Securitisation & Asset Backed Finance
Simmons & Simmons is a market leader in securitisation and other asset-backed finance transactions, and has been active since the inception of the European securitisation market over three decades ago. Our particular expertise is in advising on one-of-a-kind, innovative structures, which have ranged from high-profile public transactions to small private trades, and everything in between.
The global team advising on securitisation and other asset-backed structured finance transactions is comprised of lawyers from our international network of offices in Amsterdam, Frankfurt, Hong Kong, London, Madrid, Middle East, Milan, Paris, Singapore and Tokyo.
We advise arrangers, lenders, borrowers, note issuers, originators, servicers and trustees on domestic and cross-border securitisations and other asset-backed financings, including:
- residential mortgage-backed securitisation;
- securitisation of consumer assets including personal loans, car loans and credit cards receivables;
- commercial real estate finance, including commercial real-estate-backed securitisation;
- acquisition/disposal of receivables portfolios, warehousing and limited recourse asset-backed financings;
- covered bonds; and
- trade receivable and trade payable financings (supply chain finance).
We have experience of all the main techniques used to securitise assets including:
- true sale structures;
- loan structures;
- standalone static pools and master trusts;
- originator trusts; and
- synthetic securitisations.
We also advise on the following:
- amendments to asset-backed finance and securitisation transactions;
- trustee consent processes and consent solicitations in relation to asset-backed finance and securitisation transactions;
- participation in central bank facilities;
- asset and regulatory due diligence;
- regulatory treatment of securitisations and risk retention rules;
- defaults and restructurings;
- enforcement strategy and procedures; and
- applications to court for directions on matters of interpretation and other litigation matters.
Simmons & Simmons and members of the firm’s asset-backed finance and securitisation team have advised on the following transactions:
- Funding Circle on the £129,200,000 Small Business Origination Loan Trust 2016-1 DAC securitisation, the first European securitisation of loans originated through a marketplace lending platform
- HSBC as arranger on the £897,000,000 Albion No. 1 residential mortgage backed securitisation transaction for the Leeds Building Society. Additionally on the £800,000,000 Albion No. 2 residential mortgage backed securitisation transaction for the Leeds Building Society
- two major investment banks, as joint lead managers, on the £235,000,000 Precise Mortgages Funding 2014-1 plc securitisation of UK near-prime residential mortgages. Major investment bank, as lead manager, on the £230,000,000 Precise Mortgages Funding 2014-2 plc securitisation of UK near-prime residential mortgages
- leading investment bank, as arranger, and further investment banks as lead managers on the £211,000,000 Precise Mortgages Funding 2015-1 plc securitisation of UK near-prime residential mortgages. Leading investment bank, as arranger, and further investment banks as lead managers on the £224,200,000 Precise Mortgages Funding 2015-2 plc securitisation of UK near-prime residential mortgages
- Investment bank, London branch, as arranger and co-lead manager, and a major investment bank (Europe), as co-lead manager, on the £260,000,000 Celeste Mortgage Funding 2015-1 UK residential mortgage backed securitisation
- high profile investment bank, as arranger and co-lead manager, and international investment bank, as co-lead manager, on the €186,000,000 Kingswood Mortgages 2015-1 plc German residential mortgage backed securitisation
- leading investment bank, as arranger, on the establishment of its £10,000,000,000 Winchester Street plc “securitisation-lite” multi issuance mortgage trading platform
- advising Greensill Capital on the Lagoon Park Finance SA and Wickham SA $20,000,000,000 note programmes backed by trade payables
- advising a UK challenger bank on the acquisition of a £300,000,000 portfolio of consumer debt
- awarded ‘Law firm of the year’ at the Structured Products Europe Awards 2016
- awarded Innovation in Legal Expertise at the FT Innovative Lawyer Awards 2016
- nominated for Finance Team of the Year at the Legal Business Awards 2016 and 2017
- "noted for its strength in structured finance and securitisation" (Chambers Europe 2018)
- "strong capability across complex securitisations and structured products, with an extensive buy-side practice" (Chambers UK 2018)
- Ranked Tier 2 in Securitisation (Legal 500)
- “The ‘very commercial and technically able’ practice at Simmons & Simmons attracts praise for its ‘impressive market knowledge’.” (Legal 500).