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Sub practice

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.

News and insights

Traffic

News: 21 November 2023

Allen & Overy advises on the first STS auto loans securitisation of CA Auto Bank S.p.A.

Allen & Overy has advised in relation to the first securitisation transaction of auto loans originated by CA Auto Bank S.p.A. having a nominal value of approximately 1 billion and 420 million euros.

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News: 03 November 2023

Fiditalia, “full-stack” securitisation with Allen & Overy

Allen & Overy advised on a securitisation of receivables arising from loans for the purchase of cars granted by Fiditalia S.p.A., a financial intermediary fully owned by Société Générale.

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Publications: 23 October 2023

The wait is over – the final EU recast risk retention rules will enter into force on 7 November 2023

EU Securitisation Regulation – the long-awaited final text of the recast risk retention regulatory technical standards (RTS) has been published in the Official Journal on 18 October 2023 and will…

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News: 05 October 2023

Allen & Overy advises Agos on a EUR920 million securitisation

Allen & Overy advised Agos Ducato in relation to the securitisation of performing consumer loan receivables with a value of EUR920 million, carried out in accordance with European regulations on…

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ABS Regulatory Reform Roadmap

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. 

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Covered Bonds

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. 

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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.

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Medium Term Notes - Currency and Selling Restrictions

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. 

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STS Spotlight

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.