Securitisation
Our securitisation practice is renowned for being innovative and creating benchmarks in the market and, most importantly, providing clients with commercially viable structures in the increasingly regulated international markets.
International transactions are the norm and we have securitisation specialists across our global network of offices. In addition to working in jurisdictions where our specialists are located, our lawyers also regularly advise on work outside of the Allen & Overy network. We are adept at securitising in new markets, examples of which includes working on Greece’s first private sector securitisation, advising on the first auto loan securitisation in the Middle East, developing the first UK master trust structures (and the subsequent master issuer and delinked structures) and the first whole business securitisations in Germany and the UK.
Our securitisation team regularly advises arrangers, originators and trustees on transactions involving a wide variety of asset classes and structures, including 'true sale' and synthetic securitisations, CLOs, CDOs and the establishment of securitisation programmes. Our experience includes advising on precedent-setting residential and commercial mortgage-backed securitisations, whole business and public sector securitisations, as well as securitisations of auto loans, consumer loans and trade receivables
Our securitisation team works alongside structured finance, derivatives and banking lawyers to ensure clients’ transaction needs are met and complex structures can be successfully completed. The team is also able to call upon the resources of specialists in their particular field of expertise such as tax, real estate finance, project finance and corporate trustee as and when required.
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News and insights
News: 12 March 2024
Allen & Overy advises on the acquisition of an NPL portfolio
Allen & Overy has assisted Barclays in the acquisition, through a securitisation vehicle, of a portfolio of non-performing loans owed by debtors based in several European jurisdictions.
News: 06 February 2024
A&O maintains top rankings in global capital markets league tables
A&O has been recognised as the top overall adviser to issuers and managers in the global debt and equity capital markets in 2023, with number one rankings awarded to us by Bloomberg and LSEG (formerly…
Publications: 19 January 2024
EU Securitisation Regulation: good news for Cayman SSPEs
As the EU removes the Cayman Islands from the EU AML/CFT blacklist with effect from 7 February 2024, concerns and barriers for EU sell- and buy-side parties on securitisations involving Cayman SSPEs…
Publications: 11 December 2023
SEC Rule 192: Prohibition against conflicts of interest in certain securitizations
Seven months after our initial note on the subject, the United States Securities and Exchange Commission (the SEC) on November 27, 2023 adopted Rule 192 (Rule 192 or the Final Rule)1 pursuant to…
Our online services
ABS Regulatory Reform Roadmap
Allen & Overy’s Regulatory Reform Roadmap provides practical guidance on key regulatory initiatives from a structured finance perspective, including information on the corresponding cross-border considerations. The website also provides up-to-date information on recent developments and expected next steps, making it easier to stay on top of the regulatory changes that matter.
For more information or access to this service, please contact your usual Allen & Overy contact or email CapitalMarkets@allenovery.com.
Covered Bonds
The Covered Bonds website provides summary information on key concepts, recent events, deals and in-depth analyses on selected topics, as well as practical answers to key questions typically asked in relation to covered bond products in a number of jurisdictions and the ability to compare the information between jurisdictions.
For more information or access to this service, please contact your usual Allen & Overy contact or email CapitalMarkets@allenovery.com.
Liquidity Spotlight
Allen & Overy's Liquidity Spotlight online service provides practical guidelines on the liquidity providing operations and other support measures conducted by key central banks, as well as the ability to compare information between operations and central banks. The online service also provides summary information on key concepts and recent developments, and in-depth analysis on selected topics.
For more information or access to this service, please contact your usual Allen & Overy contact or email CapitalMarkets@allenovery.com.
Medium Term Notes - Currency and Selling Restrictions
This website provides a summary of some currency-related, selling and certain other restrictions (such as central bank consents, management and notification requirements, etc.) incidental to the issue of debt instruments under MTN programmes. Where possible, a sample selling restriction for sales to professional investors in the country of the currency is also included.
For more information or access to this service, please contact your usual Allen & Overy contact or email CapitalMarkets@allenovery.com.
STS Spotlight
The STS Spotlight website provides summary information on certain key concepts and recent developments with respect to simple, transparent and standardised (STS) securitisations and the corresponding criteria set out in the EU Securitisation Regulation, as well as information on interpreting and demonstrating compliance with such criteria. The Criteria Collation Tool may be used to generate tables including information on a number of the requirements. Note that this site focuses on the STS requirements applied in respect of non-ABCP arrangements set out in articles 20, 21 and 22 of the Securitisation Regulation.
For more information or access to this service, please contact your usual Allen & Overy contact or email CapitalMarkets@allenovery.com.