Securitisation and Structured Finance
Our securitisation and structured finance team is known for its ability to advise on every major asset class (RMBS, CMBS, credit cards, trade receivables, auto-loans and unsecured loans), as well as whole business securitisations, CLOs and also covered bonds.
We regularly act on international deals involving both cash and synthetic securitisations in the private and public markets, advising originators, arrangers, investors and trustees on the establishment of new securitisations (including bilateral, standalone and master trust and master issuer programmes) and the restructuring of, and issuances from, existing structures and platforms.
Our lawyers specialise in finding innovative solutions to complex financing problems. This puts us in an exceptional position to address the challenges of today’s market.
- Our securitisation and structured finance team is known for its technical excellence, commercial pragmatism and attentive, client-focused service. We focus on client relationships rather than on niche products or practice areas. This allows us to deploy smaller, but more versatile, teams, drawing on the expertise of our DCM, banking, financial regulation and tax specialists to deliver advice that is carefully tailored to the needs of our clients and particular transactions.
- We act on transactions for all types of originators, such as banks (including on significant risk transfer transactions), insurers (including on matching-adjustment structures), specialist lenders, industrial companies, regulated utilities and others.
- We regularly act for large hedge fund clients in relation to regulatory capital driven structured finance transactions and in relation to non-standard consumer finance transactions.
- We also act for both sellers and bidders (and their financing banks) on the asset-backed financings of acquisitions of financial assets, including performing and non-performing loan portfolios.
Key experience
We advised NewDay Cards Ltd on a number of credit card and consumer lending securitisation matters, including on EU and UK STS issuances under its master trust structures.
We acted for Santander Corporate & Investment Banking, as arranger on the Paragon Mortgages (No. 29) PLC securitisation of prime buy-to-let mortgage assets.
We advised Aviva in relation to the disposal of a portfolio of equity release mortgage loans.
We advised Markerstudy Group (a portfolio company of Pollen Street Capital) on their insurance premium securitisation facility.
We advised M&G in relation to its investments in mobile handset securitisations in Europe.
We advised Tata Steel and Ineos on their trade receivables securitisation programmes.
We advised Blue Motor Finance on its forward flow financing and in relation to an issuance by Azure Finance No.3 plc of £263.1 million floating rate asset backed Sterling notes and residual certificates.
We advised Song Capital, as arranger of real-estate backed financing to a joint venture between Medical Properties Trust, Inc. and Praemia REIM.
We advised Paratus in relation to various public and private securitisations, including as servicer and legal title holder in relation to the Chetwood Funding 2024-1 plc securitisation of buy-to-let mortgages.
We advised Lendco Limited, a UK-based specialist non-bank mortgage originator on a public securitisation of £317 million buy-to-let mortgage loans, the fifth in the series.
We bring together leading experts from across the firm who deliver commercially-focused advice at the forefront of legal, regulatory and market developments impacting the public and private securitisation markets.
We were involved in the very first securitisation in the UK in 1985 and have remained leaders in this highly sophisticated area of asset-backed finance. We continue to support our clients on market-leading securitisation transactions in jurisdictions throughout the world.
I trust them implicitly to execute deals with a level of attention to detail and commercial acumen rarely seen at other firms. Chambers UK
Key contacts
Highly knowledgeable, able to highlight the key issues and commercial / legal points to ensure maximum efficiency during drafting and review, and always on hand to deal with urgent items to meet urgent deadlines. Legal 500 UK
The Slaughter & May team have a strong partner-led approach and superior knowledge of the markets in which we work, Chambers UK