Skip to content
Sub practice
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 & insights

Beijing

News: 04 DECEMBER 2019

The People’s Republic of China issues its largest-ever US dollar sovereign bond

Allen & Overy has advised the joint lead managers in connection with the offering of USD6 billion sovereign bonds by the Ministry of Finance of the People’s Republic of China.

Read more
Growth

Publications: 13 MAY 2019

The Growth Law Decree: important changes relating to securitisations

On 1 May 2019 the so-called 2019 Growth Law Decree (the Decree) entered into force which introduces, inter alia, substantial amendments to Law No. 130 of 30 April 1999 (Law 130) aimed at facilitating the disposal and appreciation of impaired loans and/or registered movable and immovable assets.

Read more

Publications: 20 DECEMBER 2018

PRA policy statement published on the revised EU securitisation framework and significant risk transfer

​ The PRA’s policy relating to the implementation of the Securitisation Regulation is relevant to PRA-authorised firms subject to the CRR and Capital Requirements Directive IV[4] (together CRR firms) and PRA-authorised Solvency II[5] firms and is proposed to be extended to all PRA-authorised firms including non-CRR, non-Solvency II, firms. Its policy relating to the revision to the banking securitisation capital framework and SRT securitisation is relevant to PRA-authorised CRR firms only. The PRA does not make any proposals regarding the Solvency II securitisation capital framework, but indicated in the consultation that it may decide these are needed going forward[6].

Read more

Publications: 13 JUNE 2018

PRA consultation paper published on the revised EU securitisation framework and significant risk transfer

On 22 May 2018, the UK Prudential Regulatory Authority (PRA) published a consultation paper [PDF] setting out its proposed approach to implementing certain matters related to the coming EU Securitisation Regulation and revised securitisation capital framework under the amended EU Capital Requirements Regulation (CRR), as well as certain updated expectations on the part of the PRA with regard to significant risk transfer (SRT) securitisation.

Read more

Related expertise

Our online services

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. 

For more information or access to this service, please contact your usual Allen & Overy contact or email CapitalMarkets@allenovery.com.  

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. 

For more information or access to this service, please contact your usual Allen & Overy contact or email CapitalMarkets@allenovery.com.  

 
Liquidity Spotlight

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

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

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.