Tax - Capital Raising & Securitisations

Our tax team provides tailored advice on all types of financial transactions, from vanilla loan agreements to complex securitisations, and regularly advises investment banks and issuer clients on major deals across the global capital markets. We confidently lead on the structuring of some of the most challenging and high-value transactions in the market, including regulatory capital and hybrid financing packages, structured bond transactions, rights issues and other novel methods of raising finance.

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