Securitisation & Asset Backed Finance

Simmons & Simmons has a market-leading securitisation and asset-backed finance practice across our European, Middle Eastern and Asian network. We have a proven track record in advising on innovative and high-profile transactions.

Specialist Expertise

We advise leading arrangers, issuers, originators, servicers and rating agencies on domestic and cross-border transactions involving a wide variety of asset classes, including:

  • residential mortgages, commercial mortgages and real estate leases;
  • consumer assets including personal loans, car loans and credit card receivables;
  • lease and hire purchase receivables;
  • commercial loans;
  • trade receivables and supply chain financing;
  • whole business securitisations (including in relation to regulated industries); and
  • exchange traded funds / exchange traded products.
We have experience of conventional true sale structures, covered bonds, secured loan structures, trust structures, synthetic securitisations, asset backed commercial paper conduits and repackaging vehicles. We regularly advise on transactions listed on the London, Irish, Luxembourg and other main stock exchanges, rated by the major rating agencies and structured for repurchase arrangements with the Bank of England or the European Central Bank.

Experience

  • advising Banca IMI, as arranger, in connection with the securitisation of trade receivables originated by Il Sole 24ORE group
  • advising Crédit Agricole Corporate & Investment Bank, as arranger, in connection with two securitisations of auto loans originated by RCI Banque (Renault-Nissan group) in Italy
  • advising IBL Banca, Banca IMI and Finanziaria Internazionale in connection with two securitisations of personal loans assisted by "cessione del quinto" (salary assignment), originated by IBL and disbursed to, respectively, public and private employees
  • advising The Royal Bank of Scotland, as arranger, in connection with the update of the covered bond programme of Banca Popolare dell’Emilia Romagna
  • advising Deutsche Bank on the establishment of its GBP10,000,000,000 multi-issuance mortgage trading platform, a platform which facilitates the issuance of mortgage-linked securities and which was structured using a combination of repackaging and securitisation technology
  • advising major financial institutions in relation to various cross-border trade receivable financing transactions (limited recourse loans and/or issue of financial instruments)
  • advising on ‘enhanced trade receivables’ backed note programmes, including platforms backed by UK Government supply chain receivables
  • advising the arrangers of various regulatory capital driven CDOs, where the arranging and originating banks have purchased protection on a pool of loans or on exposures to payment obligations in respect of a portfolio of derivative transactions
  • advising London City Airport in relation to its whole business securitisation.