Banking and finance: asset finance and structured finance in Netherlands

Allen & Overy LLP

The structured finance team at Allen & Overy LLP is particularly active in the mortgage-backed securities space, undertaking several large transactions primarily concerning residential mortgages. Gerard Kastelein heads up the firm's offering in this area, and is also active in the fields of derivatives, securitisation of other asset classes, and structured swaps. Other key names include Jonathan Heeringa, who has experience in securitisation and asset-backed financing, and recently promoted counsel Tom Reutelingsperger.

Testimonials

The Dutch asset finance team is very experienced, providing good quality advice and excellent execution on transactions. 

Gerard Kastelein’s team at A&O has built and maintains an impressive track record of relevant structured finance and loan portfolio transactions. The firm provides hands-on advice and resolves complexities and challenges appearing during execution.

Gerard Kastelein stands out as one of the few partners with extensive knowledge of bank regulations allowing him to be a valuable sparring partner for structuring teams. 

Gerard Kastelein is a good partner with good knowledge of the industry, very commercial and available.

Tom Reutelingsperger provides excellent execution and advice on transactions.

Key clients

NG

The Dutch state/NLFI

Aegon

NN Group

NIBC

Cervus Capital & Partners

VodafoneZiggo

TwentyFour Asset Management

EIB

Vroon

Natwest markets

Goldman Sachs

Rothesay

Work highlights

  • Advised Goldman Sachs on a residential mortgage-backed security (RMBS) programme (the EDML programme).
  • Acted for the seller and the issuer on the first Dutch buy-to-let securitisation.
  • Advising Ageon on its first RMBS transaction since 2014, and subsequently two further transactions in the following 12 months.

Clifford Chance

Clifford Chance provides highly specialised services across both asset finance and structured finance, with Hein Tonnaer the key name for the former while Pieter van Welzen heads up the latter offering. Key sectors for the asset finance team include aviation and energy, along with other aspects of transport and logistics such as shipping and data centres. On the structured finance side recent work has included both commercial and residential-backed securities transactions.

Practice head(s):

Hein Tonnaer; Pieter van Welzen

Testimonials

Very capable, both technically and in terms of the ability to understand non-legal aspects.

Pieter van Welzen is best in class for structured finance. He is also directly client facing which is much more effective.

The teams combines in-depth knowledge and experience with a hands-on attitude. They are very cooperative and work well together within the team. They are really good in the field of structured finance/securitisations. The team comes up with solutions for the entire structure and keeps an eye on all aspects of the transaction.

The team is headed by Pieter van Welzen who holds the overview of the transactions and can draw on a massive deal-experience and Hugo van der Molen is very knowledgable and nice to work with.

Pieter is a trusted advisor who is accessible, personally deals with the work, has a good appreciation of the non-legal aspects, delivers high quality advice and is creative. 

Key clients

Rabobank

ING

ABN AMRO

NIBC

KLM

Transavia

Macquarie

Work highlights

  • Advising HSBC Bank and Barclays Bank as joint lead managers on the issuance of mortgage-backed notes by Dutch Property Finance 2018-19 B.V.
  • Assisting Orix Aviation with the sale and transfer of an aircraft bearing manufacturer’s serial number 38014 and Dutch registration mark PH-TFD.
  • Advising ABN AmroBank on the financing of the acquisition of a portfolio of shipping containers by a subsidiary of DIF Core Infrastructure Fund 1.

Loyens & Loeff

The structured finance team at Loyens & Loeff is especially prominent in the field of securitisation transactions, advising on mortgage and asset-backed transactions, as well as receivables-backed financing more generally. The practice is jointly led by securitisation specialist Mariëtte van ‘t Westeinde, whose key expertise is in operational lease securitisations, and Willem Jarigsma, who is particularly focused on asset-based lending and transportation finance.

Practice head(s):

Mariëtte van ‘t Westeinde; Willem Jarigsma

Key clients

Obvion

BNP Paribas

Personal Finance

Tulp Hypotheken

Elan

Woninghypotheken

Rabobank

KKR Credit Advisors

Athlon

NIBC Bank

Allianz

Shell

TARGOBANK

ABN AMRO Bank

ING Bank

Work highlights

  • Advised Obvion on the Green Storm 2019 RMBS securitisation transaction, involving green RMBS bonds backed by mortgages secured on houses that meet certain environmental standards.
  • Assisted Rabobank with the refinancing of the TIP Trailer asset-backed securitisation programme.
  • Advised the finance parties regarding the termination of SternLease’s exiting securitisation and the amendments to be made to the borrowing base financing made available to the Stern Group.

NautaDutilh

As one of the premier teams in the Dutch asset and structured finance market, NautaDutilh counts several key market players among its client list, and is highly active in large-scale securitisation transactions. Other key areas of work for the firm include setting up and advising on whole loan platforms, as well as covered bond programmes. Practice co-head Michaëla Ulrici is highly recommended for the firm's securitisation mandates, while fellow co-head Arjan Scheltema is more notable in the covered bonds space.

Practice head(s):

Arjan Scheltema; Michaëla Ulrici

Testimonials

The experts in their field. Original, able to find solutions that really work, strong in negotiations. Strong in making a deal work.

Michaela Ulrici is the leading lawyer in her field. Innovative where needed, always business minded and very knowledgeable. Great to have on your side!

Key clients

de Volksbank

NIBC Bank

Nationale-Nederlanden Bank

Triodos Bank

Venn Partners

Aegon Bank N.V.

Dynamic Credit Partners Europe

Achmea Bank N.V.

ING Bank N.V.

Blauwtrust Groep

Dutch Mortgage Fund

Intertrust

Work highlights

  • Assisted Venn Partners LLP with the Cartesian Blue securitisation transaction.
  • Advised de Volksbank on the set-up of the Lowland Mortgage Backed 6 B.V. securitisation transaction.
  • Assisted Coöperatieve Rabobank U.A. with the accession of a new institutional investor to the Vista platform for investments in Vista mortgage loans.

Simmons & Simmons

Jeroen Bos heads the asset and structured finance team at Simmons & Simmons, and specialises in asset-backed transactions including supply chain financing, securitisation, and covered bonds, as well as acting for sellers and buyers on loan portfolio transactions. Elsewhere in the team, Rezah Stegeman has significant expertise in work pertaining to derivatives, focusing on trade documentation, clearing documentation and regulation. Also recommended is 'hands-on' associate Vincent Engel.

Practice head(s):

Jeroen Bos; Marieke Driessen

Testimonials

The Simmons team in the Netherlands is very responsive, able to distil complex issues into concise business friendly advice and suggest pragmatic solutions. On a recent transaction where faced with a slightly unreasonable law firm on the other side, they were able to cut through the bluster and get to the commercial position that we were seeking to achieve.

Capable, approachable, pleasant to work with, direct partner contact (Jeroen Bos), good associates. 

Jeroen Bos’ knowledge of securitisation in the Netherlands is first-rate and he is proactive and responsive in managing matters and delivering advice.

Key clients

ABN Amro Bank

AEGON

BNP Paribas

Citigroup

Link Asset Services

Argenta

ING Bank

LeasePlan

NIBC Bank

NNBank

Rabobank

NatWest Markets

Work highlights

  • Advising Argenta as originator on its first STS securitisation.
  • Acted for Macquarie and Citibank as joint lead managers on a securitisation of buy-to-let mortgage loans originated by Domivest.
  • Advised BNP Paribas and Citibank as joint lead managers on a securitisation transaction where mortgage receivables originated by Venn Hypotheken have been securitised.

Baker McKenzie

The team at Baker McKenzie is primarily focused on securitisation and structured finance, where the firm fields a dedicated and specialised team, along with a significant derivatives practice. Global securitisation head Philippe Steffens is highly specialised in securitisation, structured credit products and loan portfolio transactions and Corrine Schott focuses on derivatives. Recent work has included large-scale residential mortgage-backed securities transactions, collateralised loan obligation transactions, and restructuring of derivative swaps, as well as the drafting of documentation.

Practice head(s):

Phillippe Steffens; Corrine Schott

Testimonials

The team has a clear understanding of our specific needs in doing client transactions (compared to capital markets deals) and striking a balance between the legal must haves and practical limits. They have a good understanding of the kind of transactions done in the market. It is positive that they do not accept transactions if they cannot promise a timely delivery.

Philippe Steffens has a hands-on approach (is directly involved and available when needed). In negotiations, he is convincing and focused on the end result for us as client and our counter parts. The associates we work with (Floor Overbosch and Emilie Huberts) have quick turn-around time of documents and a similar hands-on approach.

Key clients

Argenta Spaarbank NV

Azzurro Investments

Natixis

Riyad Bank

ING Bank

Arrow Global Group Plc.

NIBC Bank

NN Investment Partners

PGIM

Willis Towers Watson

Work highlights

  • Advising Arrow Global / Vesting Finance on the amendment of its existing RCF facility agreement.
  • Acted for Riyad Bank on streamlining its derivatives procedures and standard documentation.
  • Advising Natixis on the structuring and documentation of investments in Dutch residential mortgage loans by five foreign investors, in an amount of more than €2bn

Dentons

The team at Dentons was recently bolstered by the arrival of Jacqueline Bell, who had previously been practising as an independent consultant, in mid-2019. Bell is English law-qualified, and is highly experienced in asset financing matters across the aviation, offshore, and shipping markets, advising on all sides of such matters and heads up the firm's Amsterdam asset finance practice. The firm also houses a structured finance practice led by Marcel Janssen, who primarily acts for lender-side clients, receiving instructions from several of the largest Dutch financial institutions.

Practice head(s):

Jacqueline Bell; Marcel Janssen

Key clients

ING Bank

TUI TravelGroup

APAX

DBRS

Dutch Mortgage Services B.V.

Amsterdam Trade Bank N.V.

Work highlights

  • Advised the Dutch subsidiary of TUI on a number of aircraft lease transactions regarding a Boeing 737-8 aircraft with Dutch nationality.
  • Acted for ING Bank on the due diligence and financing aspects of a number of solar and wind power deals.
  • Advising DBRS on the Dutch law aspects of the securitisation of several major real estate and consumer finance portfolios.

Freshfields Bruckhaus Deringer

Hogan Lovells International LLP

Hogan Lovells International LLP is strong on asset-backed securitisation and structured finance, with a particular specialism in covered bonds matters. Practice co-head Robert Masman is the key contact for structured finance and covered bonds work, while the dual English- and Dutch-qualified Wouter Jongen is the name to note for asset financing. Recent work has included large securitisation transactions, covered bonds programmes, receivables-backed financings and loan portfolio transactions.

Practice head(s):

Robert Masman; Wouter Jongen

Testimonials

What makes this practice stand out for me is the firm’s partner Robert Masman. He is an excellent lawyer with a lot of availability on projects.

Robert Masman is an excellent lawyer. Very knowledgeable, works fast and concise, whilst having a good commercial understanding of our needs.

Good firm, strong on covered bonds and auto lease ABS. Hands on, good price quality, good partner involvement.

Robert Masman has good knowledge and is hands on and practical.

Key clients

ING Bank

ABN AMRO

LeasePlan

Natixis

Rabobank

BNP Paribas

NIBC Bank

Work highlights

  • Advised ING Bank in its role as joint lead manager on the €337m Dutch prime RMBS transaction for Elan Woninghypotheken.
  • Acting for Coöperatieve Rabobank U.A. as dealer review legal counsel on an update of Rabobank’s €25bn covered-bond programme.
  • Advising ING bank on the issuance of €2bn 0.75% fixed-rate covered bonds.

Houthoff

With a strong presence in asset and structured finance, Houthoff's team acts for a wide range of prominent clients on the borrower and lender side of financing matters. The firm is particularly active in the infrastructure financing space, and has been involved on several such transactions in the last year. Practice head Loet Venrooy is strong across several aspects of banking and finance and Jessica Terpstra is another key figure within the team, particularly for international clients.

Practice head(s):

Loet Venrooy

Testimonials

There is good know-how sharing within the team, good knowledge of each other’s transactions.

The team has a hardworking and commercial approach – delivering on time excellent work products.

Loet Venrooy is very professional, practical, reasonable and commercial. He understands the complexity of the deal and will find solutions.

Nadia Nartey Wemegah is talented, very responsive and on the ball.

Jan Veeningen is practicable, easy to approach, and has good availability.

Key clients

ABN AMRO Bank

ING Bank

Rabobank / FGH

Bank

Credit Suisse

NIBC Bank

BNP Paribas

Bank of America

Merrill Lynch

Deutsche Bank

Bank of China

Petrobras

Royal

VolkerWessels

Attestor Capital LLP

Work highlights

  • Advised a consortium of banks (including BNP Paribas, RBS, Citibank, Wells Fargo Bank, ABN Amro Bank and ING Bank) on a senior secured borrowing base facility of $600m to the Dana Petroleum Group for the refinancing of existing credit facilities of Dana Petroleum.
  • Assisted a syndicate of lenders headed by ING Bank with a secured term loan facility for Triodos Vastgoedfonds.
  • Acted for The Datacenter Group on the refinancing of its data centres and the acquisition of two new data centres.

Norton Rose Fulbright

The asset financing team at Norton Rose Fulbright is particularly focused on the transport sector, with dedicated teams for aviation and ship financing. The ship finance team is led by Wouter Hertzberger and Mei Land Man, with the team acting for all parties on financing for individuals vessels, as well as refinancing and restructuring of shipping companies. Berend Crans heads the aviation side of the practice and Hertzberger also advises on structured finance arrangements for clients in the shipping sector and wider.

Practice head(s):

Wouter Hertzberger

Key clients

ABN AMRO

Amsterdam Trade Bank

Apollo

Bank of America

BNP Paribas

China Aircraft Leasing Company

FMO

HSBC

ING Bank

Rabobank

State of the Netherlands

Waypoint Leasing

Wells Fargo

Work highlights

  • Advised Amsterdam Trade Bank on its first securitisation of shipping loans, via ATB Shipping Finance I.
  • Acted for ABN Amro, ING and Cacib on an Atradius-backed ship financing to OMP for the purpose of the conversion of a vessel.
  • Assisted a syndicate of four banks with the €135m secured financing for energy production and exploration company Zenith Energy.

Stibbe

The team at Stibbe provides a strong service in asset and structured finance, acting for high-profile lenders, arrangers, borrowers, lessors and lessees.  Maarten de Bruin jointly heads the team and focuses on structured finance, while fellow team leader  Rein van Helden is particularly active in leveraged finance, bond transactions and syndicated lending. On the asset finance side, recent work has included acting for large borrowers in the energy and transport sectors, as well as commodity financing.

Practice head(s):

Maarten De Bruin; Rein Van Helden

Key clients

ABN AMRO

AIG

Ammeraal Beltech

Antalis

Apax Partners

APG

Bain Capital

Barclays

BNP Paribas

British American Tobacco

Citibank

Crédit Agricole

DBRS Ratings

ING

Fitch Ratings

GE Renewable Energy

Intertrust

INNIO

IQ-EQ

ITOCHU

J.P. Morgan

KKR

Lloyds Bank

Lufthansa

Marubeni

Mitsui

MODEC

Morgan Stanley

Natixis

NIBC

Nordea

Opel Financial Services

Q-Park

Société Générale

Smurfit Kappa

Tarkett

Temper

UniCredit

Vitol

Wright Medical Group

Work highlights

  • Advised Crédit Agricole on a trade receivables securitisation transaction for OCI.
  • Acted for the Metropolitan Region of Rotterdam and the Hague on the financing of buses.
  • Assisted GE Renewable Energy with an asset finance transaction concerning a new offshore wind turbine model.

CMS

CMS is active across the asset and structured finance spaces, with a particular focus on cross-border work in combination with the wider firm network. Eduard Scheenstra heads the team, and has recently handled several matters dealing with various types of structured finance. At a more junior level, associate Jesler Hartman Kok is strong on asset finance, particularly ship finance, and is handling several of the firm's domestic mandates in this area.

Practice head(s):

Eduard Scheenstra

Key clients

Aspen Real Estate Investment B.V.

Münchener Hypothekenbank

Delin Capital Asset Management

Deutsche Pfandbriefbank AG

Curzon Advisors

Robus Capital

Capreon

Oaktree / Kadans

Fidelity

M&L

Patrizia

Invesco

Kildare Management Ltd.

McGregor Fashion Group

Aareal Bank AG

Work highlights

  • Advised, together with the firm’s Stuttgart office, Arnsberg-based Trilux Group on the refinancing of existing liabilities by structuring a syndicated loan with a maturity of five years.
  • Acted for Erste Group Bank in its position as a minority lender on a syndicated loan facility of a Dutch borrower and the possibility to file for bankruptcy of the borrower.

De Brauw Blackstone Westbroek

The finance team at De Brauw Blackstone Westbroek is experienced in a wide range of structured financing work including synthetic leasing transactions, securitisations, tax and regulatory-driven structures, collateralised debt obligations and credit default swap transactions. On the asset financing side, the team covers all asset classes and has experience of US lease financing. The practice is headed by Menno Stoffer, while Niek Biegeman is a key contact for UK clients, operating out of the firm's London office and collaborating heavily with the Dutch team.

Practice head(s):

Menno Stoffer

Testimonials

The team was very responsive with pragmatic and incisive advice. They stand-out not only because of their strong business acumen but also because they are very much aware of what it takes to drive their client through the deal.

We credit Menno Stoffer for acting wisely and decisively when our opponents’s outside counsel were driving themselves into the ground at the final hours of the closing. Menno floated above the parties. He managed to conceal his anticipation on how the others would respond when he repeatedly had to convince them in order to save the deal.

The De Brauw team are knowledgeable and practical, looking for solutions instead of issues.

Key clients

Bank of America

Rabo Real Estate (BIM)

Gazit Globe

VION

BAM PPP

Dutch Railways

ABN Amro

APG Group

AutoBinck

BC Partners

CVC Capital Partners

Eneco Groep N.V. – shareholders

Friesland Campina

HollyFrontier Corporation (NYSE: HFC)

Intergas

Koninklijke Wessanen N.V.

Parcom Capital

Ramphastos Investments

Rabobank / Bouwfonds IM

Siemens

Summa Equity

Synthon Holding B.V.

Takeaway.com

TomTom

ABN Amro

APG Group

AutoBinck

BC Partners

CVC Capital Partners

Eneco Groep N.V. – shareholders

Friesland Campina

HollyFrontier Corporation (NYSE: HFC)

Intergas

Koninklijke Wessanen N.V.

Parcom Capital

Ramphastos Investments

Rabobank / Bouwfonds IM

Siemens

Summa Equity

Synthon Holding B.V.

Takeaway.com

TomTom

Work highlights

  • Advising the meat processing business Vion on its asset-based lending facilities.

Orange Clover Law

Boutique firm Orange Clover Law is home to an asset finance team that covers a wide range of sectors, including infrastructure, energy, and transport. The practice is headed by Kees Hooft, and recently saw the arrival of Anita Koster from Allen & Overy LLP  in 2019. Recent work has included financing and refinancing of various transport assets, acting for borrowers and lenders.

Practice head(s):

Kees Hooft

Key clients

NIBC Bank

BNG Bank

Natixis

Banco do Brasil

Santander

GranEnergia

Corum Origin

GEFA Bank

Work highlights

  • Acting as transaction counsel in respect of the refinancing of two ships of a shipping logistics company.