Our recent experience includes advising on the following transactions included below.

The development of a novel €15bn single platform for Covered Bonds and RMBS

We advised HSBC Bank plc in its capacity as arranger and lead manager on the establishment of HSBC’s new covered bond and RMBS platform, to be backed by residential mortgages originated by HSBC. IFLR named this deal Securitisation of the Year in 2007.

Innovative Refinancing for Softbank Mobile

We advised Deutsche Bank as one of the mandated lead arrangers, notes placing agent and notes trustee in relation to a ¥1.442 trillion refinancing of bridge facilities and certain other funding made available to SoftBank in connection with its acquisition of Vodaphone Japan (now SoftBank Mobile) in April 2006. The refinancing was structured as a whole business securitisation. Asian Legal Business named this deal Securitisation Deal of the Year in 2007.

The first securitisation of rouble assets and one of Russia’s first true sale securitisations

We advised HypoVereinsbank on the first securitisation of rouble assets and one of Russia’s first true sale securitisations of Home Consumer Finance Bank’s portfolio of rouble-denominated consumer loans. The securitisation was the first in Russia to achieve Baa2 rating, with a further opinion on full and timely payment of interest and principal from Moodys. Structured Finance International and Euromoney named this deal EMEA Innovation of the Year in 2006 and Best Securitisation of Emerging Market Assets respectively.

Innovative restructuring on the Skynet 5 project

We advised European Aeronautic Defence and Space Company EADS N.V., Paradigm Secure Communications Limited and Paradigm Services Limited on the restructuring of the Skynet 5 Secure Military Satellite Communications Project. The senior debt funding for the project was taken into the capital markets through the use of an innovative securitisation technique involving the issuance of bonds structured to attract a zero risk-weighting for investors. Structured Finance International named this deal Best Securitisation of European Assets in 2006.

A first-of-its-kind securitisation of automobile insurance risks

We advised IXIS Corporate & Investment Bank (IXIS CIB) as arranger, in connection with the groundbreaking €200m securitisation of the motor insurance portfolio of AXA. The portfolio consists of some 2.9m French market contracts originated by AXA France IARD (AXA) and over €1bn in premiums. This represents a new asset class and the first ever securitisation worldwide of this kind, in which an insurance company transfers liabilities under its insurance contracts to the financial markets. Structured Finance International named this deal Insurance Securitisation Deal of the Year in 2006.

The first public refinancing of gas distribution networks

We advised Scotia Gas Networks on the £2.25bn refinancing of its acquisition of two of the UK’s gas distribution networks sold by National Grid Transco in 2005. The deal marked the first public refinancing of gas distribution networks in the UK and was one of the largest corporate issues of the year. Structured Finance International named this deal Corporate Securitisation of the Year in 2006.

The first residential mortgage securitisation in China

We advised China Construction Bank (CCB), one of the four state-owned banks, on its RMB3bn residential mortgage securitisation. This is the first securitisation in the People’s Republic of China (PRC) and one of the two securitisation pilot projects approved by the State Council of the PRC. The residential mortgages were originated by four of CCB’s local branches and the financing took the form of issuance of trust certificates in the local PRC market. International Securitisation Report and Asian Legal Business Hong Kong named this deal Asian Deal of the Year 2006 and Structured Finance & Securitisation Deal of the Year 2006 respectively.

A ground breaking shipping securitisation

We advised CMA CGM SA, the world’s third largest container shipping company, on the first public shipping securitisation by a single operator. The transaction builds on European aircraft securitisations (Iberia and Air France) and enabled the Marseille-based shipping company to finance 12 container vessels to be delivered over the next three years through a combination of bond and bank debt. Lloyd’s Shipping Economist named this deal Innovative Shipping Finance Deal of the year in 2006.

For more information please contact Louise Healey, business development manager.

Related experience

News

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Briefings

French safeguard proceedings: balance swings back in favour of creditors  View

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Awards

Banking and Finance Team of the Year - JUVE Awards 2009 (2009)

Structured Finance/Debt Capital Markets Team of the Year - Legal Business Awards (2009)

View all awards