconer demonstrates incredible knowledge of the sector, terrific human skills, dedication, communication and insight.’

Key clients

RiverRock / Freshwater


Lloyds Bank Corporate Banking


iwoca


HSBC


Prax


Nucleus


NatWest Markets


Lowell


Various Mezzanine investors


Omni LP


Work highlights


  • Continued to advise State Oil Limited on an oil and gas securitisation which has been further amended and extended this year, working opposite Clifford Chance and a syndicate of lender.
  • Worked to revise and extend this facility, provided by HSBC and Barclays Bank PLC, and currently increasing the facility and bringing in another lender to the syndicate.
  • Working on a new back to back facility for Nucleus Cashflow finance to fund their cash flow lending portfolio.

Slaughter and May

The finance practice at Slaughter and May is ‘extremely thorough and knowledgeable, and it almost anticipates the client's needs, so the engagement process is seamless and efficient'. Clients remark that 'transactions are led by the partner, and the firm has a very good understanding of our risk threshold and objectives'. Richard Jones now leads the practice, bringing to bear his experience in credit card, store card, point-of-sale, personal loan, auto loan and mortgage receivables transactions. He worked with associate Xian Wei Yeo to assist NewDay Cards on the issuance of €285m in notes under its master issuer asset-backed notes programme. Versatile finance partners Oliver Wicker, who acted for Lendco Limited as originator of a £384m RMBS, and Guy O’Keefe are central to the practice. Caroline Phillips  has a strong track record in trade receivable securitisations.

Practice head(s):

Richard Jones


Other key lawyers:

Oliver Wicker; Guy O’Keefe; Caroline Phillips; Xian Wei Yeo


Testimonials

‘Extremely thorough and knowledgeable – they anticipates client needs, so the engagement process is seamless and efficient.’

‘Caroline Phillips and Xian Wei Yeo – extremely knowledgeable, helpful and responsive. A pleasure to work with.’

‘The team we work with on securitisation is technically strong (both in the law and financial concepts), detailed and clear in documentation, practical in finding solutions, thoughtful and forward thinking when evaluating current or anticipated risks to the structures and our firm. A gold standard service.’

‘Transactions are led by the partner. The nature of the relationship means that the firm has a very good understanding of our risk threshold and objectives.’

‘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.’

Key clients

Banco Santander


Hyundai Capital


Lendco


NewDay


Paratus


Work highlights


  • Advised NewDay on a number of securitisation matters, including on a £317,300,000 issuance by NewDay under its master issuer asset-backed notes programme within its existing Direct to Consumer (D2C) master trust structure.
  • Advised Paratus AMC on the establishment and refinancing of various securitisations, including on both the repurchase of the mortgage pool from Mortar No.1 Limited and Mortar No.2 Limited as well as the onward sale of the mortgage pool to Twin Bridges 2022-2 plc and subsequent securitisation of the pool.
  • Acted for Lendco Limited on a number of securitisation matters, including as originator and seller in relation to the issuance by Atlas Funding 2022-1 PLC of £384m residential mortgage backed notes, relating to a portfolio of UK buy-to-let residential mortgage loans originated by Lendco Limited.

Akin

Akin joins the ranking this year having built up a presence in the European CLO market as part of a broader structured finance and securitisation practice. To leverage the vast experience of the partners based in the US, the firm hired Dasha Sobornova from Mayer Brown International LLP in 2022, who brings extensive knowledge of the EU and UK securitisation regulation, on which she advises arrangers, investment managers, investors and corporate services providers. Her prime focus is on CLO transactions, though she has experience in RMBS, derivatives, and credit funds transactions. She is a key adviser to anchor clients, among them KKR Credit Advisors, on European transactions.

Other key lawyers:

Dasha Sobornova


Key clients

HalseyPoint Asset Management, LLC


KKR Credit Advisors (US) LLC


Work highlights


  • Represented the CLO co-issuers and KKR Credit Advisors (US) LLC, as portfolio manager, and acted as deal counsel responsible for drafting all disclosure and transaction documents in connection with a $509 million CLO transaction issued by KKR CLO 41 Ltd. for which Credit Suisse Securities (USA) LLC served as arranger, and related warehouse financing arrangements.
  • Represented the CLO co-issuers and KKR Credit Advisors (US) LLC, as portfolio manager, and acted as deal counsel responsible for drafting all disclosure and transaction documents in connection with a $505.7 million CLO transaction issued by KKR CLO 37 Ltd. for which Deutsche Bank Securities Inc. served as arranger, and related warehouse financing arrangements.
  • Represented the CLO co-issuers and HalseyPoint Asset Management, LLC (US), as portfolio manager, and acted as deal counsel responsible for drafting all disclosure and transaction documents in connection with a $492.7 million CLO transaction issued by HalseyPoint CLO 6, Ltd., for which Goldman Sachs & Co. served as arranger, and related warehouse financing arrangements.

Bryan Cave Leighton Paisner

Bryan Cave Leighton Paisner joins the ranking this year having continued to build out its UK securitisation practice. The firm now provides 'excellent partner availability and solid knowledge of the UK securitisation market', and clients remark that it is 'a top-class all-round real estate law firm that retains some excellent lawyers'. Will Trotman, who joined from Linklaters LLP in late 2022, and real estate finance specialist Eleanor Hunwicks lead the practice. Trotman has 'top-notch expertise' and is recognised as a talented structured finance and securitisation lawyer for asset-backed finance deals. He has notable experience in RMBS, CMBS, asset-backed warehouse facilities, and portfolio acquisition financings. Trotman is 'hardworking and 100% committed, and he fights for sensible points and manages to maintain a good relationship with everyone despite the fight!'.

Practice head(s):

William Trotman; Eleanor Hunwicks


Testimonials

‘BCLP has been building out their securitisation practice in the UK. with some stellar senior level recruitment. They have excellent partner availability and solid knowledge of the UK securitisation market’

‘William Trotman is an excellent partner, with top-notch expertise within the the sector.’

‘Will Trotman – a friendly and personable partner. Very commercially minded and will always give clear practical advice. Always a pleasure to work with.’

‘Will Trotman is a superb addition to the team : extremely user-friendly and approachable with considerable knowledge across an array of transactions.’

‘Historically a top class all-round real estate law firm. It has hired some good people and still retains some excellent lawyers.’

‘Will Trotman is excellent. He manages both the legal team and the client very well on transactions. Hardworking and 100% committed, he is excellent to have working for you and a delight to work with. Clients like his style. He isn’t aggressive but fights for sensible points and manages to maintain a good relationship with everyone.’

‘William Trotman – always a pleasure to work with. Will always brings a positive attitude to a deal. He is meticulous with his organisation, and manages processes with ease. His knowledge of transactions is invaluable, and means he is able solve problems quickly and effectively. He manages junior resources well, but ensures he always on top of what is going on.’

William Trotman is very pragmatic and commercial. He deals with points of contention with ease and is always a pleasure to deal with. He is always ready to discuss points which are contentious and find a way through for all parties, which is extremely important for a transactional lawyer.’

Key clients

CBRE Loan Services


Situs International


Trimont Real Estate Advisors


Apex (formerly Sanne)


Mount Street


Gide Loyrette Nouel LLP

Th securitisation team at Gide Loyrette Nouel LLP stands out for its 'availability, approachability and friendliness'. The firm's London and Paris offices are home to a highly regarded securitisation and asset-backed finance practice, which handles whole-business, trade receivables, mortgage, lease, and CLO transactions on behalf of financial institutions and multinational corporates. Practice head Dimitrios Logizidis and the newly promoted Samir Bensaker  are 'very professional and knowledgeable partners'. Logizidis frequently acts for Europcar Mobility Group in securitisations, a recent example being its €450m programme in the first transaction structured in England using two bankruptcy remote SPVs. Counsel Alexander Tompkins is 'a fantastic lawyer, who responds super quick'.

Practice head(s):

Dimitrios Logizidis


Other key lawyers:

Samir Bensaker; Alexander Tompkins


Testimonials

‘The team is excellent in so many ways. The key positives are availability, approachability and friendliness. It is vital that the people you work with are pleasant, good to talk with, and have time for you.’

‘Dimitrios Logizidis, partner, is one of the best people I have worked with in the City of London (25 years). He is a credit to the legal profession. Alex Tompkins, counsel, is a fantastic lawyer, who is always at the end of the phone when needed, and responds to emails super quick.’

‘Very strong know-how and experience combined with a drive to be helpful and commercial on complicated issues.’

‘Very good communication and relationship management with a strong sense of partnership.’

‘The partners make themselves available when needed.’

‘Dimitrios Logizidis and Samir Bensaker are very professional and knowledgeable partners.’

Key clients

BNP Paribas


CNP Assurances


EDFI Management Company


European Investment Fund


Europcar Mobility Group


PROPARCO (Société de Promotion et de participation pour la coopération économique)


Société Générale


Rabobank London


Tikehau Investment Management


Work highlights


  • Advised Europcar Mobility Group in the setting-up and structuration of the securitisation program of Europcar Group UK.
  • Advised Europcar Mobility Group in the restructuring of its European vehicles fleet securitisation programme in France, Italy, Germany and Spain.
  • Advised Europcar Mobility Group in the setting-up and structuration of the securitisation program of Fox Rent A Car in the United States.

Macfarlanes LLP

Macfarlanes LLP has 'a very efficient team that can work to challenging timetables and always keeps clients updated on progress'. The firm handles a broad range of work, encompassing residential and commercial mortgage, consumer loans, trade receivables and whole business deals. The firm acts for banks, alternative lenders and, increasingly, credit funds. On fund finance matters, Richard Fletcher 'is always available to offer sound practical advice and seems to be well respected by counterparts'. He advised Venn Partners LLP on a £100m tap issuance of bonds. Head of the finance group Andrew Perkins is a key adviser to banks, alternative lenders and credit funds. Among the senior associates, Kelly Wilson and Scottish-qualified Ryan Moore play key roles in the practice.

Practice head(s):

Richard Fletcher


Other key lawyers:

Ryan Moore; Andrew Perkins; Kelly Wilson


Testimonials

‘The team at Macfarlanes are very strong. We lean on them heavily to advise us on market conditions / terms and to shape our agreements. We trust the team explicitly to raise any large issues quickly and efficiently and leave them to sort out the smaller points, which is extremely valuable for us as we have no in-house dedicated fund finance team. We believe the team has excellent market knowledge and has worked with all the counterparties previously so can advise us if something looks off market or a counterparty has accepted a different approach on points.’

‘We have excellent access to the partner Richard Fletcher and we trust him to advise on all our fund finance matters. He is always available to offer sound practical advice and seems to be well respected by counterparts.’

‘Richard Fletcher, unflappable and extremely experienced. Kelly Wilson, very able and always on top of the detail.’

‘The team marries extensive legal knowledge with a thorough understanding of the operational considerations that inform this very technical area. It is both refreshing and very reassuring to be advised by a partner who is as at ease speaking to our Ops team as he is speaking to our Legal and Investment teams.’

‘The team has broad securitisation experience, including synthetics, which few firms specialise in. Richard Fletcher, the partner is not only available, but very involved in the structuring and documentation.’

‘Well balanced and integrated team.’

‘The individuals are attentive, available and very experienced.’

‘Very efficient team. Can work to challenging timetables and always keep us updated on progress.’

Key clients

Venn Partners LLP (trading as ARA Venn)


Schulte Roth & Zabel International LLP

Schulte Roth & Zabel International LLP hired two standout securitisation partners in 2022, which has helped it to carve out a niche in the market. Martin Sharkey, who is 'always available and provides consistently sound advice', is an experienced structured finance lawyer who specialises in advising CLO managers on multi-currency, arbitrage, balance sheet, market value and ESG CLOs, warehouse financings, collateral fund obligation transactions, CLO business acquisitions and portfolio sales. Stuart Axford is a recognised expert in asset-backed securitisation for a diverse range of asset classes, among them residential and commercial mortgages, auto loans, supply chain finance and cryptocurrencies. Sharkey recently acted for Barings (U.K.) Limited as manager of the €300m Barings’ Euro 2022-1 CLO, arranged by Goldman Sachs.

Other key lawyers:

Stuart Axford; Martin Sharkey; James Winterlich


Testimonials

‘We rely heavily on Martin Sharkey’s involvement, who has excellent cashflow CLO product knowledge. Crucially, he is very involved on our matters.’

‘James Winterlich appears to know what he is doing, and is polite / nice to deal with.’

‘Martin Sharkey has been the sole contact advising the arranger on a structured transaction and was structured, always available and consistently sound advice.’

Key clients

Barings (U.K.) Limited


GoldenTree Asset Management LP


Work highlights


  • Advised Barings (U.K.) Limited as CLO manager on Barings’ Euro 2022-1 CLO, which was arranged by Goldman Sachs.
  • Acting as CLO manager counsel on Barings’ Euro 2023-1 CLO, which is arranged by Goldman Sachs.
  • Represented GoldenTree Loan Management II, LP as CLO manager on the client’s first 2023 CLO, which was arranged by Bank of America and Wells Fargo.