'The securitisation team is top-notch, with an excellent grasp of legal issues but also of the commercial and soft transactional issues', says a client of Allen & Overy LLP. The firm excels in all areas of the securitisation market across all asset classes, though it has particular expertise in whole business securitisations and corporate structured funding, including infrastructure and project bond-related work, and it is a leading legal advisor in the covered bonds market. Salim Nathoo leads the global securitisation group, which has a very deep bench of partner talent in London. Tim Conduit is particularly skilled in financing in the project and infrastructure sector, while Lucy Oddy frequently advises financial institutions, funds, private equity firms and corporates on asset-backed transactions. Sally Onions acts across the securitisation space, her work spanning covered bonds, consumer loans, RMBS, CMBS and auto-financings. Tom Constance advises on both term and conduit financings, while Franz Ranero and Suril Patel focus on CLOs. Newly promoted partner Iona Misheva, who is 'client-focused, very thorough and collaborative', handles commercial real estate, whole business, receivables and residential mortgage transactions.
Securitisation in London
Other key lawyers:
Tim Conduit; Lucy Oddy; Sally Onions; Tom Constance; Franz Ranero; Suril Patel; Iona Misheva; Poppy Latham; Alex Moezi; Josephine Suen
‘The team is extremely knowledgeable but also commercially minded. They are hardworking and available to their clients.’
‘Lucy Oddy is a standout partner who is well respected in her field. A&O associates Poppy Latham, Josephine Suen are also great.’
‘A&O’s securitisation team is top-notch. Excellent grasp of legal issues but also of the commercial and soft transactional issues which enables them to add great value to a transaction beyond drafting of documentation and providing legal advice. Great partner in structuring deals and helping make sure they get done!’
‘Great credit goes to Alex Moezi who has led the A&O team and is always there to get stuck in, no matter how complex the problems is! Great attention to detail and excellent at running a smooth and efficient process while helping to think through commercial and strategic issues along the way.’
‘Strong intellectual capability, thorough and good market knowledge across different sectors. Flexible on fees.’
‘Iona Misheva is client-focused, very thorough and collaborative. She is pleasant to work with, is across all the documentation from top to bottom, and provides a great service. She is also happy to give free advice, and always has time to have a chat to pick her brains, which is useful in the current environment.’
‘The team we use is extremely client-focused. They make themselves available, and make us feel like we are their only client and they have our best interests at heart.’
‘Iona Misheva makes us feel like we are her only, most important and favourite client. She makes herself available, and will always work with us for a solution. She represents our interests with a brand that we want. Poppy Latham – associate. She is client friendly, knowledgeable, thoughtful and responsive. She is also a delight to work with.’
One Savings Bank
Coventry Building Society
TwentyFour Asset Management
'The team has both a great depth of knowledge but also great pragmatism in applying it and advises very much through a "real world" lens', remark clients of Clifford Chance LLP. The firm has an impressive track record of market firsts and has played a key role in developing the securitisation over the years, and it remains involved in major structured finance and securitisation transactions. Among these is its work on a next-generation programmatic RMBS structure for HSBC and Lloyds Bank, and its work for Morgan Stanley on the first fully broadly syndicated RMBS since the outbreak of the Covid-19 crisis, which was backed by UK buy-to-let assets. Key partner Christopher Walsh led that transaction. Practice head Kevin Ingram 'knows almost everything there is to know about securitisation'. Real estate finance partner Emma Matebalavu, structured debt partner Maggie Zhao and developing markets trade receivables specialist Simeon Radcliff also play pivotal roles in the practice. Adam Craig, who was promoted to partner in 2021, 'always makes sure to focus on the outcome'. Andrew Forryan retired.
Other key lawyers:
Adam Craig; Emma Matebalavu; Maggie Zhao; Simeon Radcliff; Simon Connor
‘The team has both a great depth of knowledge but also great pragmatism in applying it and advises very much through a “real world” lens. Advice is also tailored to the reader and so can be used for various internal postings and the like without losing people with too much legalese. The team is also very good at assisting with ad hoc queries and training and you really get a sense that they value the wider relationship. Also very good at updating on ongoing fee accruals and managing their efficiency within agreed caps.’
‘Kevin Ingram is fantastic. He knows almost everything there is to know about securitisation and yet discussions with him are always two-way – he never talks down to anyone. Adam Craig is also great – legal ability is taken as a given but he, like Kevin, always makes sure to focus on the outcome and see what he can do for his client/the transaction in the best practical manner possible.’
‘Market-leading thought, ideas, capability and bench depth.’
‘Chris Walsh gives true, clever, well thought out advice and opinions which work commercially and is available for us 24/7.’
‘The team is truly exceptional in its ability to innovate, accommodate and then close a deal.’
‘Senior associate Simon Connor has proved able to design complex securitisation solutions and design structures that accommodate the wishes of the clients while still complying with all necessary laws and regulations.’
Bank of America
- The firm devised the concept for, advised on, structured and developed the next generation programmatic RMBS structure. This was the first establishment of and issuance from this new structure and was nearly four times oversubscribed in a difficult market. The issuance priced at pre-pandemic levels indicating strong investor appetite for this new and innovative structure.
- Advised Morgan Stanley on the acquisition of a portfolio of UK buy-to-let mortgages and on a new simultaneous UK buy-to-let RMBS, Tudor Rose Mortgages 2020-1, backed by a portfolio of loans originated by the UK arm of Indian lender Axis Bank. The deal is the first fully broadly syndicated RMBS since the outbreak of the Covid-19 crisis.
- Advised Bank of America on an upsized underwritten CMBS £450m (from £393.3m), Taurus 2020-2 UK. The £518.3m underlying loan from which £450m is securitised, is secured on 285 predominantly last-mile logistics (68%) and industrial (23%) properties in the UK, with a total lettable area of 15.2m sq ft with a portfolio value of £914.2m.
'A standout team because not only do they demonstrate the highest levels of technical ability, they are also pragmatic and strategic', says a client of Linklaters LLP. The firm has one of the largest dedicated structured finance and securitisation practices globally, with more than 50 fee-earners in the London office, which works seamlessly with offices in Europe, the Middle East, Asia and the Americas on cross-border deals. Whether it is RMBS, non-performing loans, trade receivables, whole business securitisation or deals for non-bank mortgage originators, the firm is active in every part of the market. Among its highlights is its work for Artis Finance, a new start-up trade finance provider, on the first-ever trade finance securitisation programme to fund new originations of loans to mid-market corporates in the trade and commodities business. Alexander Shopov, whose work spans RMBS, ABS, ABCP and covered bonds, led that deal. Andrew Vickery leads the structured finance group and is head of the covered bonds practice. Julian Davies, who founded the practice, provides 'strong strategic advice and knows the market well'. RMBS, CMBS and ABS partners Adam Fogarty and Mark Nuttall, emerging talents Reza Taylor and Thomas Quoroll, and managing associate Aditi Srivastava are among the firm's many key practitioners.
Other key lawyers:
Julian Davies; Alexander Shopov; Reza Taylor; Thomas Quoroll; Aditi Srivastava; Will Trotman
‘This is a standout team because not only do they demonstrate the highest levels of technical ability, they are also pragmatic and strategic. They have a diverse team. Julian Davies leads the team and is excellent. Aditi Srivastava is a stand out star!’
‘Tom Quoroll is very clever and responsive. He is very commercial as well as technically adept.’
‘Julian Davies offers sound judgement and strong strategic advice and knows the market well. Managing associate Aditi Srivastava is technically brilliant – covers every detail and offers commercially pragmatic and strategic advice and understands both lenders and borrowers well.’
‘The team makes the securitisation structure very understandable and brings a “can do” attitude to getting the restructuring done.’
‘Andy Vickery has been a fixture in the securitisation market for many years and brings with him a wealth of experience. He continues to impress, is able to diplomatically defuse tense situations when necessary and manages his team effectively. In 15+ years I have never found a current or former colleague of Andy who wouldn’t speak of him with the highest regard. Counsel Will Trotman has done excellent work for us over the past couple of years as drafting counsel. With him as senior project lead I frankly don’t need further partner insight – I am confident in other law firms he would have been a partner already.’
‘We do complex transactions that require bespoke drafting, and I have developed a high degree of confidence in Will Trotman’s ability to reflect commercial agreements across a suite of securitisation documents, even when they have “lived” already for several years. Smart, approachable and effective.’
‘We very much enjoy working with Reza Taylor and the wider Linklaters team. For us, they are the top-tier law firm for securitisations and structured finance; and the go-to team for complex/innovative transactions in this area. They clearly want to achieve success for us and focus on the long-term relationship as well as getting the deals done.’
‘The leading structured finance practice in London; a deep bench of quality partners and associates; standout partners include Andy Vickery and Adam Fogarty who have handled nearly all of the largest securitisation transactions over the past 2-3 years in the market, and for some of this period, running multiple such transactions concurrently, testament to their and their team’s breadth of ability and scale.’
Universities Superannuation Scheme
- Advising Citibank on its purchase of c£5bn of UK mortgage loans acquired by the UK Government as part of its emergency nationalisation of Northern Rock (now NRAM) and Bradford & Bingley.
- Advising Artis Finance, a new start-up trade finance provider, on the first ever trade finance securitisation programme to fund new originations of loans to mid-market corporates in the trade/commodities business.
- Advising the Metrocentre Partnership on the restructuring of a securitisation financing for the UK’s second largest shopping centre following intu Group’s administration following Covid-19 related liquidity issues.
Ashurst continues to build momentum in its securitisation practice, which was formed in 2018, and it already counts key players as clients, among them Santander UK, BNP Paribas and Bank of America. The practice is 'quietly impressive and has gained a place with the big players' and clients describe the partners as 'very knowledgeable and commercial'. The firm handles a broad range of transactions, including CMBS, RMBS, credit card, auto loan and trade receivables deals. Key partner Jonathan Walsh has more than 30 years' experience and is 'a legend in the industry'. Thomas Picton is 'a rising star, very understated and approachable, whilst delivering on-point practical advice in a succinct manner'. He recently assisted arrangers and lead managers on one of the first UK public buy-to-let deals to go to market following the Covid-19 outbreak. Malcolm Charles is a specialist in corporate trust and agency work.
Jonathan Walsh; Thomas Picton; Malcolm Charles
‘Very reliable, great value for money. An excellent team and always incredibly helpful.’
‘Jonathan Walsh, in particular, is such a legend in the industry and a great source of knowledge. He gives great comfort on deals.’
‘Knowledge, craftsmanship and personal commitment of the partners, as well as a good network.’
‘Jonathan Walsh has outstanding experience and is fully engaged on the transactions. He provides impartial advice.’
‘The Ashurst securitisation practice is quietly impressive and has gained a place with the big players. The team is very knowledgeable and commercial, the delivery of advice is very to the point and understated – which is rare in this complex area. The team is always available and approachable and any topic, however complex, can be discussed rather quickly and simply – which is another rarity in this legal industry. The law is approached in a logical and reasonable manner, and applied commercially and efficiently.’
‘Tom Picton is a rising star in this practice – he is very understated and approachable, whilst delivering on-point practical advice in a succinct manner, without much fanfare or elaboration, which is extremely appreciated by clients in this complex (and sometimes stuffy) area.’
‘Prompt and clear direction delivered in a business-like manner.’
‘The firm has a willingness to engage positively with our team and to take on board our focus points.’
Santander UK plc
Lloyds Bank Corporate Markets
Praetura Asset Finance Group Limited
Banco Santander SA
Keystone Property Finance
Bank of America
Glenhawk Financial Services Limited
PSA Finance UK Limited
Duologi Finance/Specialist Lending Limited
- Advised Aldermore on the £600m Turbo 9 securitisation of auto loans originated by MotoNovo Finance, a subsidiary of the Aldermore group. The transaction was structured to achieve the ‘STS’ label.
- Advised Santander UK plc on updates to its Holmes and Fosse Master Trust programmes and covered bond.
- Advised Lloyds and Bank of America on the £330m Lanebrook 2020-1 securitisation of buy-to-let mortgage loans originated by The Mortgage Lender and acquired by Shawbrook Bank.
The partners at Cadwalader, Wickersham & Taft LLP have 'exceptional technical expertise, always go out of their way for clients'. The firm has a heavyweight practice in structured finance and securitisation with eight partners, three special counsel and more than 15 associates focused on a range of transactions from the traditional to the cutting-edge. The firm frequently handles innovative transactions in the European ABS market. Years after opening the market for public Swiss auto lease transactions, the firm recently advised Cembra Money Bank AG on its latest securitisation for such assets. It has a deep bench of specialists, among them Suzanne Bell, who is 'very experienced, calm, solutions-driven and great to deal with', and who frequently acts for bank clients. Stephen Day focuses predominantly on cross-border transactions, while the ' accessible, user-friendly and patient' David Quirolo is a leading name in the CLO market, as is Claire Puddicombe, who has 'a deep knowledge of complex regulation'. Matthew Duncan, who joined from Morgan, Lewis & Bockius UK LLP in 2020, has a track record of market-first mortgage-backed transactions, and Robert Cannon focuses on CDOs, CLOs, mortgage securitisations and commercial paper conduits.
Suzanne Bell; Robert Cannon; Stephen Day; Matthew Duncan; David Quirolo; Nick Shiren; Daniel Tobias; Claire Puddicombe
Other key lawyers:
‘The CWT team really are a class of their own in this area. Have exceptional technical expertise, always go out of their way for us and one of the few law firms we have full confidence in, which is so important for in-house lawyers to have that confidence. Rob Cannon and Stephen Day stand out.’
‘I love working with the team – particularly Sabah Nawaz, Nick Shiren and David Quirolo. A great group and super knowledgeable.’
‘Sabah Nawaz stands out. Sabah has a positive, can-do attitude and is hardworking. We approach Sabah to help us on our structured real estate matters as we know she will always deliver.’
‘Sabah Nawaz has a positive approach, always available and helpful.’
‘When we first approached CWT to act for us on a new loan note programme, we had zero experience in this sector. We had a strong relationship with the fund finance team and knew that the securitisation team would share the specific strengths that we recognise being commerciality, attention to detail, value for money and stakeholder management.’
‘David Quirolo and Sabah Nawaz were accessible, user-friendly and patient with significant market knowledge and always had precise answers to questions which were often rather random!’
‘An excellent partner in Suzie Bell and a super team of associates to run with the day-to-day matters and close transactions. Very experienced in this type of transaction, with a deep knowledge of overseas laws and a network of firms to use to complement them.’
‘We have been working with Claire Puddicombe for several years and frequently mandate CWT on transactions because we want Claire to be leading such transactions. She has a deep understanding of CLO documentation and in particular, has a strong understanding of all three elements we rely on our counsel for – commercial, legal and regulatory. It is this thorough understanding alongside her client-centric approach to transactions that results in our preference to work with Claire on at least one live transaction at all times!’
Premium Credit Limited
Coöperatieve Rabobank U.A.
Bank of America
ALAG Leasing AG
Cembra Money Bank
- Advised Cembra Money Bank AG on its inaugural and all subsequent Swiss auto-lease securitisation transactions, including the transaction which completed in 2020.
- Acting as counsel for PCL in connection with the maintenance of their Master trust programme which it helped to establish and advised in respect of the 2020 issuance from that programme.
- Advised Multilease AG on its two Swiss auto-lease securitisation transactions which completed in 2020.
Dentons is praised for being ‘truly devoted to the transaction and giving excellent legal advice‘. The firm is known for its expertise in mortgage loans, trade receivables, trade finance and auto loan securitisations, and the core team in London is able to leverage a global network of offices to handle cross-border transactions. Its work on innovative transactions is typified by its advice to Oaktree Capital Management on a €470m deal for Retiro Mortgage Securities plc backed by Spanish non-performing loans, which was Europe’s first Rule 144A NPL securitisation. Practice heads Peter Voisey and Edward Hickman, who led the Retiro deal, are elder statesmen of the securitisation market. Voisey recently assisted Coventry Building Society with the establishment of its RMBS master issuer programme, which has a pool of loans totalling £1.15bn. Catriona ’Kitty’ Lloyd is highly regarded for her advice to trustees, security agents, custodians, cash managers, account banks and other agency providers on securitisation.
Peter Voisey; Edward Hickman
Other key lawyers:
Catriona (Kitty) Lloyd
‘The team provides a very professional service and the individuals are very responsive and accessible.’
‘The team has been truly devoted to the transaction and given excellent legal advice.’
‘Dentons has transformed itself with the arrival of Peter Voisey and his team. Peter’s team bring a level of expertise in the field of structured finance which is unrivalled in the city. His quality of advice and understanding of matters impacting building societies is exceptional. Peter also understands the social aspect of member businesses and keeps a good eye on costs to ensure best value for his clients.’
‘The Dentons team have some exceptionally talented individuals who always look to try find the best solution for their client. They are always available to talk through any issues and have a wide range of expertise to cover a wide range of legal topics. They are very supportive at helping institutions work through new regulations and highlighting key developments.’
‘I really value the consistency of the team and how they understand and get to know an organisation.’
Coventry Building Society
Barings (UK) Limited
Principality Building Society
Atom Bank plc
Skipton Building Society
International Finance Corporation
- Advising Coventry Building Society on the establishment of their RMBS master issuer programme, Economic Master Issuer PLC, and the first issue under it, namely £350m Class A1 notes and £500m Class A2 notes.
- Advising Barings on (i) the jurisdictional switch of eight of their CLOs from The Netherlands to Ireland by replacing the Dutch issuer SPV with an Irish SPV, which were the first ever CLO jurisdictional switches in the market and (ii) on the origination of new assets for seven of its European CLOs to enable it to qualify as an originator risk retainer.
- Advising Skipton Building Society on its £666m STS compliant Darrowby No.5 RMBS transaction, Skipton’s first RMBS in four years.
Herbert Smith Freehills LLP
'The team is bright, efficient and works hard', remarks a client of Herbert Smith Freehills LLP. The firm has established a solid reputation for acting in high-profile public transactions, as well as bespoke private transactions, particularly in the non-bank lending and fintech sectors. Michael Poulton leads the securitisation and structured finance practice and he 'brings a quiet authority to bear in getting a deal over the line'. Jake Jackaman has more than 20 years' experience in both securitisation and debt capital markets, and he recently advised Allianz Global Investors on a €312m deal linked to an underlying equipment lease. The 'attentive, pragmatic and hugely knowledgeable' Joy Amis frequently acts for investment banks, specialist non-bank originators and challenger banks, as well as credit and private equity funds focused on credit assets and origination platforms. Senior associate Victoria Salisbury is a key adviser on all types of transactions, including public securitisations, warehouse financings, forward flow arrangements and portfolio sales.
Other key lawyers:
Jake Jackaman; Joy Amis; Victoria Salisbury
‘An excellent structured finance practice, deftly able to handle a variety of deals from mainstream securitised products to speciality finance.’
‘Michael Poulton continues to be excellent. His spell at Citi after Clifford Chance placed him in a position where he really understands the commercial objectives and drivers of deals. He has a deservedly loyal following of clients. I’d highly recommend him to any market participant.’
‘More so than any other firm I have worked with, I see this team as an extension of my own. You fundamentally believe that they have your best interests at heart whereas other firms/teams we have worked with have been guilty of managing relationships and fee opportunity. The team is bright, efficient and works hard. They are competitive when it comes to pricing and the quality of the output is second to none.’
‘I think for Jake Jackaman and Victoria Salisbury the unique selling point is that they keep you posted throughout the transaction implying you don’t waste time in chasers. Also they genuinely go out of the way in ensuring that their clients understand the risks involved even if they do look insignificant at the onset. Jake is a thorough professional and I have used his services multiple times. We trust the services Jake has offered and we will have no hesitation in recommending HSF to any of our clients, investors or brokers.’
‘The real beauty of HSF is that we feel that they are an integral part of our team. They are extremely responsive and you always feel that you can have confidence in their advice.’
‘Michael Poulton has become a very trusted adviser. He brings a quiet authority to bear in getting a deal over the line. He is also sensitive to when he can delegate to his very capable team – Victoria Salisbury is a real star – and when he needs to lead on any particular issue.’
‘Joy Amis was down to earth and provided clear, jargon-free advice which was easy to understand and was really appreciated given the complexity of the agreement we were working on.’
‘Joy Amis is a fantastic asset to HSF, being attentive and pragmatic as well as hugely knowledgeable. She has taken time to understand our business, always being keen to understand how a transaction aligns with wider business aims and has consistently provided us with top rate tailored advice as a result.’
Allianz Global Investors GmbH
Blue Motor Finance Limited
Citicorp Trustee Company Limited
Crédit Agricole Corporate and Investment Bank (CACIB)
East Lodge Capital
Fleet Mortgages Limited
Lloyds Bank Corporate Markets plc
SAF Group Finance Limited
SME Credit Realisation Fund Limited
SeQura Worldwide, S.A.
Tandem Money Limited
Hogan Lovells International LLP 'presents a deep knowledge of trade receivables or auto securitisation which relies on outstanding individuals', remarks one client. Another notes that the practice, led by Julian Craughan, who focuses on deals involving consumer assets including residential, automotive and lease receivable securitisation, and Tauhid Ijaz, whose broad practice spans portfolio sales, restructurings and mortgage-backed deals, is 'extraordinarily collaborative'. The firm has established itself as a market leader in automotive and lease transactions, though it has continued to expand its presence in other areas, notably RMBS transactions. Craughan recently acted for UK mortgage lender Enra Specialist Finance in its £268m debut RMBS backed by second-lien mortgages and first-lien buy-to-let mortgages. Kit Johnson advises corporate finance trustees across the range of structured finance products. US-qualified partner Dennis Dillon 'takes the time to explain very clearly the issues and drives the discussions by proposing different options'. He primarily handles trade receivables securitisations and commercial paper conduits.
Julian Craughan; Tauhid Ijaz
Other key lawyers:
Kit Johnson; Dennis Dillon
‘The team is very strong, presenting a deep knowledge of trade receivables or auto securitisation which relies on outstanding individuals. The philosophy of the team is to make deals happen in an orderly manner. This is possible by avoiding extreme positions and rather proposing fair compromises, whether they are advising the corporates or the banks.’
‘Dennis Dillon is certainly one of the most appreciated securitisation partners on the market. He takes the time to explain very clearly the issues and drives the discussions by proposing the different options available, giving fair thoughts about the market practice (based on an extensive track record) and always making clear his recommendations.’
‘We work across multiple practices and for any given transaction we engage four different practices. Hogan Lovells displays a very professional and efficient way to collaborate internally over the practices with a shared goal of solving any issues and getting the transaction across the finishing line.’
‘The partners and associates are all very motivated, engaged and knowledgeable. They are also solutions-oriented.’
‘There is strong partner involvement in transactions and good strength of associates beneath partner level. A consistent team – the same individuals have worked on our securitisation arrangements since 2015. They offer to discuss innovative fee solutions.’
‘Julian Craughan stands out for his knowledge and understanding of our business, his approachable manner and excellent drafting skills, and the feeling that he is an extended part of the team.’
‘An extraordinarily collaborative team. Despite the thorough knowledge and strong competencies of individuals, lawyers at Hogan Lovells don’t hesitate to bring colleagues / other partners into the deal team to maximise both capabilities and availability for their client. As a result, the Hogan Lovells team stands out as one global team and go-to firm, rather than a list of individual partners.’
‘There are two qualities that makes Hogan Lovells stand out from the competition. Firstly, experience. In the trade receivables securitisation space, for instance, I haven’t come across any partner with as much as experience and broad based knowledge as Dennis Dillon, who is not only able to speak to the law that he is qualified in, but also has a very deep knowledge of practices in many other jurisdictions. Secondly, respect. Working with Hogan Lovells is genuinely a pleasant experience. Every time we work with Hogan Lovells, the teams demonstrate the highest ethics and the utmost respect to all parties involved. Whilst they would frequently have reasons to, they never look down on others or show any arrogance.’
Volkswagen Financial Services (UK) Limited
HSBC Bank PLC
Banco Santander S.A
Citigroup Global Markets Limited
Merrill Lynch International
Standard Chartered Bank
Enra Group Limited
- Advised Citi and Piraeus Bank as arrangers and joint lead managers in a €186m securitisation by Cronus Finance Designated Activity Company of a portfolio of Greek auto-lease receivables and residual value claims from Greek SME and corporate borrowers.
- Advising Intesa Sanpaolo S.p.A. as arranger and Duomo Funding Plc as senior noteholder on the securitisation of a CBILS guaranteed senior loan made by a private equity fund to finance the acquisition of rights in a UK SME loan portfolio originated by Nucleus Cash Flow Finance Limited which were sold to the borrower, a financing company in the Nucleus group.
- Advising UK mortgage lender Enra Specialist Finance on its first RMBS, Elstree Funding No.1. This £268m transaction is backed by second-lien mortgages and first-lien buy-to-let mortgages.
Latham & Watkins has 'an excellent team, with a wide breadth of asset class and structural knowledge', remarks a client, who describes it as 'a go-to firm for innovative and/or challenging structures'. The firm is busy across the board in securitisation, handling mainly trade receivables deals, but also CLOs, whole business transactions, RMBS, CMBS and a range of other asset classes, including auto and consumer loans, credit cards and more esoteric assets such as aircraft loans and music royalties. Among its recent standout deals is its work for Funding Circle on becoming the first accredited SME loans platform under the UK Government’s Coronavirus Business Interruption Loans Scheme. Jeremiah Wagner led that transaction, bringing to bear his substantial transactional and regulatory knowledge. Sanjev Warna-kula-suriya, as chair of the global structured finance and securitisation practice, handles a broad range of work from CLOs to CMBS deals. Stephen Curtis focuses particularly on infrastructure, regulated utilities, commercial real estate and operating assets. Newly promoted partner Thomas Cochran has a growing presence in the firm's flagship deals.
Other key lawyers:
Stephen Curtis; Jeremiah Wagner; Thomas Cochran; Daniel Marcus; Alexander Martin
‘An excellent team, with a wide breadth of asset class and structural knowledge. Also our go-to legal firm for innovative and/or challenging structures.’
‘Jeremiah Wagner is an exceptional lawyer who combines expert legal knowledge with commercial application.’
‘Excellent commercial judgement and responsiveness, well organised and clear communication, technical proficiency and easy to deal with.’
‘Jeremiah Wagner and associate Daniel Marcus provide us with excellent all-round coverage and a single point of access to the wider firm, whatever the topic.’
Stenn Assets UK
Goldman Sachs Bank USA
Issa brothers, founders and co-CEOs of EG Group, and TDR Capital LLP, a leading UK-based private equity firm
'The team is very strong, relying on a deep knowledge of the market and its capacity to manage complex transactions with multi-jurisdictions aspects', says a client of Mayer Brown International LLP. The firm has a track record of market firsts, whether by jurisdiction or asset class, and continues to be involved in high-value mandates. It recently acted for BNP Paribas, Citibank and Citigroup Global Markets in a $3bn cross-border securitisation of trade receivables originated by subsidiaries of Lenovo Group. David O’Connor, who focuses predominantly on CMBS and RMBS transactions, and Dominic Griffiths, who is global co-head of banking and finance, and who frequently advises on cross-border securitisations and asset-based lending, are the lead partners. Dasha Sobornova assists arrangers, investment managers and corporate service providers on CLOs. Charles Malpass is a real estate and structured finance specialist, while emerging talent Merryn Craske handles a diverse range of securitisation transactions and is 'incredibly prepared and a hard worker'.
Dominic Griffiths; David O’Connor
Other key lawyers:
Dasha Sobornova; Charles Malpass; Merryn Craske
‘Excellent quality of service and advice. Access to the best solution across a wide range of jurisdictions.’
‘Dominic Griffiths and Merryn Craske are outstanding partners in the firm. They are very engaged on their transactions.’
‘The team is very strong, relying on a deep knowledge of the market and relying on an impressive network of local offices. The main added value of the team is its capacity to manage complex transactions with multi-jurisdictions aspects.’
‘Dominic Griffiths in the UK is outstanding. He supports clients completely, having a good understanding of the financial and commercial aspects. He is very efficient and will make it clear what is needed and when to achieve the objective. Delivering a transaction in due time is their priority.’
‘Probably the best foreign team I worked with. Despite the fact that they practise UK law, they are well aware and trained also on the peculiarity of Italian law, in particular Dominic Griffiths is able to focus on the relevant issues of Italian law and he has always a commercial and smart approach.’
‘The team is always available, very fast in the execution and with a commercial approach which is always very appreciated by the clients. Smart in finding solutions, they are technically above other foreign firms. In my opinion stand-out partners are Dominic Griffiths and David O’Connor. Merryn Craske is also incredibly prepared and a hard worker.’
‘The team has a diverse partner set, which excels at providing the technical knowledge required when it comes to EU Sec Regs and/or complex legal issues, yet they are equally capable of fostering strong client relationships and seeing the bigger picture.’
‘A great team, very responsive and knowledgeable and easy to work with.’
Citigroup Global Markets
Lloyds Banking Group
Norton Rose Fulbright has 'business sense and superb domain expertise - ideal advisor for first-time issuers'. The London-based securitisation practice is predominantly focused on residential mortgage-backed transactions, both in the UK and internationally, though it also handles covered bonds, trade receivables and SME lending, as well as advising issuers, cash managers and trustees on post-issue restructurings, defaults and litigation. Practice head David Shearer is 'a trusted advisor for the top management of any issuer with exceptional expertise in the field of securitisation'. With US counsel Rae Parsons, he advised Olympic Commercial & Tourist Enterprises, the operator of the Avis Budget franchise in Greece, on its first-ever securitisation, a €186.4m securitisation of a portfolio of auto leases. Key partner Sandrine Sauvel handles deals in the UK and throughout Europe, acting for arrangers, originators, trustees, rating agencies and monoline guarantors. Farmida Bi provides essential advice on corporate trustee and service provider issues.
Other key lawyers:
Sandrine Sauvel; Rae Parsons; Farmida Bi
‘Business sense, superb domain expertise, ideal advisor for first issuers.’
‘David Shearer is a trusted advisor for the top management of any issuer with exceptional expertise in the field of securitisation. He is pragmatic and conscious of stakeholders’ restrictions. Rae Parsons shows commitment to meeting even the most demanding deadlines.’
Toronto Dominion Bank
National Bank of Canada
Bank of Montreal
Bank of Nova Scotia
Fédération des casisses Desjardins du Québec
Province of Quebec
Province of British Columbia
Province of Alberta
- Advised Olympic Commercial & Tourist Enterprises SA, the operator of the Avis Budget franchise in Greece on its first ever securitisation – a €186.4m securitisation of a portfolio of auto leases.
- Advised on the update of Eurobank SA’s covered bond programme II.
- Advised Piraeus Bank on the amendments to the terms of two series of the covered bonds issued off Piraeus Bank’s covered bond programme.
Paul Hastings LLP
Paul Hastings LLP has 'experienced and knowledgeable lawyers who consistently deliver best value for their clients'. The firm is a dominant force in CMBS transactions, though it has also broadened its focus. For example, it is increasingly advising debt funds in the loan-on-loan market and has a growing presence in RMBS and CLO transactions. The lead partners are Miles Flynn, who is 'extremely committed to his clients and incredibly knowledgeable', and veteran Paul Severs, who is 'quick to propose practical solutions to any roadblocks'. Structured credit partner Cameron Saylor is a leading authority on EU and US risk retention rules, and he frequently advises key players in the CLO market, among them Deutsche Bank and Goldman Sachs. Mei Lian, who joined from Shearman & Sterling LLP in 2020, has extensive experience in the Greek securitisation market. She led a team that represented Piraeus Bank as originator in a €1.95bn securitisation of a portfolio of non-performing residential mortgage loans. Associate Victoria Morton is 'an exceptional transaction manager'.
Miles Flynn; Paul Severs
Other key lawyers:
Cameron Saylor; Mei Lian; Victoria Morton
‘Experienced and knowledgeable lawyers who consistently deliver best value for their clients.’
‘Miles Flynn at Paul Hastings is not only extremely committed to his clients, but is also incredibly knowledgeable and always provides detailed analysis and advice. His knowledge of the legal aspects of loan securitisations is second to none.’
‘Industry expertise and a “can do” attitude, with quality deliverables. Always available even during the worst of the pandemic, which was really appreciated at our stage of gestation.’
‘Strategic thinking and constructive proposals in relation to complex due diligence and documentation matters.’
‘Paul Severs is recommend for constructive input in devising a feasible scope of due diligence that achieves cost and time efficiency.’
‘Definitely a team that has excellent CLO credentials. Expertise and responsiveness.’
‘Paul Severs has been involved in the mortgage securitisation market since its genesis in the UK and has worked on our transactions since the business began originating mortgages 25 years ago. He is quick to propose practical solutions to any roadblocks we may face and manages a team of engaged associates. Paul is a trusted adviser more than just transaction counsel. We could not run our business without him and his team.’
‘Associate Victoria Morton is just outstanding. She is an exceptional transaction manager and has really been the reason we have managed to close some of our most successful securitisations. She has a breadth of knowledge which most city associates do not have and we know that if she is involved in one of our deals things will almost always go according to plan.’
Kensington Mortgage Company Limited
Bluestone Mortgages Limited
The Mortgage Lender
Market Mortgage Limited
LiveMore Capital Limited
Balbec Capital LP
Consensus Business Group
Link Mortgage Servicing
Piraeus Bank S.A.
- Advised KMC (owned by Blackstone and TPG) on their four new residential mortgage backed securitisations issued in 2020 and early 2021 by each of Finsbury Square 2020-1 Plc, Finsbury Square 2020-2 Plc, Residential Mortgage Securities 32 Plc and Gemgarto 2021-1 Plc. The deal value was £2.3bn in aggregate.
- In what was a ‘whole business’ ground rent securitisation, the firm advised the operating company, Fairhold, and the ultimate sponsor, Consensus Business Group. The transaction was valued at £1bn.
- Advised Mount Street as servicer on several significant CMBS transactions over recent years, including during the last 12 months: (1) Taurus Westfield Stratford City Finance Number 2 £750m (2) Taurus 2018-2 UK – £260m (3) Helios (European Loan Conduit No.37) DAC -£345.5m.
Reed Smith LLP
The securitisation group at Reed Smith LLP is 'technically excellent, always available and always willing to discuss new legislation'. Although it is best known for its trustee practice, the firm continues to broaden the scope of its work to advise a growing number of investment banks and originators. Tamara Box is the firm's EMEA managing partner and a securitisation specialist with more than 25 years' experience. She advises trustees, issuers, arrangers, investors and servicers on deals across the Middle East, Africa, Europe and Asia. 'His breath of knowledge and attention to detail is unsurpassed', remarks a client of Simon Hugo who handles deals involving real estate, auto loans, shipping and power assets. Jason Richardson, who joined from Sidley Austin LLP in 2021, newly promoted partner Andrzej Janiszweski, key adviser to international bank and funds Nick Stainthorpe, veteran partner Claude Brown and up-and-coming partner Sarah Caldwell all play pivotal roles in the firm's major transactions.
Other key lawyers:
Simon Hugo; Jason Richardson; Nick Stainthorpe; Claude Brown; Sarah Caldwell; Katie Grace
‘Tapping familiar capital markets tools and instruments and applying them to unique transaction scenarios, particularly those that are grounded in positive impact. Many firms use the increasingly familiar rhetoric of impact investing to describe their capabilities but Reed Smith delivers in a clear, no-nonsense manner. They focus on the terms of the deal rather than the marketing language.’
‘I have been very impressed by Andrzej Janiszewski who has been leading an innovative transaction I am involved with. His stand-out contributions are several including pragmatic solutions-driven structuring. This is a multi-party, multi-jurisdictional transaction that requires a lead lawyer to cut through the noise and bring the deal to closure. Relying upon capital markets familiar tools and instruments, Andrzej and the team demonstrate the best of proactive lawyering keeping the client’s objectives as the core driver.’
‘Simon Hugo’s breath of knowledge and attention to detail is unsurpassed.’
‘The corporate trustee team has a good mix of well known partners and very knowledgeable associates.’
‘Tamara Box and her team – Simon Hugo, Andrzej Janiszewski, Sarah Caldwell, Katie Grace, Nathan Menon – are all technically excellent, always available and always willing to discuss new legislation.’
‘The securitisation team is highly qualified and efficient in dealing with complex transactions which for us usually include multiple jurisdictions. They have a well functioning global network with local law firms. This is especially important in jurisdictions where securitisation laws are not as well established as in, say, the UK.’
‘Reed Smith is well established and respected in the capital markets space. They have a very strong team with extensive knowledge on structured products, including securitisations, with extensive experience across a wide range of asset classes. They take a pragmatic approach on new deals and restructuring, offering high-quality and invaluable advice on structuring and legal matters.’
‘Strong legal skills and knowledge, combined with an ability to work with clients to ensure appropriate protection through drafting and representation.’
Simmons & Simmons
'The team is commercially astute and able to drill down to the essence of the solution and then deliver within tight timescales', says a client of Simmons & Simmons. The firm’s UK securitisation practice has grown significantly in recent years, and it now has six partners and one counsel in London advising across the full range of asset backed finance and securitisation. Its work includes innovative, bespoke structures and market firsts, among them its work advising Barclays Bank Plc as arranger and lead manager on the £250m first-of-kind issue of private rental sector secured notes by Folio Residential Finance No. 1 plc, a new public credit card master trust securitisation structure in the market. Practice head Michael Lorraine stands out for advice on alternative lender and fintech structures. Key partner Amer Siddiqui continues to lead on high-profile public RMBS transactions, while Kathryn James leads the firm’s credit card and auto loan practice. James Grand leads the firm's busy CLO practice, while James Bresslaw is a key adviser on corporate trustee matters. Counsel Kate Cofman-Nicoresti specialises in trade finance-related transactions.
Other key lawyers:
Amer Siddiqui; Kathryn James; James Grand; James Bresslaw; Kate Cofman-Nicoresti
‘Having worked with the top-tier law firms, I regard this team as equally capable of providing the level of experience expected from larger well-known firms. The team is commercially astute and able to drill down to the essence of the solution and then deliver within tight timescales.’
‘Amer Siddiqui is a highly experienced, skilled partner with years of expertise gained on a diverse range of securitisation deals with various asset classes. I value his experience especially when it comes to complex negotiations in tight timescales. He has a pragmatic and commercial approach and has consistently delivered on structured and debt finance deals that we have worked on with him.’
‘Kate James delivers practical and informed legal advice. The team works in a collaborative way both with us (as a client) and with other teams within Simmons to deliver a joined up service.’
‘We dealt with Michael Lorraine. The team clearly know what they are doing and project confidence that is reassuring for the client.’
‘The team is a good partner of our business – knowledgeable, always available and responsive, commercial and efficient with costs.’
‘Michael Lorraine is knowledgeable, commercial, available and reasonable on fees.’
‘Amazing focus on the commercial viewpoint of the client, with a deep respect for clients’ understanding of the transactions.’
‘Michael Lorraine is the key to the whole practice. Client focus and commercial understanding is outstanding.’
Bank of America Merrill Lynch
European Investment Fund
Sanne Group (UK)
- Advised Barclays Bank Plc as arranger and lead manager on the first of its kind £250m issue of private rental sector secured notes by Folio Residential Finance No. 1 plc, a subsidiary of Notting Hill Genesis.
- Advised Barclays Bank Plc as arranger and lead manager on the establishment of the Oban Cards 2020-1 PLC credit card securitisation of receivables originated by Vanquis Bank Limited. The transaction involved the establishment of the first new public credit card master trust securitisation structure in the market for several years.
- Advised Citibank, N.A., London branch as seller on the Canada Square Funding 2020-1 PLC, Canada Square Funding 2020-2 PLC and Canada Square Funding 2021-1 PLC securitisations of mortgage loans originated by Fleet Mortgages Limited, Landbay Partners Limited, Topaz Finance and Hey Habito Ltd, secured over properties in England and Wales.
At Weil, Gotshal & Manges (London) LLP, 'all the lawyers are exceptionally smart but they also take the time to know and understand their clients'. The firm has a dominant position in the manager-side CLO market, which in 2020 was the largest sector in the broader ABS market, and it frequently acts for the largest CLO managers, among them Blackstone and Carlyle. Nevertheless, the practice has a broader focus and is involved in high-value and innovative structures. One example is its work for work for The Very Group on its Irish shopping catalogue receivables securitisation, as well as on the refinancing of their £1.3bn UK securitisation programme. Practice head Jacky Kelly led that deal and also acted for Goldman Sachs in the structuring of US solar panel receivables backed bond issuance, ensuring compliance with EU regulations. Brian Maher is a key adviser to leading CLO manager Apollo for new issuance and refinancings.
Other key lawyers:
‘Commercial, responsive and practical with excellent market knowledge.’
‘A very well resourced team with a pool of talented associates who can all contribute to transactions.’
‘Very pragmatic and straight to the point advice.’
‘Strong leadership from Jacky Kelly and Brian Maher. All the lawyers are exceptionally smart but they also take the time to know and understand their clients. They are very commercial and deliver excellent, “on-point” advice. On brief for our more complex transactions and they deliver without fail.’
Shop Direct / The Very Group
- Represented The Very Group on their Irish shopping catalogue receivables securitisation, as well as on a refinancing of their £1.3bn UK securitisation programme, securing increased funding through the creation of new instruments – one of the first UK deals to gain the preferential STS (simple, transparent, standardised) label in the UK following the end of the Brexit transition period.
- Advised the SME lender on a securitisation based on the UK government’s CBILS scheme for providing funding to SMEs, using a bespoke structure to avail of an 80% government guarantee of the financing.
- Acted as Blackstone’s sole counsel on numerous large CLOs, developing new market features such as increased ability to restructure investment assets due to the impact of Covid-19, a senior loan facility which sits alongside the normal CLO senior notes and new rating agency criteria.
‘The team covers a very broad range of products and as such, is incredibly innovative with transactions that don’t fit into traditional buckets‘, says a client of White & Case LLP. The firm has deep expertise in advising banks, financial institutions and mortgage originators with CMBS, RMBS, leveraged loans, SME loans, auto loans and leases, consumer loans, credit card and whole business deals. It also has a sizeable role in the CLO market, having advised on more than 50 European CLO transactions since 2018. Lead partner Chris McGarry ‘has exceptional knowledge of the market, identifies key commercial, legal or regulatory issues early on‘. He recently advised BNP Paribas as the arranger of the innovative Accunia Euro CLO IV, which includes ESG negative screening provisions. Experienced structured finance partner Tom Falkus handles CLOs and fund financing, as well as securitisations, while Debashis Dey focuses on NPL and RMBS transactions.
Other key lawyers:
‘The CLO team is very focused on its clients and delivers high-quality work, benefiting from its strong knowledge and understanding of the sector and the CLO market.’
‘The lead partner, Chris McGarry, has exceptional knowledge of the market, identifies key commercial, legal or regulatory issues early on and is able to effectively lead the team to deliver under tight deadlines.’
‘The team covers a very broad range of products and as such, is incredibly innovative with transactions that don’t fit into traditional buckets. Smart, quick, collaborative and great fun to work with – this team has it all.’
‘Commercially savvy and technically excellent – a powerful and effective combination.’
‘Chris McGarry is technically superb, commercially astute and a thoroughly nice person to work with.’
Bank of America
European Investment Fund
- Advising Morgan Stanley as the arranger of Neuberger Berman’s first Euro CLO since the global financial crisis. This was a historic transaction: the first ESG positive CLO whose objectively measured ESG features include provisions to encourage corporate borrowers to help advance the UN’s Sustainable Development Goals, adopting the model first proposed by White & Case in a client alert in 2019.
- Representation of Morgan Stanley as arranger of the €405.2m CLO with CELF Advisors LLP as the collateral manager of a portfolio of leveraged loans and high-yield bonds. It was the first securitisation of any asset class to close post-Brexit and as such was structured to comply with both the UK Securitisation Regulation and the EU Securitisation Regulation. This transaction includes ESG negative screening provisions.
- Representing Hertz Global Holdings, Inc. and certain affiliates in their ongoing chapter 11 cases and restructuring discussions in Europe, Australasia and Asia-Pacific. Hertz is one of the largest providers of vehicle rental services worldwide and operates the vehicle rental business through its franchise and corporate operations under the Hertz, Dollar, Thrifty and Firefly brands. It has car rental locations in North America, Europe, Latin America, Africa, Asia, Australia, the Caribbean, the Middle East and New Zealand.
Addleshaw Goddard has developed a broad structured finance practice during the last 18 months with the hire of experienced partners with long track records in both public and private securitisations. Practice head Rachel Kelly, who joined from McDermott Will & Emery UK LLP in 2020, is 'first-class, with a deep knowledge of her subject matter'. Her group works extensively with UK banks on securitisation transactions, among them Barclays Bank and HSBC. Legal director Kerry Pettigrew, who moved with Kelly, works closely with her on key mandates, including advising Sainsbury's Bank plc as originator, seller, servicer and liquidity reserve provider on its first public Simple Transparent and Standardised (STS) securitisation. They work closely with capital markets partner Beth Collett, who brings 12 years' experience in social housing finance.
Other key lawyers:
Kerry Pettigrew; Beth Collett; Carl Posern
‘The team, led by Rachel Kelly, is one of the most experienced I know in the area of securitisation. Not only does this provide a high level of technical reassurance, it helps with the practical application of completing deals.’
‘For me, the standout is their level of practical application which, for clients new to this form of finance gives them a great deal of confidence to proceed.’
‘Rachel Kelly is first-class, with a deep knowledge of her subject matter.’
‘Very experienced and eager to help. Very nice people to work with.’
‘Rachel Kelly is one of the most experienced securitisation lawyers in the industry. Rachel is also such a pleasant person to deal with and is always on top of her game.’
Sainsbury’s Bank plc
Metro Bank plc
Barclays Bank PLC
HSBC Bank plc
NatWest Markets plc
Prudential Trustee Company Limited
- Advised Sainsbury’s Bank plc on their first public Simple Transparent and Standardised (STS) Consumer Loan Securitisation, Drury Lane Funding 2020-1 PLC, a £725m securitisation of around 80,000 consumer loans.
- Advised Metro Bank on funding and investment strategies, including through the use of securitisation techniques, following the Bank’s acquisition of Ratesetter in 2020.
- Advised Barclays Bank PLC, HSBC Bank plc and NatWest Markets plc as joint bookrunners and Prudential Trustee Company Limited as bond trustee and security trustee in respect of the issue by Hyde Housing Association Limited of its £400m 1.75% Secured Bonds due 2055.
Baker McKenzie advises major corporates, banks, funds, trustees, corporate service providers, servicers, rating agencies and platform providers on a range of high-profile deals. Among these was a €500m public securitisation of auto loan receivables for Santander Consumer Finance. Cross-border trade receivables deals are a key pillar of the practice, which is best known for its advice to corporate trustees. 'Its pragmatic approach to most issues assists the deals by greatly reducing time, stress and cost', remarks a client. Simon Porter is head of structured capital markets and also leads the corporate trust group. Global chair of the derivatives group Matthew Dening also plays a key role in the securitisation practice. Michael Doran is another prominent partner in the structured debt market, in which senior associate James Tanner is also making his mark. Up-and-coming partners Jeremy Levy and Sarah Porter frequently act for arrangers, originators, sponsors and trustees.
Other key lawyers:
Jeremy Levy; Matthew Dening; Michael Doran; James Tanner
‘I find the team has expansive knowledge and experience spanning many asset groups. Their pragmatic approach to most issues assists the deals by greatly reducing the negotiation of documentation, reducing time, stress and cost.’
‘A pleasant, approachable style and a willingness to assist even when not entirely legal matters, makes for a generally relaxed and easy going relationship. Simon Porter in particular has impressed with his composed, helpful approach in sharing the benefit of his considerable experience.’
‘Overall technically excellent, available, pragmatic.’
‘Sarah Porter and Simon Porter are the two partners I deal with in the firm. They are both technically excellent, always very available and a delight to work with.’
‘Great depth of the team with the added benefit of the wider business providing insights across the markets/industries.’
‘Sarah Porter is undoubtedly one of the industry’s leading lights with her knowledge, dedication and professionalism.’
‘Baker & McKenzie LLP has a deep understanding of our business given the longstanding and productive relationship my firm has had with them in the securitisation segment. They undertake high quality work cognisant of the commercial rationale and high standards we hold ourselves to. They often enquire about business matters in the internal and external environment towards ensuring their legal advice is best placed as comprehensive, correct and for for the mandate. Billing operations have improved over the last calendar year. The team is diverse in terms of skills, experience, gender and age. The global nature of the firm and their geographical footprint suit our requirements well.’
‘Sarah Porter as partner has played a key role in a series of successful and credible securitisation transactions over many years. She has worked to engage my firm with other areas of Baker & McKenzie LLP where necessary and appropriate towards ensuring mandates and briefs cover all aspects of applicable law and regulation.’
BNP Paribas Trust Corporation UK Limited
Deutsche Trustee Company Limited
First Rand Bank
Standard Chartered Bank
Wells Fargo Bank
The Bank of Tokyo Mitsubishi
TMF Trustee Limited
Clearpay Limited (and its parent Afterpay)
Aptiv Global Operations Limited
Woodside Corporate Services Limited
CSC Corporate Trustees Limited
Homeloan Management Limited
- Acted as the sole transaction counsel for Santander Consumer Finance S.A. on a €500m public securitisation of auto loan receivables (an STS transaction). The notes were issued by PBD Germany Auto Loan 2021 UG with the option for additional notes issuances of up to €858m in total.
- Acted for both US Bank and Global Loan Agency Services on key aspects of the restructuring of international casual dining group PizzaExpress and GLAS’ appointment as trustee on the new money facilities.
- Advised Clearpay Finance Limited – a leading buy-now pay later provider and its parent, Afterpay Limited, on two simultaneous warehouse transactions. These were one of the first post-Brexit private securitisation transactions and the approach taken to various items (eg reporting, opinions) has set market standards for these types of transactions.
Dechert LLP has a three-partner securitisation and structured finance practice in London, where it sits in the firm's finance and real estate group. The 'competent, approachable and responsive' practice focuses on innovative and complex transactions rather than volume. It recently assisted bondholders of Breeze Finance with the restructuring of a transaction backed by revenues generated by wind farms. Sarah Smith, who has more than 15 years' experience in the market, and John McGrath, who predominantly represents funds and other buy-side parties, led that work. 'Clearly his knowledge of the evolving market trends makes the top of the list', remarks a client of Cameron Mitcham, who is an expert in European and US risk retention rules. One client believes that senior associate Jana Zupikova is 'the most talented individual in CLO structuring in Europe'.
Other key lawyers:
Sarah Smith; John McGrath; Cameron Mitcham; Jana Zupikova
‘What made Dechert’s practice unique was not only expertise but the global reach of the team. From the very beginning the US/UK teams worked together to craft our documents allowing us to move at an impressive speed. And once the handoff from US to UK was made (at an early stage in the launch process) we were still able to leverage both teams as both were always in the loop with progress. This partnership made counsel the easiest part of our firm’s international launch.’
‘Cameron Mitcham. Clearly his knowledge of the evolving market trends makes the top of the list. What’s more however, is that we launched our Euro platform as a hybrid ABS/CLO and the team was able to seamlessly bend the product to EU norms. And to be frank the time difference between GMT/CST can be difficult in the UK but Cameron has been accommodating.’
‘Great connectivity with CLO managers globally, the leading global practice for representing CLO managers.’
‘Jana Zupikova, associate – great client management, a fantastic person to work with!’
‘I believe in diversity and empowering women in this industry. With the acceleration of the ESG criteria, the institutional investors will need to pay attention to the law firms they will mandate and the team that will help them. It’s going to be a matter of credibility for investors, who can’t present themselves as ESG champions and mandate teams that do not show a gender and ethnic diversity. So the strengths of Dechert’s team are its diversity and the ability to adapt to the ever-changing regulatory environment. ESG is going to be the cornerstone in this industry.’
‘The key strength of this team is its ability to build a trustworthy relationship with its clients. I greatly appreciate Jana Zupikova who has been proactive in finding solutions, in maintaining the relationship and in connecting me with the right persons. Selecting a law firm is also selecting a person, a team that you trust because you know that they will use all their resources to support you. It’s what I mention when I recommend Dechert and Jana.’
‘A helpful team that is always available when needed.’
‘Cameron Mitcham leads the team we work with and provides good-quality advice in a helpful format.’
Anchorage Capital Group
Redding Ridge Asset Management (UK) LLP
Rothschild/Five Arrows Managers LLP
Palmer Square Capital Management
Chenavari Credit Partners LLP
- Advised the two Five Arrows affiliates, subsidiaries of Rothschild Credit Management (Europe), in connection with the Contego VIII CLO, a further CLO from the Rothschild asset management platform.
- Advised Chenavari Credit Partners LLP on its December 2020 CLO issuance (Toro 7) and, in March 2021, advised its affiliate (Taurus Corporate Financing LLP) in the Bosphorous VI CLO transaction, in which Taurus acted as third party originator and retention holder.
- Advising certain holders of the bonds issued by Breeze Finance S.A., backed by revenues generated by wind farms. The proposed restructuring of this transaction has been in the public domain since February 2021, and remains ongoing.
'The lawyers distinguish themselves by tackling challenges through a unique combination of creativity and knowledge,' say clients of DLA Piper, who note that the practice is 'always very approachable and fully dedicated to its clients'. The firm frequently assists multinational banks and financial investors in growth securitisation markets. Martin Bartlam, who is international head of finance and projects, and Mark Dwyer, who is global co-chair of financial services, are the key partners. Bartlam, who assisted Santander Consumer Bank in Austria with its first publicly listed and rated securitisation, is 'imaginative, resourceful and a real pleasure to work with'. Vincent Keaveny is a leading adviser to banks, financial institutions and corporate clients in the UK and internationally. Ronan Mellon is highly rated for CLOs and Steven Krivinskas is an accomplished structured debt partner who handles consumer loans, auto loans and leases, and commercial mortgage-backed transactions. Legal director Marcus Lovatt is also a key member of the practice.
Martin Bartlam; Mark Dwyer
Other key lawyers:
Vincent Keaveny; Ronan Mellon; Steven Krivinskas; Marcus Lovatt; Leigh Ferris
‘DLA Piper’s lawyers distinguish themselves by tackling challenges through a unique combination of creativity and knowledge. They are always very approachable and fully dedicated to their clients.’
‘Marcus Lovatt and Vincent Keaveny are both outstanding lawyers who are thoughtful, composed and solution-oriented. They go the extra mile and are always extremely well prepared and appreciated by their clients.’
‘Martin Bartlam, Marcus Lovatt, and Leigh Ferris make a strong, expert, committed team. They are imaginative, resourceful and a real pleasure to work with.’
‘Their team demonstrates exceptional professionalism, client-oriented approach and exceptional understanding of clients’ needs. Not only was their legal knowledge a great help for us, but also their business-oriented approach allowed us to go smoothly through very complicated transaction. Excellent counsellors.’
‘I worked with several law firms and, so far, Steven Krivinskas from DLA Piper London is the best counsel I had the pleasure to work with. He demonstrates the exceptional work ethic, wide knowledge and understanding of client’s business needs. What makes him unique is also time reaction. It seems as if he works all the time.’
‘A comprehensive team with far-ranging experience across sub-asset classes within securitisation.’
‘Steven Krivinskas is a top lawyer providing clear, concise advice on private securitisation structures. Always very efficient and to the point which helps keep costs down but at the same time giving good advice for his clients.’
‘Martin Bartlam is very responsive and knowledgeable. They way in which they tackle our transactions complements the way that we work.’
PKO Leasing Spolka akcyjna
Accunia Fondsmæglerselskab A/S
Viola Credit Five Management 2015 Ltd
- Advised Ares European Loan Management LLP following a letter from the inspector of the Dutch Tax Administration to the CLO industry revoking a long-standing tax ruling following a decision by the European Court of Justice. As a result Dutch value added tax become chargeable on collateral management fees at a rate of 21% from and including 1 January 2021 (extended to 1 July 2021 at the last minute). In light of the ruling Ares European Loan Management LLP migrated eight of its European CLOs from the Netherlands to Ireland.
- Advised PKO Leasing on the restructuring of an existing securitisation of lease receivables to adapt the transaction to Covid-19 relief programmes and permit the substitution of certain receivables in accordance with ESMA guidelines.
- Advised Accunia Fondsmæglerselskab A/S as the collateral manager on the issue by Accunia European CLO IV Designated Activity Company of €37m of floating rate notes due 2033 and €32m subordinated notes due 2033 backed by a portfolio of senior loans, second lien loans, secured senior bonds and high yield bonds.
Fieldfisher frequently advises arrangers, originators, third-party servicers, swap providers, account banks, agents, trustees and corporate service providers on both public and private securitisations. Guy Usher leads the derivatives and structured finance group, in which Alex Campbell specialises in UK and pan-European structured finance and is 'outstanding, extremely responsive and always willing to go the extra mile'. Along with Marsili Hale, he is heavily involved in advising on LIBOR transition in securitisations for originators and mortgage servicers. Securitisation specialist Richard Todd has almost 20 years' experience in assisting arrangers, lenders, sponsors, issuers and originators with securitisation and asset warehousing facilities. Corporate trust partner Gonzalo Fernandez, Stephen Moller, who frequently advises fintech companies and investment managers on receivables financings, and experienced receivables financing and securitisation partner Dougall Molson are also pivotal to the practice.
Other key lawyers:
Alex Campbell; Gonzalo Fernandez; Marsili Hale; Stephen Moller; Dougall Molson; Richard Todd
‘The team has developed extensive networks with professionals in other related disciplines making them a unique one-stop shop for our specific commercial objectives.’
‘Alex Campbell is outstanding – extremely responsive and always willing to go the extra mile’
‘The team has the ideal combination of experience, expertise and great client focus. They are always constructive, rolling up their sleeves to help structure solutions.’
‘Dougall Molson is everything that you want in a securitisation partner: hugely experienced and very knowledgeable with fantastic client skills, hardworking, innovative and engaging.’
‘Very personable and good value for money, and they are always responsive and time lines are met.’
‘It has depth and breadth of legal knowledge, and an ability to grasp and fully understand the commercial issues, not just the legal issues. A technical understanding of how structured finance deals work in the wider context. A down to earth and approachable team with full access at partner level when required. A confidence from a client perspective of being in safe and capable hands and that the advice given results in commercial solutions which work.’
‘Alex Campbell is simply wonderful and one of the nicest people I’ve worked with over the years. Very approachable, knowledgeable and very responsive where no question or issue is too small. He has a way of reassuring clients where they feel at ease very quickly.’
‘Seamless service and oversight over large portion of certain sectors for issuers, servicers in particular.’
PF Capital Finance Limited
Rooftop Mortgages Limited
Link Asset Services Ireland
Link Asset Services Limited
RSM Advisory LLP
Law Debenture Trust Corporation
Milbank has one of the leading manager-side CLO practices in Europe, and is involved in innovative structures in that market. For example, it recently advised Cairn Loan Investments II LLP on CLO note issuance, which utilised a first-of-kind repo and profit-participating note structure in the warehouse stage so that the transaction could benefit from favourable regulatory capital treatment. James Warbey led that transaction, supported by associate Robert Wyse-Jackson from the firm's alternative investments group. John Goldfinch is the other key partner in the practice and he continues to handle high-value transactions, among them a securitisation providing client Arrow Electronics with access to senior funding of up to €1.2bn annually. The firm also has a prominent role in Greek securitisations and it recently advised Public Power Corporation on the establishment of a landmark asset-backed conduit securitisation – the first of its kind involving the securitisation of energy receivables by a government-controlled electricity supplier in Greece.
Other key lawyers:
John Goldfinch; Robert Wyse-Jackson
‘James Warbey and Robert Wyse-Jackson are excellent.’
Invesco European RR L.P.
Capital Four CLO Management K/S
Cairn Loan Investments II LLP
BlueMountain Fuji Management, LLC
KKR Credit Advisors (Ireland) Unlimited Company
Bain Capital Credit U.S. CLO Manager, LLC
Rockford Tower Capital Management, L.L.C.
Commerzbank AG, London Branch
AXA Investment Managers, Inc.
Investcorp Credit Management EU Limited
Bardin Hill Loan Advisors (UK) LLP
Brigade Capital Europe Management LLP
Piraeus Bank S.A.
Public Power Corporation S.A.
Orchard Global Asset Management LLP
- Advised Public Power Corporation on the establishment of a landmark asset-backed conduit securitisation – the first of its kind involving the securitisation of energy receivables by a government-controlled electricity supplier in Greece.
- Advised Piraeus Bank and Piraeus Financial Holdings on the landmark securitisation, known as Project Vega, of a portfolio of non-performing exposures (NPEs), comprising residential mortgages, SME and CRE debt split across three separate securitisation transactions.
- Advised PGIM Loan Originator Manager Limited and PGIM Limited in the €369.75m issuance of CLO-rated notes – the first refinancing to account for the substitution of the original Dutch issuer to an Irish DAC.
Morgan, Lewis & Bockius UK LLP has 'a very client-centric team with a pragmatic approach that provides business-oriented solutions'. The London office is a key hub for the firm's global securitisation and structured transactions, and handles a wide variety of transactions across the US, UK, Middle East and Asia. Lisa Cargill handles transactions involving trade receivables, consumer and corporate loans, residential mortgages, auto loans and leases, dealer floorplans and more. She recently acted for Banco Santander, Wells Fargo and ING as joint lead managers on the securitisation of Finnish auto hire purchase contracts. Key partners Theresa Kradjian and Paul Matthews each have more than 20 years' experience in securitisation and debt capital markets, between them handling UK RMBS, covered bonds, ABCP deals, CLOs and securitisations covering a broad range of assets. Real estate finance specialist Julian Goodman is a key adviser on RMBS and CMBS deals.
Other key lawyers:
Lisa Cargill; Theresa Kradjian; Paul Matthews; Julian Goodman
‘A very client-centric team with a pragmatic approach. Business-oriented solutions. Very reactive. A pleasure to work with.’
BNP Paribas, London Branch
Cerberus Capital Management/Cerberus European Investments/Capital Home Loans Limited (CHL)
Citigroup Global Markets
Clydesdale Bank/Virgin Money
EFG International/EFG Private Bank
J.P. Morgan Securities
Merrill Lynch International
M&G Investment Management
Pepper Money UK
RBC Capital Markets
Wells Fargo Securities
Slaughter and May has 'a highly cohesive team that delivers a seamless service regardless of transaction complexity'. Oliver Wicker and Guy O’Keefe are the lead partners in a 17-partner finance practice, in which all lawyers handle a broad range of work from securitisation and structured finance to debt capital markets. This multi-specialist approach sees the firm involved in RMBS, CMBS, credit card, trade receivables, auto-loans and WBS deals, as well as CLOs and covered bonds. Known best as an issuer-side practice, it increasingly acts for banks and other financial institutions, as well as investment funds, insurers, pension funds and sovereign entities. Wicker acted for Arrow Global Group Plc in the establishment of a €104.7m amortising asset-backed securitisation facility. Richard Jones has almost 20 years' experience in securitisations involving credit card, store card, point-of-sale, personal loan, auto loan and mortgage receivables.
Oliver Wicker; Guy O’Keefe
Other key lawyers:
Richard Jones; Caroline Phillips
‘A highly cohesive team delivers a seamless service regardless of transaction complexity and/or evolution during negotiations. Even during lockdowns, the team was readily available and responsive.’
‘Caroline Phillips and associates Yeo Xian Wei and Stuti Sarin are all extremely knowledgeable, approachable and friendly. Together, they made a great team.’
Arrow Global Group plc
NewDay Cards Ltd
- Advised M&G in relation to its investment in what is believed to be the second mobile handset securitisation in Europe and the first in which subordinated notes were issued to an external investor.
- Advised the joint lead managers on Turbo 9 Finance Plc’s securitisation backed by hire purchase agreements (including personal contract purchase contracts) originated by MotoNovo Finance Limited.
- Advised Lendco Limited in connection with its debut securitisation of buy-to-let mortgages relating to UK property and related take-out arrangements in respect of its Talworth warehouse facility.
Bryan Cave Leighton Paisner LLP is praised for its 'extensive market knowledge, willingness to learn and having a dedicated team with full access to senior counsel at all times'. Focused predominantly on complex bespoke transactions across a variety of asset classes, the firm is not a volume player but uses its specialist expertise to advise on novel and esoteric transactions. Prashanth Satyadeva, who is 'incredibly professional, supportive and easy to work with', is global co-head of structured finance and securitisation, and his track record includes a number of market-first transactions, including deals for self-storage assets and vehicle fleets. He recently advised CBRE Loan Services Limited as special servicer on a loan backing a CMBS that is secured by three UK secondary shopping centres.
Other key lawyers:
‘As a very small player in the securitisation market place with an uncommon product offering, we chose BCLP as our legal counsel for their extensive market knowledge, willingness to learn about and understand our financial product lines and having a dedicated team assigned with interaction and full access to senior counsel at all times. During the difficulties of the pandemic BCLP were fully supportive advising, guiding and challenging decisions we made that they knew would not be the best choice later on.’
‘We had no knowledge of the new regulations for STS and ESMA or how to approach ensuring they were satisfied. With BCLP’s help they took us through each element, explained what it meant and how to evidence we met the criteria. A dedicated associate provided us with simple to use tables to track updates on how and what work we had done to progress the prospectus that later provided us with a reference point to cross check amendments and updates made by the arranger were accurate.’
‘Prashanth Satyadeva made himself available at very short notice if we needed his help, even making himself available when he managed to get away on a break. He went above and beyond helping and supporting us in the new SPV we were working on, he stepped in to help us understand the implications of trigger events related to our first SPV when the FCA introduced payment holidays which he then made sure were correctly addressed in the new deal and then helped us in closing that first deal early. He shared with us how the securitisation market was reacting to the pandemic pointing out trends and changes in attitude.’
‘Prashanth Satyadeva was simply incredibly professional, supportive and easy to work with. Regina Chan, an associate on the project, managed the tables of questions and segments of documents that required our business and system knowledge making sure we were aware of our responsibilities and timelines placed on us. Regina ensured she presented questions in a manner an inexperienced team would easily understand and helped us turn layman’s terms into wording that would be appropriate for a legal document.’
‘The lead partner is the key strength, bringing the experience of a Magic Circle firm partner and intimate knowledge of current market transactions / standards in combination with the knowledge of legacy structures. Around him he has assembled a capable team that supports him seamlessly so that he can focus effectively on his clients, their counterparts and their counsel. By taking careful instruction and regular updates of discussions between principals this practice avoids the disconnects we have seen with some other firms that waste time and money. The challenge we faced – the collision of legacy documentation, new market standards and public sector requirements – was resolved with great patience and responses off the bat that reflected the deep knowledge of what might work and what traps to avoid.’
‘Experience, availability, problem-solving and patience.’
CBRE Loan Services Limited
- Advised CBRE Loan Services Limited – one of the largest commercial loan servicing companies in the world – in relation to a senior loan of €335.4m, the proceeds of which were used to refinance a pan-European, Blackstone-owned portfolio of 61 ‘last mile’ light industrial and warehouse logistics assets in six European jurisdictions.
- Advised CBRE Loan Services in relation to the Maroon loan backing a CMBS that is secured by three UK secondary shopping centres. Advised CBRE as special servicer and then also as the fixed charge receivers.
The securitisation group at Gide Loyrette Nouel LLP is 'hardworking, friendly, and down to earth, and they know their industry inside out'. The London office is a key part of the firm's international securitisation and asset-backed finance practice, which handles structured credit, synthetic securitisation, collateral management and more. The London team works mainly on trade receivables transactions, though it also handles mortgage and lease deals, as well as CLO restructuring. Practice head Dimitrios Logizidis is 'a fantastic partner and wholeheartedly trustworthy'. He recently assisted Trafigura with establishing an international trade receivables securitisation programme governed by English law. Counsel Samir Bensaker specialises in securitisation and structured finance, and he is qualified in both English and French law.
Other key lawyers:
‘Excellent access to the partners. They have very good experience in their area of expertise and are of good advice. Their approach is pragmatic and constructive.’
‘There is very good tandem and coordination between Dimitrios Logizidis and Samir Bensaker. Both have an excellent knowledge of the market and communication is easy. They make themselves available when needed.’
‘Gide, so-to-say, invented securitisation in France and the securitisation team was an absolute leader for decades. They then decided to expand their practice in London, following the needs of their clients. This demonstrates Gide’s ability to adapt to the core needs of their clients. I have worked with Gide for more than 20 years and they are impressive in terms of knowledge, experience, reputation and professionalism. This is one of the law firms I very much like to work with.’
‘Recommended lawyers in securitisation are partner Dimitrios Logizidis and counsel Samir Bensaker, but the entire team proves to be excellent. What strikes us particularly is that they combine excellence and humility.’
‘The team remains highly accessible to clients, nothing is too much trouble, they don’t operate “by the clock”, they are hardworking, friendly, and down to earth. They know their industry inside out and I couldn’t recommend them highly enough.’
‘Dimitrios Logizidis is a fantastic partner and wholeheartedly trustworthy. I couldn’t work without him.’
‘First-class knowledge of reverse factoring techniques and contracts.’
‘The team has very advanced skill in factoring. Many practical answers have been given to operational staff in order to take into account their constraints. Very good responsiveness.’
International Finance Corporation (IFC)
- Assisting the Trafigura group in connection with the setting up of an English law governed international trade receivables securitisation programme. The transaction involves a seller of receivables based in Singapore, with an intra-group primary sale of receivables from a seller based in the US.
- Assisting leading car rental company and long-standing client Europcar in the setting up of two financing agreements in the context of the restructuring of its financial indebtedness: a senior facilities agreement for an amount of €670m; and an asset-backed financing agreement for an amount of €225m.
- Assisting Seniors Money group and the issuer (SMI Equity Release 2018) in relation to the listing of certain notes on the International Stock Exchange (Guernsey). The listed notes related to an existing equity release mortgage securitisation implemented in 2018.
The London capital markets group at K&L Gates LLP comprises partners who are primarily involved in debt capital markets, for whom CMBS transactions and CLO 2.0 deals in Europe are key areas of focus. Sidanth Rajagopal leads the global banking and asset finance group group, in which Sean Crosky is the key securitisation partner in London. Crosky's broad practice encompasses debt capital markets, structured products, receivables financings, restructurings and Islamic finance, with a particular focus on advising trustees, loan agents and corporate service providers. He recently advised US Bank Trustees on the restructuring of the nine Ludgate/Newgate pre-crisis RMBS transactions, which included the appointment of a new cash manager and account bank on each deal.
Other key lawyers:
State Street Bank and Trust Company
Bank of New York Mellon
Global Loan and Agency Services
- Advised Wells Fargo on the closure of its European corporate trust business, including the transitioning of 150+ transactions from its European business to various successor entities.
- Advising US Bank on its appointment to various roles.
- Advising Deutsche Trustee Company Limited on Lanark (RMBS) Note Programme, including on the consent solicitation process launched by Clydesdale Bank to implement the transition from LIBOR to SONIA and three issuances of notes in 2019 and 2020
Macfarlanes LLP has 'excellent knowledge of clients' motivations for a particular structuring and the benefits it would bring'. The firm focuses on innovative and complex transactions, frequently involving fund-based structures. Richard Fletcher is head of the structured finance and securitisation practice. He advises financial institutions, corporates, fund managers, investors, servicers and trustees on a broad range of matters, specialising in securitisation, structured products and speciality finance transactions. He recently acted for ARA Venn on its appointment by the Secretary of State for the Ministry of Housing, Communities and Local Government to operate, manage and deliver the Affordable Homes Guarantee Scheme, and in relation to the establishment of the £3bn bond programme to fund the loans.
‘Excellent knowledge of our main motivations for the particular structuring we undertook and the benefits it would bring our clients.’
Muzinich & Co
- Advising ARA Venn on its appointment by the Secretary of State for the Ministry of Housing, Communities and Local Government to operate, manage and deliver the Affordable Homes Guarantee Scheme and in relation to the establishment of the £3bn bond programme which will fund the loans to be made under the scheme.
Pinsent Masons LLP
Pinsent Masons LLP is 'a world-class outfit with a refreshingly pragmatic and commercial approach to legal issues and structuring'. The firm has a full-service structured finance practice with a particular focus on securitisation and other forms of asset-backed finance, including securitisations involving bespoke trade receivables assets, on which it advises arrangers, originators, investors, swap counterparties and issuers. It also acts for account banks, security trustees and corporate service providers. Edward Sunderland is head of the structured finance practice; he works with senior consultant Ian Falconer, who is praised for his 'experience, pragmatism and rigorous approach'. He led a team that advised independent oil group Prax on a securitisation of receivables with a maximum facility amount of £700m derived from its oil trading business.
Other key lawyers:
‘Pinsents is a world-class outfit with a refreshingly pragmatic and commercial approach to legal issues and structuring.’
‘Ian Falconer for his experience, pragmatism and rigorous approach to legal DD.’
Lloyds Bank Corporate Banking
- Advised the Prax Group, an independent oil group, on a securitisation of receivables derived from its oil trading business, arranged by HSBC.
- Acting for PMAS on its £18m securitisation of certain loans provided by distressed FCA regulated consumer loan provider Neyber Limited and on the appointment of BDO LLP as administrators of Neyber and subsequent sale of the loan portfolio to Salary Finance.
Squire Patton Boggs frequently acts for banks, private equity firms, building societies, originators, issuers, servicers and special servicers, liquidity facility providers and trustees in both UK and cross-border structured finance transactions. Mark Thomas leads the practice, bringing to bear his wide-ranging experience in structured finance including securitisation, structured loan products, trust structures, debt capital markets and derivatives. He recently advised DWW London Limited as corporate services provider on the winding up of the Tasman Property Holdings BV securitisation. Thomas works closely with asset-based lending partner Paula Laird. Jeremy Ladyman focuses predominantly on derivatives and structured products work, but he also has significant input on securitisations.
Mark Thomas; Paula Laird
Other key lawyers:
OneSavings Bank plc
Brydg Capital Limited
Studio Retail Group PLC
Ashland Group LLC
Conister Bank Limited
Reditum Capital Ltd
Assetz Capital Trust Company Limited
ME Funding Group
DWW London Limited
Polypipe Group PLC
- Advised Conister Bank Limited on numerous financings of specialist non-financial institution lenders and funders using highly innovative, quasi-securitisation structures.
- Advising originator Studio Retail Group PLC on their continued £250m securitisation arranged by HSBC, including a number of key amendments and developments.
- Advising originator Ashland Group LLC on their continued pan-European £300m securitisation arranged by CACIB, including a number of key amendments and developments.