Securitisation

Our lawyers combine a breadth of experience and depth of expertise which makes them particularly well qualified to tailor creative and innovative (yet straightforward) solutions in complex securitisations.

We were involved in the very first securitisation in the UK in 1985 and have remained at the forefront of this highly sophisticated area of asset-backed finance, acting for the full range of possible participants in jurisdictions throughout the world.

We have also advised on pioneering securitisations in continental Europe, including France, Sweden and Denmark. In recent years, we have seen a dramatic increase not only in the classes of asset which have been securitised, but also in the types of clients using securitisation, as well as considerable developments in securitisation structures and techniques.

Our Securitisation practice is closely related to our Debt Capital Markets practice.

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Slaughter and May provides 'very thorough attention to detail, and always thinks beyond the obvious issues'. The firm’s 'excellent knowledge, [is] combined with a commercial approach and great service'. The Legal 500, 2015

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Our experience includes advising:

Gatwick Airport Limited (GAL) in connection with the establishment of its £5 billion multicurrency secured bond programme and on the debut issuance by Gatwick Funding Limited of two series of bonds for an aggregate amount of £600 million for the financing of Gatwick Airport, secured over the assets of GAL and its immediate holding company, Ivy Holdco Limited.  This is the second single airport securitisation in the UK and one of the first corporate securitisations that combines sizeable bank and bond debt.

Santander UK, Holmes Master Issuer and Holmes Master Issuer 2 on the restructuring of the Residential Mortgage-Backed Programme of Holmes Master Issuer and issuances under the Holmes Master Trust; and Santander UK on the update of its EUR 25 billion Global Covered Bond programme, including issuances under the programme and amendments made to the programme to allow for the issuance of Namensschuldverschreibungen (N Bonds) under German law.

Punch Taverns in relation to the refinancing of its Punch Taverns Finance securitisation, involving the raising of additional £825 million of debt finance via an issue of floating rate notes by Punch Taverns Finance, the acquisition of a portfolio of 239 pubs and an associated intra-group reorganisation involving the transfer of 341 pubs. This transaction was awarded 'Corporate Deal of the Year - Europe', in the International Securitisation Report Awards 2007. In 2011 we subsequently advised Punch on the restructuring of its whole business securitisation structures, as part of the demerger of the Spirit Group.

Nordea Bank on the first Finnish residential mortgage-backed securitsation involving the issue of EUR 7.8 billion notes by Kirkas Northern Lights Limited, backed by mortgages originated by Nordea Bank Finland.

HM Treasury in relation to Northern Rock and Bradford & Bingley, and their securitisation issues following the "credit crunch" in the autumn of 2007; in relation to the Special Liquidity Scheme announced and launched by the Bank of England in April 2008 allowing banks to swap temporarily their high quality mortgage-backed and other securities for UK Treasury bills; and on the UK Government’s Asset-Backed Securities Guarantee and Asset Protection Schemes.

Bupa on the reorganisation of its £320 million Bupa Hospitals whole business securitisation and on the cash collateralisation of this securitisation prior to the sale of Bupa Hospitals to the European private equity firm Cinven for £1.44 billion.

International Finance Facility for Immunisation in connection with the securitisation of binding sovereign grants from six European donor countries for the purposes of funding immunisation programmes in 72 of the world's poorest countries. The programme is expected to raise US$4 billion over 10 years.

Arsenal Football Club on a £260 million securitisation backed by ticket sales from its 60,000-seater Emirates Stadium.

Ineos Group in connection with the structuring and implementation of a EUR 1.5 billion trade receivables securitisation.