Tax - Capital Raising & Securitisations

Major investment banks and issuers rely on the team’s commercial experience and specialist knowledge.

The team is instructed on a range of significant transactions, including tier 1 capital financing packages and rights issues. Linklaters has acknowledged expertise in advising on structuring offers and using funds efficiently. The firm has acted on a number of complex recent securitisations.

Recent capital markets highlights include advising:

  • banks on long-term financing of Schaeffler Group, including comprehensive corporate reorganisation
  • Hypo Real Estate Group in connection with the provision of an EUR 50bn Emergency Liquidity Financing
  • RBS on its rights Issue, the largest rights issue in history and HM Treasury Recapitalisation. The recapitalisation was the largest partial nationalisation of a major bank (with HM Treasury acquiring control)
  • the Department for Transport on agreements regulating the building of Crossrail, including a public/private partnership to build a station in Canary Wharf
  • RBS on raising approximately €5 billion through five simultaneous issues of tier 1 securities, in multiple formats, currencies and markets, for the consortium bid with Fortis and Santander for ABN AMRO – largest-ever tier 1 capital financing package
  • Fortis on its €13.4 billion rights issue to help fund the ABN AMRO bid – second largest rights issue in Europe
  • Sainsbury’s in relation to the refinancing, structured as a securitisation, of a £3 billion property portfolio
  • RBS, as seller, issuer and administrator, on the residential mortgage-backed securitisation, Arran Residential Mortgages Funding No 2, valued at £6.5 billion (US$13.2 billion) – one of the largest ever residential mortgage-backed securitisations
  • Barclays Bank, as arranger and lead manager, KfW, as programme sponsor and intermediary, and Prime Bricks 2007-1, as credit-linked note issuer, on Danske Bank Group’s €10.5 billion loan securitisation
  • as international and domestic counsel on the €1.57 billion initial public offering (IPO) of EDP Renováveis S.L., an EDP Group holding for renewable energies