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Securitisation

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Meet the team

Our team includes individuals with a focus on securitisation, derivatives and regulatory, advising clients on funded and synthetic securitisations. Working closely with our securitisation lawyers across the globe, we provide advice on the full range of securitisation issues throughout Europe, the United States, Canada, Latin America, Asia, Australia, Africa, the Middle East and Central Asia.

“Clients believe ‘there is absolute merit in working with such highly qualified professionals’ as make up the Norton Rose Fulbright team.” Legal 500 2016 (Securitisation - ranked: tier 2)

We advise a number of arrangers, sponsors and a variety of other participants, including rating agencies, on a wide range of asset classes, including trade receivables, commercial property, equipment leases, utility receipts, whole business consumer loan and HP receivables.

With a focus on our key industry sectors, we are recognised as a leading practice for securitisation work in the fields of: financial institutions; energy; infrastructure, mining and commodities; transport; technology and innovation; and life sciences and healthcare.

We deliver

  • Particular experience in insurance-related capital markets work, including catastrophe bonds, non-catastrophe insurance linked securities, transformer structures and structures involving the Reinsurance Directives, ISPVs, protected cell companies and mutual funds.
  • Long experience in advising on complex infrastructure work, including secondary PFI/PPP, refinancing and the repackaging of infrastructure loans through funded securitisation and synthetic securitisation.

Our areas of work include

  • covered bonds
  • derivatives
  • insurance/reinsurance securitisations and other ART arrangements
  • project bonds
  • securitisation (cash and synthetic), advising on a wide range of asset classes including multi-jurisdictional trade receivables; commercial mortgages; residential mortgages; equipment leases; SME loans; auto loans and HP receivables; credit cards and consumer loans
  • US securities
  • transport securitisation: trains, aircraft and ships.

Our recent work

  • Advising Alpha Bank on an innovative securitisation raising in excess of US$500m. The transaction, arranged and financed by Citibank, financed a portfolio of shipping loans, and this was the first shipping loan securitisation to be done in Greece.
  • Advising the joint lead managers (including BNP Paribas, Toronto-Dominion Bank, Barclays and Lloyds) as Canadian and English counsel on Toronto-Dominion’s €1bn Covered Bond issuance (listed on the London Stock Exchange) pursuant to its US$5bn Global Legislative Covered Bond Programme.
  • Advising as US counsel (through our London and New York offices) to UK Asset Resolution Limited, the holding company established to bring together the government-owned businesses of Bradford & Bingley plc and NRAM plc (formerly Northern Rock) in connection with liability management exercises involving approximately £200 million of subordinated notes and perpetual capital instruments.