Our structured finance group has an established reputation as a world leader in the field.
Our large team of dedicated structured finance experts deliver a totally integrated practice to clients across the UK, continental Europe, central and eastern Europe, the Middle East, Asia and the Americas.
The team advises on every type of structured bond transaction, including asset-backed commercial paper, auto-ABS, CDOs/CBOs, RMBS, covered bonds, CMBS, credit card receivables, hybrid project finance, loan portfolio sales and related financings, project bonds, receivables financings, WBS and utility financings.
We are the leading firm in the securitisation market in the utility and infrastructure sectors. We are the only law firm to advise on all the UK structured utility bonds completed to date and we have acted on nearly all the structured corporate/ring-fenced rated financings in recent times in continental Europe.
We are also a leading firm on loan portfolio acquisitions and sales in the UK, having acted on the £13bn “Granite” portfolio – the largest portfolio sale in UK history. A recent highlight of our ABS and RMBS practice includes advising on one of the biggest ever asset sales by a European government – the UK government’s £11.8bn sale of Bradford & Bingley mortgage loans.
Other areas of particular strength include covered bonds and project bonds.
Recent highlights include advising:
- a consortium of the six largest UK financial institutions on the sale by UK Asset Resolution in 2017 of £11.8bn of mortgage loans originated by Bradford & Bingley, the largest mortgage backed securitisation ever in Europe, and a further £5.3bn sale and RMBS of Bradford & Bingley mortgage loans in 2018
- Cerberus on its acquisition of Northern Rock Asset Management and the £13bn “Granite” portfolio – the largest portfolio sale in UK history
- National grid on the sale of a 61% equity interest in its UK gas distribution business (NGGD) and the subsequent £11bn multi-source debt platform financing for Cadent Gas, the new gas distribution business (FT Innovative Lawyer Award Winner 2017)
- Budapest Airport and its lenders on the amendment and extension of its existing €1.4bn debt facilities
- Anglian Water on its £250m debut issuance of WBS Green Bonds, the first water utility WBS green bond in Europe
- DBS Bank on the first ever Singapore Covered Bond Programme
- Thames Water on the £4.7bn Thames Tideway Project, including the associated £8bn public liability management process
- on over £10bn of loan portfolio sales and purchases for clients such as Apollo, Cerberus, Deutsche Bank and JP Morgan