Norton Rose Fulbright ‘goes beyond doing the standard review of documentation and makes sure it provides real advice throughout the transaction journey‘. The firm is active in both public and private securitisations across a range of asset classes, including small business lending, trade receivables deals and equity release mortgages. It is also a key adviser on the new regulatory regime and shari’ah-compliant transactions. Transport and infrastructure are key areas of expertise for the firm, leading it to handle transactions in those sectors, though it is also active in larger markets such as UK and international RMBS for issuers, cash managers and trustees. The firm has a growing originator client base for funding programmes and highly complex transactions. David Shearer (who ‘provides the trust, confidence and subject matter expertise that a first-time issuer needs‘) leads the practice and specialises in securitisation, structured finance and covered bond transactions in asset classes including residential mortgages, commercial real estate, small business and consumer receivables. Sandrine Sauvel frequently advises arrangers, originators, trustees, rating agencies and monoline guarantors. Farmida Bi is recommended for her corporate trustee and service provider expertise, notably in restructuring and ABS transactions.

‘The firm is very pragmatic and technically capable with a high degree of commerciality and common sense‘, say clients of Norton Rose Fulbright. Heavily focused on transactional derivatives work, though also adept in the structured products space, the firm frequently handles new products and new markets, with work on new securities lending pledge documents just one example. It is also involved in highly innovative areas such as fintech, having advised banks on a new securities lending platform based on distributed lending technology (DLT). Peter Young leads the banking and capital markets group though the lead structured finance partners are Daniel Franks and Nigel Dickinson. Franks advises investment banks on derivatives, repos, stocklending, collateral, set-off, netting, structured products and regulatory capital and funding transactions. Dickinson is an OTC derivatives and structured products specialist known for swap bifurcations, TRS and repo financings, and repackaging transactions. Also recommended are Jonathan Herbst and Hannah Meakin for derivatives, as well as Sandrine Sauvel, David Shearer, Farmida Bi, Nicholas (Nick) Grandage and Peter Noble for structured finance.

Led by European Islamic finance head Farmida Bi, who is English and New York qualified, Norton Rose Fulbright‘s team caters to all the requirements of Middle Eastern financial institutions, global investment banks and corporates among other clients. The group’s expertise spans a wide range of areas, including investment funds, project finance work and real estate finance matters. Bi is particularly experienced in international sukuk transactions. Illustrative of her excellent reputation, she has previously joined Department of International Trade missions to Pakistan to promote the UK Islamic finance industry.

Norton Rose Fulbright continues to broaden the scope of its debt capital markets work, maintaining its strong presence in bond issuances in emerging markets whilst also increasing its volume of investment grade work. It is recognised for its strong track record in sovereign debt transactions, having recently acted for the Republic of Angola and the government of Pakistan. For investment grade deals, its work for large corporate issuers is increasingly balanced with underwriter work for the likes of Deutsche Bank. The practice is led by Peter Young, who has extensive experience of US federal securities laws. The firm has cornered the market acting for Canadian financial institutions on European DCM deals, thanks to the ‘exceptional, responsive and thorough‘ Peter Noble. Farmida Bi handles corporate trustee advice, sovereign debt, project bonds and restructurings. She is also the head of Islamic finance. The versatile Jacqueline Heng has a particular focus on green bonds, while another key individual is emerging talent Kirstin Russell, who acts for corporate trustees and agents in the UK, US and Asia. Counsel Vishal Mawkin is also recommended.