Index of tables
Morrison & Foerster (UK) LLP
- SJ Berwin LLP
- Dina Albagli - Herbert Smith LLP
- Christopher Barratt - Freshfields Bruckhaus Deringer LLP
- Bruce Bloomingdale - Mayer Brown International LLP
- Angela Clist - Allen & Overy LLP
Julian Craughan -
Hogan Lovells International LLP
- Steve Curtis - Clifford Chance
- Julian Davies - Linklaters LLP
- Stephen Day - Mayer Brown International LLP
Conor Downey -
Paul Hastings LLP
- Dominic Griffiths - Mayer Brown International LLP
Elana Hahn -
Morrison & Foerster (UK) LLP
- James Harbach - Linklaters LLP
David Hudd -
Hogan Lovells International LLP
Tauhid Ijaz -
Hogan Lovells International LLP
- Kevin Ingram - Clifford Chance
- Vincent Keaveny - Baker & McKenzie LLP
- Jacky Kelly - Weil, Gotshal & Manges
- David Krischer - Allen & Overy LLP
- Christian Lambie - Allen & Overy LLP
- Marcus Mackenzie - Freshfields Bruckhaus Deringer LLP
- Salim Nathoo - Allen & Overy LLP
- Graham Penn - Sidley Austin LLP
- Michael Poulton - Herbert Smith LLP
- David Quirolo - Ashurst
Charles Roberts -
Paul Hastings LLP
- Sandrine Sauvel - Norton Rose LLP
- Julian Tucker - Shearman & Sterling LLP
- Peter Voisey - Clifford Chance
- Jonathan Walsh - Baker & McKenzie LLP
- Sanjev Warna-kula-suriya - Slaughter and May
- John Woodhall - Sidley Austin LLP
Led by Salim Nathoo, the team at Allen & Overy LLP ‘stands apart for its strength and volume in a wide range of transactions’, and dominates the RMBS space. Nathoo advised Paragon on the first buy-to-let deal since the financial crisis, and with David Krischer acted on the first public securitisation by Northern Rock, valued at £1.3bn. The firm is ‘the market leader in covered bonds’, with Angela Clist recently establishing global programmes for four leading Australian banks. Also involved was Sally Onions, who is ‘able to cut through what appear to be insurmountable problems with direct and incisive advice’. Christian Lambie and Tim Conduit are also highly recommended. Further highlights included establishing a £2bn global collateralised structured securities programme for Barclays.
Clifford Chance’s client base includes some of the most active issuers and underwriters. Peter Voisey, Steve Curtis, Neil Hamilton and Simeon Radcliff have ‘top-level expertise’; Kevin Ingram, who ‘still dominates credit card deals’, is ‘one of the most experienced lawyers in the market’; and Christopher Walsh ‘has a deep understanding of the subject matter’. Andrew Forryan is also recommended, for RMBS transactions and whole-business securitisations. The firm has seen a spate of covered bond deals and is prominent in the commercial mortgage space, where it is heavily involved in the CMBS 2.0 initiative. Emma Matebalavu advised Northern Rock on its £1.3bn RMBS, and Ingram assisted HSBC in restructuring a €25bn covered bond programme. Rachel Kelly is now at Macfarlanes LLP.
Freshfields Bruckhaus Deringer LLP is ‘a top-tier practice with the strength in depth to execute major transactions’. Its ‘undoubtedly talented people in a well-resourced practice’ include Simeon Rudin, for advice on embedded-value securitisations such as the Mutual deal for SBC Warburg; Christopher Barratt, especially for infrastructure deals; Ian Falconer, for big-ticket restructurings; and Flora McLean, whose clients include Barclays Capital and CIBC. Marcus Mackenzie is ‘a standout lawyer in this space – his breadth of knowledge and lateral vision allow for good structuring’. Highlights included an $850m securitisation of energy-related receivables.
‘One of the market leaders’, Linklaters LLP is ‘very good in all aspects – strategic overview, tactical implementation, document drafting and client engagement’. Its ‘highly commercial and effective negotiators’ include James Harbach and Andrew Vickery, who are both ‘very sharp technically’; Julian Davies (‘knowledgeable, incisive, board friendly’); and Anne Hoe (‘very experienced, cool headed, personable and insightful, with broad and in-depth industry knowledge’). Managing associate Alex Shopov ‘punches above his weight, has excellent attention to detail and makes great efforts with client care’. Highlights included advising Lloyds TSB Bank on a £1.6bn securitisation of PFI loans, and Anglian Water on a structured US private placement whole-business securitisation.
Mayer Brown International LLP joins the top tier this year, and has an ‘incredible reputation for private deals and great pedigree in public transactions’; it is ‘one of the few firms that still has a big group of experienced lawyers’. Bruce Bloomingdale is ‘the best, always giving clear, concise advice and getting the best results time and time again’. Dominic Griffiths is ‘a superstar, knows a tremendous amount about cross-border securitisation and has a big following’ after many successful trade receivables deals. Stephen Day is ‘mentally agile, particularly on complex cross-jurisdictional matters’. Kevin Hawken is ‘comprehensive and considered, the industry leader in asset-backed commercial paper’; and ‘extremely hardworking’ senior associate Jeremiah Wagner is ‘a star of the future, he has judgement beyond his years’. Highlights included a NOK10.7bn Norwegian auto-loan deal for Santander, the country’s first deal under its new securitisation laws.
Clients praise the ‘partner-level commitment’ at Baker & McKenzie LLP, which is ‘excellent in every regard’. Vincent Keaveny is praised for his ‘knowledge, responsiveness, reliability and value for money’, and recently represented Banco Santander Totta on a €1bn securitisation of Portuguese consumer loans. Jonathan Walsh advised new client Investec on an innovative RMBS deal; and Simon Porter advised the note trustee on the default of the Opera Finance CMBS. Rebecca Ford is noted for her experience in CMBS restructurings.
David Hudd’s team of ‘commercial, focused experts’ at Hogan Lovells International LLP has ‘greater dynamism than some of the Magic Circle firms – it is fast, on the pulse and flexible’. Julian Craughan is ‘very impressive, providing pragmatic solutions’, and recently represented FCE Bank on its £3.5bn Globaldrive deals; and the ‘very able’ Tauhid Ijaz advised Lloyds Banking Group on an auto-loan securitisation and LBG's proposed £1.5bn securitisation of its PFI loan book. Of counsel Natasha Williams is ‘approachable, ever efficient and quick off the mark’; and Dennis Dillon is also recommended.
With ‘good knowledge of the market’, Norton Rose LLP’s ‘very responsive’ team provides ‘excellent service and the best value for money’. The ‘very friendly’ Sandrine Sauvel has ‘excellent business acumen’ and ‘goes the extra mile, always eager to find new solutions’. The firm hired David Shearer from Allen & Overy LLP, who has ‘great expertise and asset class coverage’. Sauvel advised National Bank of Greece on a €1.75bn RMBS deal and a €600m auto-loan deal. Laurence Garside is recommended for RMBS restructurings.
Sidley Austin LLP’s Graham Penn is advising the issuer on the proposed restructuring of the highest-value European CMBS, the €5.3bn Grand securitisation. The firm advises many fund clients, and is well known in the RMBS space. John Woodhall advised Banco Santander on a NOK5.7bn Norwegian auto-loan deal; and a €500m trade receivables deal for Styrolution was another highlight for the team.
Leading corporate issuer practice Slaughter and May is ‘responsive, careful and focused on the value-add’. Richard Jones (‘very smart and effective’) and Mark Dwyer (‘very bright, direct and no-nonsense’) advised SAV Credit on refinancing the Marbles credit card securitisation. Through Dwyer, the firm is forging investment bank relationships and advises Santander UK on RMBS deals. Sanjev Warna-kula-suriya represented Magnetar Financial in relation to subscriptions for Irish-listed credit-linked notes. Marc Hutchinson advised Gatwick Airport on its €5bn secured bond programme.
Weil, Gotshal & Manges ‘ticks all the boxes’, and is ‘a definite “go-to” firm with a deep understanding of complex legal and commercial considerations’. Jacky Kelly has ‘wide experience, and is instinctive and insightful, with a no-nonsense approach’. She advised on a €70m ABCP conduit as part of Morgan Stanley Private Equity’s acquisition of Zenith, and represented investment banks on the Lloyds Penarth credit card deals totalling £625m and $1.3bn. Rupert Wall has ‘a strong focus on substantive issues’ and Brian Maher is ‘instinctive, technical, commercial – he is in a class of his own’; both were also involved in the Lloyds Penarth deals.
‘One of the best in the market’, Ashurst continues to advise asset managers on restructuring CLO transactions. David Quirolo has ‘an excellent work ethic, knows everything there is to know and gives very practical advice’, and recently represented Allied Irish Bank on the sale of four CLO manager contracts to Blackstone. Michael Smith advised Banesto on a €1.7bn CLO of a portfolio of commercial loans to meet ECB eligibility requirements.
Berwin Leighton Paisner LLP ‘has the experience and intellectual resources to deliver at partner and associate level’. Paul Severs advised TPG and Patron Capital on the Opera Finance CMBS, the first to default at maturity. With Lucy Oddy, he also represented a leading investment bank on the sale and subsequent securitisation of the £900m Project Royal commercial real estate loans portfolio. The duo also advised Tesco on a £450m CMBS.
Herbert Smith LLP is ‘on hand effectively 24/7’, with ‘a drive to deliver solutions and a welcome practical and commercial streak’. Michael Poulton, who ‘knows the documentation inside out and often trumps lawyers on the other side with his deeper and better knowledge’, acted on the £1.23bn sale of Bank of Ireland’s residential mortgage portfolio, and is working on a range of new RMBS programmes for building societies. Derivatives expert Dina Albagli is also recommended.
Paul Hastings LLP is ‘the “go-to” firm for complex restructurings’, and has ‘a smart bunch of people’. Conor Downey and Charles Roberts stand out for their expertise in CMBS; Lorenza Talpo is noted for Italian deals; and, at associate level, Norman Pepe, Jennie Dorsaint, Miles Flynn and Ed Bellamy are all recommended. The firm advised Deutsche Bank on a £300m CMBS deal backed by Chiswick Park.
Shearman & Sterling LLP provides ‘excellent service from a strong and dedicated team of professionals’ including Julian Tucker and Ian Harvey-Samuel. Highlights included a £1.2bn whole-business securitisation and the restructuring of various CMBS deals. Associate Melissa Gainsford is one to watch.
Simmons & Simmons LLP’s ‘very knowledgeable and user-friendly’ team includes Simon Schiff (‘very hands-on’); Ian Sideris (‘very responsive and thorough’); the ‘very experienced’ James Bresslaw; and Michael Lorraine, who has ‘excellent attention to detail and is innovative with new structures’. Schiff and Lorraine advised Deutsche Bank on a bespoke mortgage portfolio financing platform.
Praised for its ‘real strength’ and ‘innovative deals in emerging markets’, White & Case LLP’s London team still calls on David Barwise, now based in Singapore, on deals including a €335m covered bond for Unicredit. Gavin McLean advised Unicredit on updating its €5bn global Arabella Finance ABCP programme; and Jeremy Trinder represented Close Brothers on its first auto-loans securitisation. Other clients include Société Générale, Investec and BNP Paribas.
Addleshaw Goddard LLP’s ‘highly talented’ Mark Thomas is prominent in CoCo bonds, and worked on numerous Bank of England discount window deals, restructurings and private placements. Clients include a special servicer, for CMBS deals; and the Bank of Scotland, on credit card securitisations.
The ‘utterly professional’ team at CMS Cameron McKenna LLP includes the ‘always responsive and very knowledgeable’ Jason Harding, who is ‘commercial and appreciative of client perspectives’. He and the newly promoted Michael Cavers, who has ‘fantastic attention to detail’, advised Enterprise Inns on the Unique deal, and Northumbrian Water on the securitisation of the water resources operating agreement for the Kielder reservoir.
K&L Gates LLP is ‘extremely professional at managing transactions’. Stephen Moller is praised for his ‘technical advice and good understanding of clients’ needs’, and recently advised the originator of a US dollar trade receivables deal. Trevor Beadle advised a rating agency on the Chiswick Park CMBS 2.0 deal; and Andrew Petersen represented a special servicer in relation to 60 loans totalling €3.4bn.
Morrison & Foerster (UK) LLP has ‘a small team of senior people, which is what clients want’. Elana Hahn has recently been advising The European DataWarehouse, the European Central Bank sponsored data repository for loan level data relating to asset-backed securities. Peter Green and Jeremy Jennings-Mares advise the likes of Goldman Sachs, Natixis and Citigroup, and are prominent in covered bonds.
Focused on real estate and technology deals, Olswang has ‘a strong partner’ in Charles Kerrigan, and he has ‘a great team around him’ noted for its ‘client diligence and relationship management’. Recently promoted partner Ruth Marken is ‘professional, knowledgeable, quick, and considerate, and goes beyond the call of duty’. Highlight deals included the restructuring of the €2.4bn Project Spring deal.
‘Clearly well versed in the area, with good flexibility’, SJ Berwin LLP calls on the ‘tenacious, extremely quick’ Vanessa Therrode, who has ‘fingertip knowledge of the sector, with excellent communication skills’. Andrew Bliss advised Lloyds TSB Bank on a £350m consumer loans deal, and Citigroup on €2bn in loans secured on Santander securitised assets.
The new, lean securitisation practice at Bingham McCutchen (London) LLP focuses on issuers and funds clients. Sarah Smith, once of Sidley Austin LLP, advised on an innovative deal for an institutional investor and on a privately placed deal for a UK utility. She regularly advises Fitch Ratings on reviewing UK RMBS deals.
Cadwalader, Wickersham & Taft LLP’s Angus Duncan represented Irish SPV issuers on three static securitisations, including advising Capital Efficiency Group on profit participation agreements with German borrowers. Nick Shiren advised senior creditors in relation to distressed CDOs.
Led by John Gordon, Dechert LLP advised non-European hedge funds on establishing European securitisation vehicles. The firm hired Charles Malpass from Lawrence Graham LLP, where he advised originator Apollo Management on a £400m RMBS.
Field Fisher Waterhouse LLP advises liquidity providers, swap providers, issuers, account banks and noteholders in securitisation deals. Guy Usher is recommended along with Gonzalo Fernandez on the trustees side. The team has been advising in relation to the downgrading of CMBS deals, as well as handling litigation involving SPVs.
Paul Kay’s team at Speechly Bircham LLP counts Blenheim Capital, Kreos Capital and Northern Trust Global Services as clients. Daniel Sullivan advised Cavendish Global Investment Solutions as investment manager on a €50m ABS deal under a €1bn secured note programme.