A&O Shearman has a long-established reputation as a firm working in the most innovative areas in the securitisation market, and its work for arrangers, bank originators and alternative credit providers, asset managers, hedge funds, private equity funds, and corporates remains at the cutting edge. An example is Tom Constance‘s advice to Ares Management’s Alternative Credit Funds on the market-first securitisation of a portfolio of subscription finance facilities to mid-market private equity firms. Practice head Sally Onions leads a ‘highly competent and trustworthy team’, in which the ‘industry legend’ is a key adviser to both bank and non-bank originators. Daniel Hill has a thriving UK RMBS and covered bond practice, and Lucy Oddy stands out for CMBS and RMBS deals. Iona Misheva assists on a broad range of structured finance transactions across commercial real estate, whole business, receivables and residential mortgage loans in the UK and across Europe. CLO specialist Franz Ranero moved to Latham & Watkins and James Goldfinch resigned from the partnership in 2025.
Securitisation in London
A&O Shearman
Responsables de la pratique:
Sally Onions
Autres avocats clés:
Tom Constance; Salim Nathoo; Daniel Hill; Lucy Oddy; Iona Misheva
Les références
‘A strong bench of talent.’
‘Tom Constance is a first-class partner with top communication skills, strong work ethic and ability to boil down complex issues into what the key commercial realities are.’
‘A&O Shearman is a highly competent and trustworthy legal team with a strong track record in delivering favorable outcomes and meeting tight deadlines. We engaged them in a variety of projects but also reached out outside of project to seek their professional advice with understanding some complex regulations and their effect on our business.’
Principaux clients
J.P. Morgan
Yorkshire Building Society
Ares Management’s Alternative Credit Funds
Leeds Building Society
Chetwood
Eurobank
Principaux dossiers
- Advised J.P. Morgan, as arranger and senior lender, on the establishment of an up to USD 700 million receivables securitisation for Tabby, a leading shopping and financial services app in the Middle East.
- Advised Yorkshire Building Society (YBS) and Accord Mortgages Ltd. on the establishment and issuance of GBP350 million Series 2024-1 Class A Notes under the White Rose Master Issuer securitisation program, backed by UK residential mortgages.
- Advised Ares in relation to a market first securitisation of a portfolio of subscription finance facilities to mid-market private equity firms originated in partnership with Investec Fund Solutions.
Clifford Chance LLP
At Clifford Chance LLP, ‘the expertise of the team covers the full spectrum of the market’ and clients note that it is ‘top-tier legal engineering in the financial world’. The firm continues to be active across the entire spectrum of securitisation, and practice head Maggie Zhao stands out for her advice to originators, arrangers and investors on all forms of structured debt. Her recent work includes groundbreaking auto receivables and car rental deals. Christopher Walsh and Kevin Ingram are long-standing market leaders, with expertise in debt securitisation, asset-backed commercial paper conduits, and portfolio acquisitions. Adam Craig continues to build his reputation across public securitisations and private bi-lateral financings. Emma Matebalavu is global head of financial markets and specialises in mortgage finance transactions, while Simeon Radcliff has a particular focus on multi-jurisdictional trade receivables finance. Blake Jones joined from Paul Hastings LLP in 2024 to ramp up the firm’s capability in European CLO offerings and risk retention compliance. The ‘practical and solutions-driven’ Simi Arora-Lalani is highly recommended.
Responsables de la pratique:
Maggie Zhao
Autres avocats clés:
Emma Matebalavu; Christopher Walsh; Adam Craig; Kevin Ingram; Simeon Radcliff; Blake Jones; Simon Connor; Simi Arora-Lalani
Les références
‘The expertise of the team covers the full spectrum of the market. CC is the one-stop shop for top-tier legal engineering in the financial world.’
‘Maggie Zhao and Simon Connor stand out for their commitment, availability and deep understanding of all aspect of the matters they are involved in.’
‘Deep experience and broad coverage.’
Principaux clients
Avis Budget Group
Bayview Asset Management
Castlelake
Cerberus
Citi
Close Brothers
Credit Agricole Corporate and Investment Bank
Fortress
HSBC
ING
Loyds Bank
M&G Investments
Morgan Stanley
NatWest Markets
NewDay
New Wave Capital Limited
Nottingham Building Society
OneSavings Bank
PIMCO
Rothesay
Shawbrook
Standard Chartered
Vantage Data Centers
West Bromwich Building Society
Principaux dossiers
- Advised Vantage Data Centers, a leading global provider of hyperscale data center campuses, on the first Data Centre ABS in EMEA.
- Advised HSBC as drafting counsel on the $240 million securitisation facility provided to Intermediate Capital Group to finance capital calls on investors in its LP Secondaries Fund I.
- Acted as structuring counsel to New Wave Capital Limited as sponsor in relation to a new master trust structure.
Latham & Watkins
Latham & Watkins continues to invest in developing a strong bench across all of the areas of the securitisation market. The arrival of the CLO team from A&O Shearman in 2025, bringing across experienced partners Franz Ranero and James Smallwood, bolsters the practice. The group, led by global co-chair of structured finance Jeremiah Wagner, now boasts eight partners. Wagner recently handled a landmark £600m deal for Barclays that constituted the first public securitisation of data centres in EMEA. The ‘creative and solution-focused’ Sanjev Warna-kula-suriya is a key adviser to private equity sponsors, hedge funds, commercial and investment banks, and corporates on innovative capital raising and investment transactions. Thomas Cochran, who is ‘client-friendly, thoughtful and is able to think outside the box’, is experienced in first-of-kind transactions, particularly esoteric structured product transactions. He recently assisted investment manager Ares on its strategic collaboration with ABN AMRO in relation to a €1.3bn loan portfolio. Steve Curtis frequently focuses on deals involving infrastructure, regulated utilities, commercial real estate, and operating assets.
Responsables de la pratique:
Jeremiah Wagner
Autres avocats clés:
Franz Ranero; James Smallwood; Sanjev Warna–kula–suriya; Steve Curtis; Tom Cochran; Christopher Armstrong
Les références
‘The team is very knowledgeable and accessible. It covers a wide range of deals and is creative with problem-solving and advice.’
‘Sajev Warna-kula-suriya and Chris Armstrong make a really strong team. They are very accessible. They are both willing to be creative and solution-focused. Appreciate their collaborative approach to structuring.’
‘Tom Cochran has been great for esoteric structured product transactions. He is client-friendly, thoughtful and is able to think outside the box.’
Principaux clients
Ares Management
Barclays
Blackstone
Carlyle
Citigroup
Deutsche Bank
Intermediate Capital Group
JP Morgan
KKR Credit Advisors
Lloyds Bank
Principaux dossiers
- Advised Barclays and SMBC on a landmark £600 million data center securitization for Vantage Data Centers. This was the first public securitization of data centers in EMEA.
- Advised on a groundbreaking capital call facility structured as securitisation by Intermediate Capital Group.
- Advised the arranger, JPMorgan Securities plc, on the successful launch of a new financial inclusion bond by responsAbility, the leading Swiss impact asset manager, in partnership with the U.S. International Development Finance Corporation.
Linklaters LLP
Linklaters LLP has ‘the outstanding securitisation team in the City’, according to one client. The firm maintains a broad practice that handles high value, market-leading transactions covering the full spectrum of asset classes. Practice head Andrew Vickery focuses on NPLs, REOs, RMBS, CMBS, ABS, and covered bonds. He recently worked with emerging partner talent Lucy Sidey to assist Cerberus with the securitisation of a mix of residential mortgages and unsecured personal loans, which included the issuance of £1.5bn in notes. Thomas Quoroll is ‘a technical superstar, calm, methodical, and goal-orientated’. He focuses on performing and non-performing loan portfolio sales, and asset-backed public and private financing. Adam Fogarty ‘knows when to be hands-on and when to let the associates take the reins’. Real estate and ESG structured finance specialist Alexander Shopov, utility and whole business securitisations expert Reza Taylor, and Aditi Srivastava, who has in-depth knowledge of receivables financings, are among the many highly regarded practitioners in the group, which is supported by a strong team of associates.
Responsables de la pratique:
Andrew Vickery
Autres avocats clés:
Thomas Quoroll; Adam Fogarty; Alexander Shopov; Reza Taylor; Emma Lance; Justyna Todd-Frankowska; Aditi Srivastava; Gigi Hock; George Gooderham
Les références
‘Linklaters SFG is the outstanding securitisation team in the City. I would rather have them than any other team acting for me on these sorts of matters. There are good associates.’
‘Tom Quoroll is the reason I want to work with Linklaters. If he moved, I would move my business with him. He is simply an oustanding lawyer. He is a technical superstar, calm, methodical, goal-orientated and also just a thoroughly decent human being.’
‘This is a good team of associates: Emma Lance is outstanding technically. Their juniors are also really good: I particularly rate Justyna Todd-Frankowska.’
Principaux clients
Cerberus
Bank of America
AB CarVal Investors LP
J.P. Morgan
Santander UK PLC
Citi
Barclays
BNP Paribas
Deutsche Bank
Lloyds
Centerbridge
Morgan Stanley
Assured Guaranty
HSBC
Song Capital
Principaux dossiers
- Advised Cerberus as sponsor on the securitisation of a mix of residential mortgages and unsecured personal loans, which included the unwinding of two existing securitisations, Granite 4 and Granite 5, and the issuance of over £1.5bn in asset-backed notes.
- Advised Citibank as arranger and joint lead manager on LiveMore’s debut £210m securitisation of residential mortgages, a deal which represented LiveMore’s first “later life lending” securitisation, and which was both STS and ESG-compliant.
- Advised Citigroup Global Markets Limited as arranger on the public securitisation of a £748 million portfolio of equity release mortgage loans, a deal which was highly significant as it involved the largest portfolio of equity release mortgages outside of the United States.
Ashurst
Ashurst climbs the ranking, drawing upon its ‘very partner-led and responsive service’, and the significant growth in the securitisation team. The notable addition is Tauhid Ijaz, who moved over from Hogan Lovells International LLP in early 2025, bringing a wealth of experience in structured finance and DCM transactions across a vast array of asset classes. This included auto loans and leases, SME loans, residential and commercial real estate, infrastructure and social housing. He joins practice head and structured debt expert Thomas Picton, who recently advised Royal Bank of Canada as arranger of an £893m public auto securitisation of auto receivables originated by Mercedes-Benz Financial Services UK Limited. Picton and head of global markets Alex Biles are ‘very commercial, very easy to deal with and a delight to work with’. The ‘exceptional’ Henry Hillind receives high praise from clients, as does corporate trust specialist Malcolm Charles.
Responsables de la pratique:
Alex Biles; Thomas Picton
Autres avocats clés:
Tauhid Ijaz; Henry Hillind; Malcolm Charles
Les références
‘The team I deal with in the securitisation practice is a very good contender against its magic circle counterparts. They price competitively and have good all round experience in the practice area.’
‘Thomas Picton – very down to earth capable partner who is pragmatic in his approach and doesn’t create work for the sake of it. Works well with his associates and let\’s them run the deals inputting when he needs to. He is very approachable and a good choice of counsel whether working with him as a client or on the opposite side. Henry Hillind – extremely capable associate. Henry is very clear when giving advice/providing comments and takes a sensible approach to any difficult issues. He has an approachable manner and always makes himself available.’
‘Always collaborative, the team feel like an extension of our team and that is important to us.’
Principaux clients
Aldermore Bank
Banco Santander
Bank of America
BNP Paribas
Selina Finance
Castlelake LP
Deutsche Bank
Hampshire Trust Bank
Keystone Property Finance
Lendable
Lloyds Bank
MT Finance
Octopus Electric Vehicles
Optio Investment Partners
Paragon Bank
Santander UK plc
Shawbrook Bank
TAB London Limited
Principaux dossiers
- Advised Hampshire Trust Bank as originator on its inaugural public securitisation of a £300m portfolio of buy-to-let mortgages (Winchester No.1 plc).
- Advised NatWest Markets, Barclays and BNPP as arrangers and dealers in respect of the establishment of (and initial £500m issuance from) Paragon’s Covered Bond Programme. The programme is the first to have a cover pool of 100% BTL mortgage loans.
- Advised the investors in respect of a private securitisation of subscription (sub) lines to mid-market private equity firms, provided through a JV between Investec and Ares.
Cadwalader, Wickersham & Taft LLP
Cadwalader, Wickersham & Taft LLP is ‘a global leader in the structured finance and securitisation space’ and its London team has a deep bench of experienced specialists. Particularly strong in the CLO market, the group also stands out for traditional ABS transactions, and the securitisation of niche and cutting-edge new asset classes in both new and established markets. It has also played a key role in developing ESG-compliant transactions. Suzanne Bell is well-versed in both public and private securitisation. Robert Cannon‘s practice spans CDOs, CLOs, mortgage securitisations and commercial paper conduits. Matthew Duncan is a key adviser to banks, credit funds, insurers, reinsurers and pension funds. Richard Hanson joined from Morgan, Lewis & Bockius UK LLP in late 2024, adding experience in bespoke finance solutions for alternative investment funds, asset managers, insurance companies and banks. Derivatives specialist Nick Shiren and ‘high-quality negotiator’ Sabah Nawaz are also vital to the London team’s CLO and securitisation work.
Responsables de la pratique:
Suzanne Bell; Robert Cannon; Matthew Duncan; Sabah Nawaz; Nick Shiren
Autres avocats clés:
Assia Damianova; William Sharp
Les références
‘Extremely good firm, agile, flexible on pricing and resourcing – delivers exceptionally high quality results.’
‘Sabah Nawaz – exceptional work product, high-quality negotiator, advisor and highly commercial.’
‘The team is very professional and adaptable, being able to propose good solutions and giving general advice that would a) keep costs down b) simplify process.’
Principaux clients
Atlas SP
Bank of America
BNP Paribas
CQS Investment Management
Deutsche Bank AG, London Branch
Goldman Sachs
HSBC
J.P. Morgan
Jefferies
M&G Investment
Morgan Stanley
Natixis
One William Street Capital Management LLC
Premium Credit Limited
Vida Bank Limited
Principaux dossiers
- Advised clients on 93 European CLO transactions in 2024 at a value in excess of €35.66bn.
- Advised J.P. Morgan in relation to its J.P. Morgan Mortgage Trust 2024-HE3 US residential mortgage securitisation transaction.
- Advised Premium Credit Limited with the maintenance of their Master Trust programme and the 2024 issuance.
Dentons
Dentons has ‘a strong senior team with market recognised profile and significant technical expertise’. The firm continues to invest in expanding its London group to handle an increasingly diverse array of work. Clients praise the ‘tenacity, ingenuity and commercial nous’ of the group led by Peter Voisey and Edward Hickman, who together handle a huge range of structured finance work, including public and private securitisation, covered bonds alongside warehousing transactions, loan portfolio sales, and trade finance securitisation. Voisey recently handed a £500m RMBS programme update for Coventry Building Society. Hickman also works on innovative transactions such as carbon credit securitisations. Toby Gray is a key adviser to pension funds, hedge funds and insurers, and Catriona ’Kitty’ Lloyd is one of the most experienced corporate trustee lawyers in the City. Alex Moezi joined from A&O Shearman in early 2025, bringing extensive experience in public and private deals involving mortgage loans, credit cards, consumer loans and auto loans, as well as trade receivables.
Responsables de la pratique:
Peter Voisey; Edward Hickman
Autres avocats clés:
Catriona ‘Kitty’ Lloyd; Toby Gray; Jill Barraclough-Morrow; Stjepan Klinar
Les références
‘Dentons debt and derivatives finance team have supported my firm as we completed two material infrastructure debt and derivatives portfolio sales. The underlying deals were legacy deals with a multitude of documentation and collateral flaws. Dentons went to great lengths to uncover the flaws, rectify the majority and most importantly, help my firm market and trade the deals despite the flaws which could not be rectified. Denton’s, in my view, displayed tenacity, ingenuity and commercial nous balanced with solid legal support.’
‘Edward Hickman personified the Dentons approach to the transactions; tenacious, creative, commercially aware balanced with solid legal support all delivered with impeccable politeness.’
‘The Dentons securitisation team is highly professional. They are able to deal with complicated structures that cover multiple jurisdictions (ie, UK, Italy) with complex set up (ie, securitization SPVs). They have a depth of team: during the time that we worked together, one of the junior lawyer left the firm but the team filled the spot with a back up and ensured a smooth transition without slowing down the transaction.’
Principaux clients
Coventry Building Society
Principality Building Society
Shawbrook Bank
BNP Paribas
Perenna Bank
Pepper Money
HSBC Bank
GB Bank
Birmingham Bank
Atom Bank plc
Deutsche Bank
Co-operative Bank
Bluestone Mortgages
Banco Santander
DBRS
April Mortgages
National Counties Building Society
US Bank
Principaux dossiers
- Advised Skipton Building Society, as issuer, on its £777,780,000 public prime residential mortgage-backed securitisation, Darrowby No. 6 plc.
- Advising Principality Building Society, as issuer, on its £706,522,000 public residential mortgage backed securitisation transaction, Friary No. 9 plc.
- Advising HSBC and BNP Paribas and joint arrangers and JLMs on the €345 million Pembroke 3 Property Finance DAC public CMBS.
Freshfields
The Freshfields' structured finance group is known for its ‘intellectual curiosity, specialist knowledge, commitment and resilience’. The four-partner practice is led by Andrew Heathcote, whose broad practice spans securitisation, structured finance and debt capital markets. His main focus is on whole business, fintech specialist lender, and trade receivables securitisation issues. He recently acted for Klarna Bank on an innovative £900m buy now, pay later loan receivables deal. Flora McLean‘s expertise is in the regulatory capital and tax aspects of bespoke transactions such as warehouse financings. She acted for Barclays Bank as warehouse facility lender in a £250m deal for the financing of UK consumer regulated lease receivables originated by Hometree Finance. Mandeep Lotay splits his time between London and Amsterdam, and frequently advises on transactions in Spain, Greece, Cyprus, UAE, and Italy, as well as the Netherlands and the UK. Jenny McIvor‘s skills lie in whole-business and infrastructure securitisation deals on behalf of sponsors and finance providers.
Responsables de la pratique:
Andrew Heathcote
Autres avocats clés:
Flora McLean; Jenny McIvor; Mandeep Lotay
Les références
‘The team has a deep understanding of our organisation and the business context we operate within. They utilise this knowledge, alongside their professionalism and technical legal expertise to consistently demonstrate sound judgement. We trust them implicitly and integrate them early into our strategic thinking due to the value we place on their practical, solution-orientated advice. They communicate clearly and we see the team as trusted partners.’
‘I have worked with lots of individuals from Freshfields over the years and they all bring the same intellectual curiosity, specialist knowledge, commitment and resilience to be a collaborative partner in devising solutions to any manner of complex scenarios. Further to this, they foster a network of engaging individuals who are a pleasure to work with and are easy to build a trust based relationship with. The senior team, led by Andrew Heathcote and Katy Foxall are proactive, responsive, detail focussed and add strategic value to our organisation. We value their input immensely.’
Principaux clients
Klarna Bank AB
GoldenTree Asset Management UK LLP
PremFina Limited
Prodigy Finance Limited
Telereal Trillium
M&G Investments Limited
Barclays Bank PLC
AB CarVal Investors
PayPal (Europe) S.à r.l. et Cie, S.C.A.
Center Parcs
Heathrow Airport
BNP Paribas
The Co-Operative Bank
Yorkshire Water
Principaux dossiers
- Advised Klarna on a multi-year agreement for a £900 million replenishing commitment under which funds managed by Elliott will purchase buy now, pay later (BNPL) loan receivables originated by Klarna in the United Kingdom.
- Advised GoldenTree on the successful acquisition from Bank of Ireland (UK) plc and securitisation financing of a portfolio of consumer loans, following a highly competitive auction process.
- Advised PremFina Limited, a UK insurance premium receivables financing company, on a new warehouse facility in order to launch its new Irish business operations with committed senior lending to be provided by Morgan Stanley.
Herbert Smith Freehills Kramer LLP
Herbert Smith Freehills Kramer LLP has a ‘highly effective, diverse, technically capable, reliable and commercially astute team’. The firm’s 2025 merger with legacy firm Kramer Levin ties the UK group to a prominent US securitisation practice with a reputation for innovative, first-of-kind deals. That complements the strengths of the London team, which has seen an uptick in equity release/lifetime mortgage transactions, as well as maintaining a steady flow of work across other asset classes. Michael Poulton leads the UK securitisation team and clients praise his ‘ ability to remain calm and decisive when challenges arise’. He recently advised arrangers Lloyds Bank Corporate Markets plc and Santander on West Bromwich Building Society’s £495m RMBS deal. Clients appreciate the ‘great technical knowledge’ of standout partner Joy Amis, who excels in public and private securitisation, portfolio acquisitions and forward flow transactions, domestically and cross-border, and counsel Charlene Kong who also handles warehouse lending deals. Victoria Salisbury is also highly regarded by companies.
Responsables de la pratique:
Michael Poulton; Joy Amis
Autres avocats clés:
Victoria Salisbury; Charlene Kong; Jenny Sugden; Lauren Land; Charlene Kong
Les références
‘HSF provided superb support on a novel ERM securitisation. Their knowledge of the market and ability to guide us through difficult times was excellent.’
‘Two standouts – Michael Poulton and Victoria Salisbury. Both central to getting a difficult deal over the line.’
‘Joy Amis and Charlene Kong. Great technical knowledge which enables them to proposed commercial and practical client solutions. Very responsive and have established a good working relationship.’
Principaux clients
ABN AMRO
Allianz Global Investors GmbH
Bank of Ireland (UK) PLC
Barclays
BNP Paribas
Citicorp Trustee Company Limited
Citigroup Global Markets Limited
ColCap Financial UK Limited
Crédit Agricole Corporate and Investment Bank (CACIB)
LendInvest
Lloyds Bank Corporate Markets plc
Merrill Lynch International
Morgan Stanley
Pepper Assets Services, S.L.U.
Pepper Money (legal name, UK Mortgage Lending Limited)
Santander
SCIO Capital
SeQura Worldwide, S.A.
Silbury Finance
Splend (UK and Australia)
Standard Chartered Bank
Tandem Bank Limited
Tideway
Virgin Atlantic
Principaux dossiers
- Advised Tandem Bank Limited as originator on their debut RMBS of second charge mortgages (Fylde Funding 2024-1 Plc). The transaction attracted attention in the market for being a debut transaction and also for obtaining accounting de-recognition and capital relief.
- Advised Citi as arranger on the 2025 Jeronimo Funding DAC RMBS, backed by a portfolio of more than €300 million of Spanish mortgage transfer certificates and mortgage transfer participations issued by Unicaja Banco, a Spanish credit institution.
- Advised BNPP and Citi in their capacities as Joint Arrangers and Joint Lead Managers on the Hermitage 2024 ABS, which was backed by equipment hire-purchase and finance lease receivables originated by Haydock Finance Limited (an asset finance originator that is majority-owned by funds of Apollo Global Management).
Hogan Lovells International LLP
Hogan Lovells International LLP has ‘vast experience in securitisation and covers the full spectrum of asset classes’. Julian Craughan is head of the international capital markets group and the lead securitisation partner in London. His main areas of focus are consumer and SME assets, including residential, automotive, lease, buy-now-pay-later and unsecured loan securitisation. He recently assisted arranger BNP Paribas with a £402m public STS securitisation of lease receivables originated by Arval UK Limited. David Palmer, who is ‘ a brilliant lawyer with a very commercial approach’, focuses on developing the firm’s presence in the trade receivables and supply chain securitisation space. Global head of the financial institutions and insurance sector group Sharon Lewis, who is dual-qualified in English and French law and splits her time between London and Paris, frequently advises on deals in the automotive, insurance and energy sectors. Tauhid Ijaz moved to Ashurst in 2025.
Responsables de la pratique:
Julian Craughan
Autres avocats clés:
David Palmer; Sharon Lewis
Les références
‘The team has vast experience in securitisation and covers the full spectrum of asset classes.’
‘David Palmer is a brilliant lawyer with a very commercial approach. He understands the needs of his clients and works reliably to deliver solutions.’
Principaux clients
Fasanara
Volkswagen Financial Services UK Limited
ING
Waterfall Asset Management
ENRA Specialist Finance Limited
Citibank N.A. London Branch
Bank of America
BNP Paribas
Funding Circle
Castlelake
ABN Amro Bank N.V.
Mercedes-Benz Financial Services UK
HomeTree
Toyota Financial Services (UK
Principaux dossiers
- Advised Hometree on a landmark £250 million asset-backed facility for UK’s first residential renewable securitisation.
- Advised TFSUK in relation to its debut public STS securitisation of a portfolio of HP and PCP auto loan receivables , amounting to approximately GBP 650 million, originated by TFSUK.
- Advised Waterfall Asset Management on a public STS take-out securitisation through SBOLT 2024-1 of a private warehouse of UK SME loans originated through Funding Circle’s online marketplace lending platform by Glencar Investments 40 DAC.
Mayer Brown International LLP
Mayer Brown International LLP‘s structured finance practice is ‘smart, swift, and a joy to work with — this team makes complex deals feel effortless’. The firm continues to invest in its full-spectrum offering, which encompasses mortgage-backed securities, bespoke and hybrid trade receivables deals, CLOs, and transactions involving esoteric asset classes. Dominic Griffiths and the ‘commercially sharp and pragmatic’ David O’Connor lead the group with new hire Chris McGarry, who joined along with Adam Farrell from White & Case LLP in early 2025 to boost the firm’s profile in the CLO market. McGarry and Farrell have hit the ground running with their work for CVC, one of the top three European CLO managers, on a €502m deal being just one example. The firm also has standout practitioners in Ronan Mellon, who handles SME loans, trade receivables, project financing, CLOs, and other UK and cross-border transactions, and Neil Hamilton, who is a key adviser to arrangers, originators, servicers, and investors on deals in a wide variety of asset classes, as well as complex regulatory issues.
Responsables de la pratique:
Dominic Griffiths; David O’Connor; Chris McGarry
Autres avocats clés:
Ronan Mellon; Neil Hamilton; Adam Farrell; Mariana Padinha Ribeiro
Les références
‘MB is always a trusted advisor with knowledge, depth and availability.’
‘Neil Hamilton works with us in a number of matters. He is always available al provides good reliable advice.’
‘Mayer Brown’s team is partner-led and we get more involvement at senior level than with any other firm in the space.’
Principaux clients
Apollo
Banco Santander S.A.
Bank of America
Barclays Bank Plc
Barings, LLC
Blackstone
BNP Paribas
CA-CIB
Citigroup
CVC Credit Partners Investment Management Limited
Ellington Management Group
Growth Lending Limited
Goldman Sachs International
Golub Capital Partners
ING
Lloyds Bank Plc
M&G
Merchant Money
MUFG
Natixis
Northcross Capital
PGIM
RBC Capital Markets
Rabobank
Société Générale
Smurfit Westrock plc
State Street
Standard Chartered Bank
T-Mobile Netherlands Finance B.V.
Viola Credit
Principaux dossiers
- Represented Citibank N.A. London Branch, BNP Paribas, Royal Bank of Canada, Société Générale, Natixis, Barclays Bank Plc, Lloyds Bank Plc, Banco Santander S.A., and Morgan Stanley in the upsize, extension and restructuring for STS purposes of a EUR 3.2 billion senior financing of KKR’s acquisition of a portfolio of Buy-Now-Pay-Later receivables on a forward flow basis.
- Representing key client CVC Credit Partners Investment Management Limited (the top ranked European CLO manager by AUM) as collateral manager of CVC Cordatus Opportunity Loan Fund-R DAC in connection with a new issue CLO, representing the first static European CLO for this client.
- Advising Rabobank, BNP Paribas, CA-CIB, Citibank and BBVA in the global securitisation of Bunge’s trade receivables programme with corporate originators in multiple EU jurisdictions, the UK, the US and Canada.
Norton Rose Fulbright
Norton Rose Fulbright has a strong track record in covered bonds, trade receivables, SME lending and restructurings, as well as mortgage-backed securitisation. In the capital markets group led by Peter Young, head of securitisation David Shearer leads an experienced and highly skilled team. He exemplifies the firm’s strength in infrastructure transactions, with a prime example being his work for consortium Consorcio Panamá Cuarto Puente on the $1.42bn financing for the fourth bridge over the Panama Canal, which involved the securitisation of government-backed payment rights. Christian Lambie is a vastly experienced securitisation lawyer, and Peter Noble acts for Canadian issuers and their dealers, and his work encompasses covered bond programmes. Counsel Andrea Salsi joined from Hogan Lovells International LLP in 2024, and has valuable expertise in warehouse financing, portfolio acquisitions, and both public and private securitisations. The firm also stands out for its work on sharia-compliant finance structures, and clients praise its ‘deep knowledge of Islamic finance married to securitisation’.
Responsables de la pratique:
Peter Young; David Shearer
Autres avocats clés:
Christian Lambie; Peter Noble; Andrea Salsi
Les références
‘Deep knowledge of the legal framework and implication of Islamic finance married to securitisation.’
Principaux clients
New Wave Capital Limited (trading as Capital on Tap)
Eurobank S.A.
Barclays Capital
Royal Bank of Canada
The Bank of Nova Scotia
777 Partners
NatWest
Brookfield
Allied Irish Banks
Offa
Paul Hastings LLP
Paul Hastings LLP‘s ‘global reach, expertise at all levels, and innovative practices set it apart’, and clients remark that the London securitisation team is ‘highly responsive to client needs, offering practical and business-oriented solutions’. The group has a dominant position in the European CLO market, having played a key role in almost half the deals in the market in 2024, either for managers or arrangers. Beyond CLOs, the firm also has a strong position in asset-backed finance deals for large sponsors, including advice to Apollo on a €1.5bn private securitisation to finance the acquisition of Beequip. Brian Maher, who joined from Weil, Gotshal & Manges (London) LLP in late 2024, led that deal. The firm is also active in equipment lease, SME, CMBS, and RMBS deals. Market veteran Paul Severs, real estate debt expert Miles Flynn, and lead CLO partner Cameron Saylor are leaders in their fields. Up-and-coming partners James Baillie and Victoria Morton are highly regarded for CLOs and RMBS respectively.
Responsables de la pratique:
Paul Severs; Miles Flynn; Cameron Saylor
Autres avocats clés:
James Baillie; Brian Maher; Victoria Morton; Simon Nikolov
Les références
‘Excellent skillset and experience, approachable professional team.’
‘Practical, commercial approach, focus on solutions.’
‘Global reach: with offices in key financial centres worldwide, Paul Hastings offers extensive international and cross-border capabilities. This global presence ensures seamless coordination across different offices, providing clients with consistent and comprehensive legal support. Expertise across levels: the firm is well-staffed at all levels, from junior associates to seasoned partners. This ensures that clients receive expert advice and support tailored to their specific needs. Commercial and responsive: known for its commercial acumen, Paul Hastings is highly responsive to client needs, offering practical and business-oriented solutions.’
Principaux clients
Apollo
Barclays
Beequip
Deutsche Bank
Haydock Finance
Redding Ridge
Together
Mount Street Mortgage Servicing
CVC
JP Morgan
Goldman Sachs
Morgan Stanley
Citi
Bank of America
Barclays
Jefferies
PGIM
Principaux dossiers
- Acted for Apollo and Beequip on the structuring, drafting and implementation of a EUR 1.5 billion ABS financing of Apollo’s acquisition of Beequip from NIBC/Blackstone.
- Acting for Apollo and Haydock Finance on the Hermitage public ABS takeout of UK equipment leases (with responsibility as transaction counsel for drafting all documents).
- Worked on five CLOs for Goldman Sachs (CVC Cordatus 30, Hayfin XIII, Henley VII refinancing, Ares XIV reset, and Blackrock XV).
Reed Smith LLP
At Reed Smith LLP, ‘the team is so experienced and polished’ providing ‘practical solutions and swift and efficient execution’. The firm handles bespoke, cutting-edge work in key areas such as trade receivables, but also performs well in asset classes including real estate and auto loans. Tamara Box leads the structured finance group, in which Sarah Caldwell is a key adviser on cross-border RMBS and CMBS transactions. Simon Hugo has in-depth knowledge on defaults, distressed investing, and special situations. Mark Drury has in-depth knowledge of the CLO market and his recent work includes advising Sound Point Capital Management on its €452m cash flow CLO securitising a portfolio of primarily European senior secured leveraged loans and bonds. Clients note that he is ‘much more hands-on than the Magic Circle partners’. Nick Stainthorpe‘s ‘deep market knowledge and expertise are invaluable’.
Responsables de la pratique:
Tamara Box
Autres avocats clés:
Sarah Caldwell; Simon Hugo; Mark Drury; Nick Stainthorpe
Les références
‘Reed Smith’s knowledge of our business and its journey to becoming an administrator of securitised mortgages is its USP, backed up by years of consistent support and successful delivery during re-securitisation exercises, often within incredibly short timescales.’
‘Sarah Caldwell has been a superb support over the 6 years I have worked in this arena, where her knowledge coupled with her pragmatism, have made her an excellent partner.’
‘The team is so experienced and polished that they are able to provide practical solutions and swift and efficient execution of complex structures.’
Principaux clients
Banco Santander
Situs Asset Management
Wilmington Trust
Deutsche Bank
Marathon Asset Management
Vistra
Intertrust
Citco Corporate Services
Ocorian
CBRE Loan Services Limited
The Bank of New York Mellon
Apex Financial Services
Credit Suisse
Shell International Finance B.V.
BRAC International
Western Mortgage Services Limited
Banco Santander
Situs Asset Management
Wilmington Trust
Deutsche Bank
Bank of America
Invesco
Sound Point Capital Management
Sidley Austin LLP
Sidley Austin LLP‘s global finance practice is ‘knowledgeable, efficient, and genuinely enjoyable to work with’, and its securitisation specialists in London continue to deepen their expertise in key areas of the market. Lead partner Rupert Wall is ‘a leader in structured finance’ and clients praise him as ‘brilliantly sharp and relentlessly driven’. He is active in the CLO market for the likes of CVC, Permira and Spire Capita, as well as advising on complex and often esoteric securitisation. A prime example is his work for JP Morgan on the £233m securitisation of art loan receivables, a highly novel asset class. Azeem Sulemanji has a particular focus on European CLOs, but as part of a broader practice that spans numerous structured finance, securitisation and structured lending transactions. He recently assisted new client LGT Capital with closing its inaugural CLO warehouse. Luke Stowe, who joined as counsel from Weil, Gotshal & Manges (London) LLP in late 2024, is a key adviser to CLO managers.
Responsables de la pratique:
Rupert Wall
Autres avocats clés:
Luke Stowe; Azeem Sulemanji; Rei See
Les références
‘Sidley’s team has grown organically in this space and they now have a great senior and junior bench – we have worked with them for a while, and they understand our business and we get the senior involvement when we need it.’
‘Rupert Wall leads the team – he is adept at negotiations whilst also ensuring timely execution – also always available for a call or other assistance. New hire Rei See is a mid level associate – she holds the pen on our deals with Sidley recently and is exceptional in delivery and client service – a future star.’
‘Rupert Wall has a strong knowledge of securitisation and is able to translate complex securitisation topics to something a layman would understand.’
Principaux clients
CVC Credit (CLO)
Jaja Finance / KKR / TDR Capital (Securitisation)
Brigade Capital (CLO)
ABN AMRO Bank N.V. (Securitisation)
Permira Credit (CLO)
Zenith / Bridgepoint (Securitisation)
J.P. Morgan (Securitisation)
Spire Partners (CLO)
Beryllium / Icelake (Securitisation)
RBC Bluebay (CLO)
LGT (CLO)
Fair Oaks Capital (CLO)
LahiTapiola (Securitisation)
Morgan Stanley Investment Management (Securitisation)
Principaux dossiers
- Advised J.P. Morgan on a securitisation of art loans for auction house Sotheby’s.
- Advised CVC Credit, Spire Partners and Permira on multiple European CLO issuances.
- Advised ABN AMRO on a securitisation of residential mortgage loans originated by Perenna Bank.
Simmons & Simmons
The structured finance and derivatives team at Simmons & Simmons is ‘easy to work with, innovative and collaborative’. It is sought after by leading banks, alternative lenders and originators, private credit funds, trustees and other agents on a huge range of asset-backed financings, including public and private securitisation, specialty finance, portfolio acquisitions and disposals, and forward flow deals. Practice head Michael Lorraine is ‘always able to provide practical solutions based on extensive experience’. He leads a team in which key practitioners are ‘truly masters of their art’. Amer Siddiqui continues to feature in landmark transactions, a recent example being his work for Barclays Bank on the €4.4bn Miltonia Mortgage Finance RMBS. Kathryn James has in-depth knowledge of consumer loan securitisations, RMBS and SME deals. The vastly experienced Matthew Monahan focuses on risk sharing and advises numerous dealers on the SPIRE repackaging platform. Kate Cofman is called upon to assist with cash securitisation and structured trade finance transactions.
Responsables de la pratique:
Michael Lorraine
Autres avocats clés:
Kathryn James; Amer Siddiqui; Matthew Monahan; Kate Cofman
Les références
‘Good team ethos. Great to have a collection of such fabulous talented women partners. Easy to work with, innovative and collaborative. Pragmatic legal advice. All over the detail.’
‘Very commercially focused, great understanding of the economics of the transactions, real value add on cash-flows etc. Friendly, approachable, fun. Client- and relationship-orientated – good value for money.’
‘Collaboration within the S&S teams across borders (in Europe) and related expertise is smooth and effective, thus a plus for complex securitization type of deal structuring and tailoring. Fee quote vs value is competitive.’
Principaux clients
Jefferies
PGGM
BBVA
Funding Circle Limited
Bank of America
Banco Santander, S.A. & Lloyds Bank Corporate Markets plc
Citigroup
Morgan Stanley
BNP Paribas
Barclays
Fintern Limited
Weil, Gotshal & Manges (London) LLP
Weil, Gotshal & Manges (London) LLP is ‘a one-stop shop for structured finance work’, thanks to its strength in funds, securitisation, private equity, tax and regulatory matters in both the UK and the US. The firm is also strong in receivables financing and fintech deals, as well as having a leading manager-side role in CLOs. The firm is also taking a lead on strategic partnerships between banks and credit funds using securitisation techniques. For instance, it acted for Santander in its tactical co-investment structure with Eliant Trade Finance to create a $1bn platform for the origination of global supply chain finance receivables. Highly respected practice head Jacky Kelly, who is praised for providing ‘innovative and creative solutions’, led that transaction. Newly promoted partner Andrew Lauder, whose practice spans both structured finance and derivatives, is a key adviser to both investment banks and large asset managers. He worked with Kelly on a €402m CLO for Pemberton, which has a strong focus on ESG-compliant structures. Brian Maher moved to Paul Hastings LLP in late 2024.
Responsables de la pratique:
Jacky Kelly
Autres avocats clés:
Andrew Lauder; James Crook
Les références
‘The Weil structured finance and securitisation team provides strategic and commercial advice across the spectre of structured finance products providing clear and commercial strategic and innovative advice. Their particular strength is the cross boarder nature to their advice and capabilities. The team is pragmatic about fee estimates and very good at communication.’
‘They differentiate themselves from the market by having strength in funds, structured finance, tax and regulatory in England and in the US meaning they really are a one-stop shop for structured finance work.’
‘Jacky Kelly is a leading and talented thinker in her field providing innovative and creative solutions to structuring and issues her securitisation clients face. Jacky is particularly focused on cross-border structures or those requiring new or innovative thinking and multifaceted solutions. She has led or has been involved in a number of notable and prominent transactions for us working on multiple highly levered management account structures for us.’
Principaux clients
Banco Santander
Carmoola
Corinthia Global Management
Ad hoc group of bondholders of Intrum AB
Deutsche Bank
KKR
Goldman Sachs
The Very Group/Shop Direct
M&G
Redding Ridge Asset Management/Apollo
Pemberton Asset Management
RBC BlueBay Asset Management
Brigade Capital
Fair Oaks Capital
Advent
Brookfield
Principaux dossiers
- Advised Banco Santander, S.A. in relation to the establishment of a global Supply Chain Finance securitisation programme in partnership with Eliant Trade Receivables, an Apollo business.
- Advised fintech company Carmoola Limited on various securitisation transactions.
- Advised Brookfield as investor and manager in a $10 billion joint venture with Societe Generale, S.A., relating to structured products and fund finance and on the initial transaction, a $1 billion infrastructure loan CLO.Advised a group of bondholders on the restructuring of Intrum AB, a leading Swedish debt collection company.
White & Case LLP
White & Case LLP has a strong global securitisation group in which the London team plays a key role. From RMBS and CMBS to SME and auto loans, or more exotic asset classes, the firm has a strong track record in high-value and complex transactions. Derivatives specialist Ingrid York co-leads the structured finance practice along with Debashis Dey, whose broad practice spans Islamic finance sukuk transactions, regulatory capital trades, commercial and residential mortgages, and consumer finance securitisations, and Tom Falkus, who acts for arrangers, originators, asset managers, sponsors and investors in performing and non-performing loan portfolio acquisitions and financings, securitisations, restructurings, refinancings, warehouse facilities, and asset-based lending. Dey was recently involved in a novel deal for Goldman Sachs, which acted as senior lender to a forward flow securitisation of sharia-compliant funding facilities to SMEs originated via the Beehive origination platform in the United Arab Emirates. Chris McGarry and Adam Farrell both left the firm in early 2025.
Responsables de la pratique:
Ingrid York; Debashis Dey; Tom Falkus
Principaux clients
Blackstone Alternative Credit Advisors LP
BNP Paribas
Cabot Credit Management
Crédit Agricole Corporate and Investment Bank
Chorus Capital
European Investment Fund
Goldman Sachs
Hertz
Kredinor SA
K.G.K. Diamonds B.V.
Oaktree Capital Management
Pluczenik Diamond Company N.V.RackspaceShell
Starwood CapitalTenneco
Tier Mobility SE
Addleshaw Goddard
Addleshaw Goddard‘s structured finance group is ‘very approachable and clearly very experienced’. It continues to grow its junior ranks to handle a growing volume of work across many different asset classes. An example is its work for Vanquis Bank in its £1.5bn entry into the second charge mortgage lending market through forward flow arrangements. Zoe Connor and newly promoted partner Olga Friedmann played pivotal roles in that deal. Connor co-leads the practice with Carl Posern, who focuses on funding for fintech lenders, structured ground rent financings, and SRT transactions, while Taymour Keen is ‘very sharp in his legal analysis’.
Responsables de la pratique:
Carl Posern; Taymour Keen; Zoe Connor
Autres avocats clés:
Olga Friedmann
Les références
‘The team at AG was very approachable and clearly very experienced.’
‘Clients are impressed at how they were set up to support small and nascent business alongside much larger corporate partners.’
‘Zoe Connor is clearly somebody who knows her market inside out. This is reflected by the regard she is held in by other sector stakeholders.’
Principaux clients
Advanced Inheritance
Arrow Global
Aviva
Barclays Bank
Canada Life
Deutsche Bank
Firenze
Hampshire Trust Bank
iwoca
Just Retirement
Key Group, More 2 Life
Lloyds Bank
Maslow Capital
NatWest
NBrown, JD Williams
Paragon Bank
Pension Insurance Corporation
Phoenix Group
Scroll Finance
Shawbrook Bank
Sixth Street Partners
Updraft
Universities Superannuation Scheme
Vanquis Bank
Victoria Mutual
Advanced Inheritance
Arrow Global
Aviva
Barclays Bank
Canada Life
Deutsche Bank
Firenze
Hampshire Trust Bank
iwoca
Just Retirement
Key Group, More 2 Life
Lloyds Bank
Maslow Capital
NatWest
NBrown, JD Williams
Paragon Bank
Pension Insurance Corporation
Phoenix Group
Scroll Finance
Shawbrook Bank
Sixth Street Partners
Updraft
Universities Superannuation Scheme
Vanquis Bank
Victoria Mutual
Principaux dossiers
- Advised a syndicate consisting of Aviva, Canada Live, Just Retirement and Phoenix Group on their investment in a £631 million non-recourse, non-amortising secured financing of a portfolio of properties owned by Medical Properties Trust (« MPT »).
- Advising Vanquis Bank on its strategic entry into the mortgage lending market, including through a series of highly structured forward flow transactions, which were key to the turnaround of the bank’s business and with a target volume size in excess of £1.5bn.
- Advising Arrow Global and Maslow Capital on an innovative new funding programme with Homes England to fund the remediation of brownfield development sites. This was structured as a private securitisation.
Baker McKenzie
Baker McKenzie ‘provides an exceptional service that is head and shoulders above its competitors’, according to one client. The firm has an increasingly broad securitisation practice, though it is best known for its work on the trustee side, and practice head Simon Porter is widely acknowledged as an expert in this field. Clients praise the firm’s ‘efficiency, expertise, and responsiveness’, not only in trustee work, but also as adviser to sponsors, originators, arrangers in deals backed by consumer finance assets, trade receivables, residential mortgages, auto loans, and more. Jeremy Levy is a key adviser to many private equity firms. Sarah Porter frequently acts for banks in specialty finance and debt restructuring matters. Global chair of derivatives Matthew Dening also plays a key role in the practice.
Responsables de la pratique:
Simon Porter
Autres avocats clés:
Jeremy Levy; Sarah Porter; Matthew Dening
Les références
‘Simon Porter and his team provide an exceptional service that is head and shoulders above their competitors.’
‘Knowledge of market practice.’
‘Efficiency, expertise, responsiveness.’
Principaux clients
Advent International
Accell Group
Afreximbank
Ahlstrom-Munksjo Oy
Aptiv Global Operations Limited
Astorg
Atalaya
Bain Capital
Banca IMI
BNP Paribas Trust Corporation UK Limited
Bradesco Bank
Cinven
Citibank
Clearpay Limited (now part of Block)
Cobham Limited
Commerzbank
Computershare
Corona Energy Limited
Credit Agricole
CSC Corporate Trustees Limited
Demica
Deutsche Trustee Company Limited
Evri
Finalbion
Fintex Capital
First Rand Bank
GLAS
Homeloan Management Limited
HSBC
Huws Gray
ING
Kantar
Lone Star
Mashreqbank
Natixis
Natwest Markets
Netceed
Nets A/S
NIBC
Open Health
Ratepay
Salary Finance Limited
Santander
SMBC
Standard Chartered Bank
The Bank of Tokyo Mitsubishi / MUFG
TMF Trustee Limited
UBS, London Branch
US Bank
Valeo Foods
Wells Fargo Bank
Woodside Corporate Services Limited
Zebra Technologies
Principaux dossiers
- Advised the Accell group (a European market leader in e-bikes and bicycle parts) in relation to an award winning STS trade receivables securitisation involving multiple jurisdictions and backed by a large global private equity firm.
- Advising HSBC as Note and Security Trustee in connection with a number of the Intu Properties finance structures. We advised the trustee in connection with standstill arrangements; negotiation of new funding lines and a series of consent solicitations arising out of the financial difficulties experienced by the Intu Properties group.
- Acting for a U.S. Bank as Security Agent, Agent, and Cash Manager in relation to various data centre securitisations (both public and private) including reviewing and negotiating the bespoke security packages.
Bryan Cave Leighton Paisner
Bryan Cave Leighton Paisner climbs the ranking due to its strong CMBS practice and its growing involvement in innovative areas of the securitisation market, not least the back-leverage financing of UK and European commercial real estate loans, which has picked up since the entrance of private equity debt funds into the market. Will Trotman is a key adviser on structured real estate finance. ‘His focus on the important aspects of a deal’ is a central element of his approach according to companies. Eleanor Hunwicks frequently acts for major international lenders in the real estate aspects and servicing of commercial mortgage loans. She recently assisted CBRE as servicer of a €248.9m pan-European CMBS.
Responsables de la pratique:
William Trotman; Eleanor Hunwicks
Autres avocats clés:
Nnaemeka Ezeh; Jan Bervida; Alexander Hadrill
Les références
‘Will Trotman – I have worked with Will for many years. He is a very knowledgeable, pragmatic partner. His no nonsense approach is exactly what you need as he focuses on the important aspects of a deal. He is a very safe pair of hands and has the right legal vs commercial balance that one needs.’
‘This is a really solid, good team. They are value for money and very technically adept.’
‘Will Trotman is one of my go-tos. He is very user friendly, great attention to detail and always available to help. He is really clever and technical but also one of life’s gentlemen. His team is great: Jan Bervida, Nnaemeka Ezeh, Alexander Hadrill are all really great to work with and up-and-comers.’
Principaux clients
CBRE Loan Services
Situs International
Assured Guaranty
Dechert LLP
Dechert LLP has invested heavily in its London team with the recent recruitment of Sushila Nayak and James Jirtle from Orrick, Herrington & Sutcliffe (UK) LLP. Nayak will lead the firm’s CLO offering, which was already increasing its market presence. Aaron Scott recently led a team that advised Barings on the launch of the first-ever EU private credit CLO, a €380m offering backed by a portfolio of European middle-market loans. The growing use of securitisation technology in back-leverage and fund finance transactions continues to play to the strengths of experienced partner John McGrath, who is also a key adviser to both banks and buy-side parties on performing and non-performing financial products often involving enforcement or restructuring. Richard Pugh is a go-to adviser on CMBS, term asset-backed securitisations, and securitised lending.
Autres avocats clés:
Sushila Nayak; John McGrath; James Jirtle; Richard Pugh; Aaron Scott
Principaux clients
Barings (U.K.) Limited
Palmer Square Europe Capital Management LLC
Anchorage Capital Group, L.L.C.
CarVal CLO Management, LLC
Principaux dossiers
- Advised Barings on the launch of the first-ever EU private credit CLO. Valued at €380m, the CLO was arranged by BNP Paribas and backed by a portfolio of European middle-market loans and rated by S&P and Fitch.
- Advised Palmer Square Europe Capital Management LLC on its issuance of CLO 2024-1 DAC of €416,200,000 of CLO notes backed by a portfolio of primarily broadly syndicated loans managed by Palmer Square and the related warehouse transaction.
- Advised Anchorage CLO ECM, L.L.C in connection with (a) the establishment of a warehouse financing facility and (b) the issuance by Anchorage Capital Europe CLO 10 DAC of €360,500,000 of CLO notes backed by a portfolio of primarily broadly syndicated loans managed by AB CarVal.
DLA Piper
DLA Piper‘s international finance team is ‘highly competent and skilled with a commercial and pragmatic approach’. Its three-partner London securitisation group is able to co-ordinate expertise across the firm’s international network to handle complex multi-jurisdictional transactions, including public and private deals involving alternative finance platform lenders. A key example is Plata Finance Limited’s £250m inaugural public securitisation backed by unsecured consumer loans. Marcus Lovatt, who is ‘always pragmatic and business-oriented’, handled that deal. Steven Krivinskas, who assisted Mount Street as special servicer with a restructuring of a CMBS transaction, and Mark Dwyer, who acted for Concord Music in its $850m notes issuance, lead the London practice group.
Responsables de la pratique:
Steven Krivinskas; Mark Dwyer
Autres avocats clés:
Marcus Lovatt
Les références
‘The team is highly competent and skilled with a commercial and pragmatic approach. They guide the clients through complex legal matters and still manage to find the cleanest route to the goal without overcomplicating things. We appreciate their dedication and their efforts to always deliver on time, even when the odds are against it.’
‘Marcus Lovatt has provided excellent advice to our business, helping structure complex transactions and leading us through the process from start to finish. Always pragmatic and business-oriented, he has helped us achieve significant goals within our transaction business with his dedication and skillset. A true professional!’
‘The team is diligent, proactive and good transaction managers.’
‘Marcus Lovatt is excellent. He is very good in a crisis and brings a logical approach to tackling difficult problems.’
‘The team is excellent – well resourced, diligent, thorough and great communicators. Everything appears to run very smoothly from the client\’s perspective.’
‘Marcus Lovatt is fantastic – extremely knowledgeable and also highly commercial. He is always calm, friendly and professional whilst going to all lengths to make sure the client is happy.’
Principaux clients
Together Financial Services Limited
Plata Finance Limited
Mount Street Mortgage Servicing Limited
Europejski Fundusz Leasingowy S.A.
Praetura Commercial Finance
Concord Music
Together Financial Services Limited
Plata Finance Limited
Mount Street Mortgage Servicing Limited
Europejski Fundusz Leasingowy S.A.
Praetura Commercial Finance
Concord Music
Principaux dossiers
- Advised Together Money (as originator, servicer, subordinated noteholder and cash administrator), in our role as drafting counsel, on the refinancing of Together Money’s existing £1.5bn Charles Street private warehouse facility.
- Advised EFL (as seller and servicer) on the securitisation of a portfolio of lease receivables originated in Poland by EFL. This was one of the largest transactions of its type in Poland. The bonds were acquired by Santander CIB, ING Bank Slaski and Bank of America.
- Advising Concord Music on the issue of U.S. $850,000,000 Secured Music Catalog Term Notes, Series 2024-1, Class A Notes under its securitisation programme backed by music catalogue receivables.
Fieldfisher
Fieldfisher‘s London structured finance team provides ‘timely, accurate and practical solutions to challenges’ and clients note that it is ‘highly responsive and easy to work with’. Practice head Guy Usher oversees a diverse practice where the work encompasses everything from Alex Campbell‘s handling of a major GBP and USD LIBOR remediation project involving 30 legacy public securitisations, to Peter Knust‘s specialist advice to corporate trust and corporate service provider clients. Marsili Hale is ‘an expert with deep industry knowledge and market-leading technical skills’. Stephen Moller has completed more than £1bn of transactions structured finance and securitisation transactions over the last two years, including a £100m deal for a UK pension provider, while Sebastian Reger focuses on clients in the pensions, credit funds and fintech sectors.
Responsables de la pratique:
Guy Usher
Autres avocats clés:
Alex Campbell; Marsili Hale; Peter Knust; Stephen Moller; Sebastian Reger
Les références
‘Local expertise, responsiveness, valuable guidance, fees transparency.’
‘Communication, high quality services.’
‘Marsili Hale – an expert with deep industry knowledge, very high levels of responsiveness, market leading technical skills and a genuine desire to support the growth of our business through introductions etc.’
Principaux clients
PF Capital Finance Limited
CSC Group/ Intertrust Group
BCMGlobal Mortgage Services Limited
RSM LLP
Apex Group
Vistra
Law Debenture Trust Corporation
Ogier Global (UK) Limited
Market Financial Solutions Limited
Aros Kapital Limited
Jefferies International Limited
Société Generale
OneFamily Lifetime Mortgages Limited
BCMGlobal ASI Limited
Everyday Finance DAC
Perenna Bank plc
Principaux dossiers
- Advised Invesco on the base prospectus and listing of its Digital Markets bitcoin-backed exchange traded certificates.
- Advised Apex Group on successful £5bn LIBOR restructurings of 9 tough legacy securitisations.
- Advised BCMGlobal ASI Limited and Everyday Finance DAC on the securitisation of an Irish re-performing loan portfolio.
McDermott Will & Schulte
McDermott Will & Schulte is ‘rapidly making its mark in the European market’, advising on ‘innovative transactions’. Its work on the securitisation of esoteric assets such as insurance-linked securities, life settlements, loans secured by fine works of art complements its growing presence in the busy CLO market, building on the firm’s strong US CLO practice. Stuart Axford, who has in-depth knowledge of ABS involving assets such as residential and commercial mortgages, auto loans, aircraft, sports loans, supply chain finance, cryptocurrencies and NFTs, and CLO expert Martin Sharkey, who is ‘accessible, has good product knowledge and is very user-friendly’, lead the group. Polly O’Brien‘s broad specialty finance practice also encompasses securitisation, derivatives and structured products.
Responsables de la pratique:
Stuart Axford; Martin Sharkey
Autres avocats clés:
Polly O’Brien
Les références
‘I think Martin Sharkey continues to lead the team well. He is accessible, has good product knowledge and is very user-friendly.’
‘The team is personable and keeps us apprised of regulatory developments in the securitisation space.’
‘The firm’s securitisation practice in London has been rapidly making its mark in the European market through its involvement in innovative transactions. Its activities have been reinforcing the firm’s already strong areas of transactional expertise.’
Principaux clients
Barings (U.K.) Limited
GoldenTree Asset Management LP
Principaux dossiers
- Advised Barings (U.K.) Limited as CLO manager on Barings’s Euro 2024-1 CLO, valued at €400 million, which was arranged by BNPP.
- Represented GoldenTree Loan Management and GLM III, LP as CLO manager on the client’s GLME 8 CLO, valued at €400 million, which was arranged by Barclays, with Morgan Stanley as a co-initial purchaser and Wells Fargo as a placement agent.
- Represented GoldenTree Loan Management and GLM III, LP as CLO manager on the client’s first CLO refinancing of 2024, GLME 6 CLO, valued at €440 million.
Milbank
Milbank has ‘a strong team with a broad practice’ that encompasses CLOs, often acting for investment managers, and Greek securitisation transactions. The firm counts Bain Capital, KKR and BNP Paribas among its flagship clients. James Warbey, Claire Bridcut, Robert Wyse Jackson and Chris Burke all have an established presence in the European CLO market. Warbey, who played a lead role in the first CLO 2.0 transaction after the global financial crisis, remains a key presence in the space. Bridcut, who is ‘willing to take positions rather than follow precedent where appropriate’, acted for Bridgepoint Credit Management Limited as the collateral manager in the €326m issuance of CLO notes.
Responsables de la pratique:
James Warbey
Autres avocats clés:
Claire Bridcut; Robert Wyse Jackson; Chris Burke
Les références
‘They are a strong team with a broad practice while remaining experts in many transactions.’
‘Claire Bridcut is really strong. Willing to take positions rather than follow precedent where appropriate and is an advocate for clients.’
Principaux clients
AXA Investment Managers US Inc.
Bain Capital Credit U.S. CLO Manager II, LP.
Cross Ocean Adviser LLP
Trinitas Capital Management, LLC (WhiteStar)
PGIM Loan Originator Manager Limited and PGIM Limited
Capital Four CLO Management II K/S and Capital Four Management Fondsmæglerselskab A/S
KKR
Bridgepoint Credit Management Limited
BNP Paribas
Park Square Capital, LLP
Polus Capital Management
Nassau Corporate Credit (UK) LLP
Public Power Corporation S.A.
Attica Bank S.A.
Morgan, Lewis & Bockius UK LLP
Morgan, Lewis & Bockius UK LLP is known for its ability to manage cross-border transactions for clients in the US, UK, EMEA and Asia. Theresa Kradjian leads the London structured transactions group, leveraging her in-depth knowledge of UK RMBS, covered bonds, US and European ABCP, credit cards, equipment leases, and much more. The key partner is Merryn Craske, who is ‘a leader and a person you can trust’. She is a key adviser to banks, originators, alternative investment funds, private equity firms, and other securitisation and structured finance transactions across many diverse asset classes. The arrival of Dasha Sobornova from Akin deepens the firm’s capability in CLOs and fund securitisations. Richard Hanson moved to Cadwalader, Wickersham & Taft LLP. Julian Goodman sadly passed away in December 2024.
Responsables de la pratique:
Theresa Kradjian
Autres avocats clés:
Merryn Craske; Dasha Sobornova; Elif Eke; Oindrila Bhowmik; Gulmin Cosar
Les références
‘The team is efficient and well-prepared. They are very quick and precise in responding.’
‘A special mention goes to Merryn Craske who is very competent and always on the deal. She is a leader and a person you can trust.’
Principaux clients
Avenue Capital
Bank of America/Merrill Lynch International
Citigroup Global Markets
Clydesdale Bank/Virgin Money
EFG International/EFG Private Bank
J.P. Morgan
NewDay Cards
Paul, Weiss, Rifkind, Wharton & Garrison LLP
Paul, Weiss, Rifkind, Wharton & Garrison LLP joins the ranking having made notable investments in its UK securitisation group. The practice is led from New York by head of global financial services Anastasia Peterson, who is heavily involved in the development of the London team, which hired David Thomas from Slaughter and May in late 2024. Peterson, who is ‘a trusted advisor and someone who can get things done’, acted for Apollo in the financing for its $8bn acquisition of assets of Credit Suisse’s Securitised Products Group, as part of the bank’s restructuring, and its ongoing financings as part of the Apollo Global Management ecosystem. Thomas recently advised NewDay Cards on its joint venture with Lloyds Bank.
Responsables de la pratique:
Anastasia Peterson
Autres avocats clés:
David Thomas
Les références
‘Anastasia at Paul Weiss is a trusted advisor and someone who can get things done in an efficient manner while providing real « advice » rather than just drafting documents.’
Principaux clients
Apollo Global Management, Inc.
Hipgnosis Lenders Group
Atlas SP Partners
Radius Global Infrastructure
Warburg Pincus
General Atlantic
Pinsent Masons LLP
The structured finance group at Pinsent Masons LLP stands out for its ‘ability to see the big picture and think strategically’. The firm has a broad practice in both public and private deals across many asset classes, ranging from auto loans to trade receivables. Practice head Edward Sunderland frequently advises on consumer credit receivables securitisations, working closely with the financial services regulation team. Seasoned practitioner Ian Falconer is a key adviser to fintech platforms on the securitisation of receivables. Victoria Baker has extensive experience in forward flows and securitisations for speciality lender platforms. Emerging partner talent Harjeet Lall ‘very quickly gets to the key issues in a transaction’, while the vastly experienced Marcus Mackenzie leverages his in-depth knowledge when assisting issuers, borrowers, originators and credit providers.
Responsables de la pratique:
Edward Sunderland
Autres avocats clés:
Harjeet Lall; Victoria Baker; Ian Falconer; Marcus McKenzie
Les références
‘What set apart Pinsent Masons was their ability to see the big picture and think strategically. They were able to offer us an engagement on very economic terms as a start up company, taking a view that ‘investing’ in us early would lead to a future payoff.’
‘Very impressed with Harjeet Lall. She was able to very quickly get to the key issues in a transaction without getting lost in the detail. This meant we could efficiently triage use of time. Harjeet seemed to genuinely want the best outcome for the client, even when that meant fewer billable hours for Pinsent Masons.’
Principaux clients
Lloyds Bank Corporate Banking
Aviva
HSBC
Prax
Nucleus
NatWest Markets
Lowell
Omni LP
Principaux dossiers
- Advising an arranging bank as senior funder on a development loan and bridging loan securitisation.
- Advising a US credit fund’s European sub-fund as originator in relation to the Rule 144A issuance of a public securitisation of reperforming mortgage loans originated from Spanish banks.
- Advising an arranging bank as senior funder an STS-compliant securitisation.
Slaughter and May
Slaughter and May is highly praised for its ‘understanding of securitisation, commercial acumen and attention to detail’. The firm is best-known for its work for blue-chip UK corporate issuers, and is active across every major asset class. Practice head Richard Jones is ‘intelligent, hardworking and a pragmatic problem solver’. Caroline Phillips and Robert Byk are also vastly experienced in public and private deals. Guy O’Keefe‘s broad practice spans securitisation and structured finance, as well as banking and capital markets, advising issuers, borrowers, lenders and counterparties of all types, among them governments, financial institutions, and funds. Charlie McGarel-Groves is ‘always on hand to deal with urgent items’.
Responsables de la pratique:
Richard Jones
Autres avocats clés:
Guy O’Keefe; Caroline Phillips; Robert Byk; Charlie McGarel-Groves; Adriana Simpson
Les références
‘Oliver Wicker is exceptionally bright and we work with him on our most complex transactions.’
‘Highly knowledgeable, able to highlight the key issues and commercial / legal points to ensure maximum efficiency during drafting and review, and always on hand to deal with urgent items to meet urgent deadlines.’
‘Charlie McGarel-Groves, Adriana Simpson – really help to simplify and make the review process efficient through documenting issues list and highlighting key commercial and legal issues. Always on hand to deal with urgent items to meet urgent deadlines.’
Principaux clients
NewDay Cards Ltd
Song Capital LLP
Dignity Group Holdings Limited
Volvo Car Financial Services UK Limited
M&G Plc
Blue Motor Finance Limited
Paratus AMC Limited
Aviva plc
Principaux dossiers
- Advising NewDay on its securitisation matters for over a decade.
- Advised Song Capital LLP, as arranger, on an innovative £631 million non-recourse, non-amortising secured financing of a portfolio of properties owned by Medical Properties Trust provided by a consortium of global institutional insurance and pension investors.
- Advised Volvo Car Financial Services UK Limited in relation to a debut private UK auto loan ABS transaction, involving the issuance of an up to £600,000,000 variable funding note due 2032 to Lloyds Bank plc (as purchaser and initial noteholder).
Eversheds Sutherland (International) LLP
Eversheds Sutherland (International) LLP has ‘a great team that ensures consistency of excellent output within challenging timeframes’, with one client praising the department for its ‘unprecedented market insights’. The firm has extensive knowledge of forward-funding transactions, particularly deals providing funding to the UK and European lifetime mortgage market. Practice co-head Alex Mehdevy, who ‘knows the market and provides pragmatic advice’, leads this work.
Responsables de la pratique:
Alex Mehdevy
Autres avocats clés:
Max Morrison
Les références
‘We use this team for advice on our mortgage funding arrangements. This team knows the ERM market very well and provided excellent support to us on a complex project.’
‘Alex Mehdevy – knows the market and provides pragmatic advice.’
‘A great team that communicates and ensures continuity and coverage over long term projects/contracts to ensure consistency of excellent output within challenging timeframes. Excellent proactive support and provides exactly the right level of support to the in-house function bolstered by an ability to also communicate with the business and understand the commercial nature of the transactions and the practice area. The team really makes it integrated into the business to ensure it is a collaborative effort.’
Principaux clients
Senior Capital Solutions
Royal London Mutual Insurance Society Limited
Chetwood Financial Limited
Phoenix Life PLC
Secure Trust Bank PLC
Principaux dossiers
- Retained by Senior Capital Solutions to advise on Project Guardian involving the purchase and servicing of an £800+ million portfolio of equity release portfolio from Aviva together with providing due diligence and advising our client as introducer and initial acquirer into the back-to-back securitisation sponsored by Waterfall Asset Management with Lifetime Mortgage Funding 1 as issuer.
- Advised FundPark, a leading fintech company delivering insights and capital to help digital entrepreneurs, on an up to US$250 million asset-backed securitisation (ABS) facility.
Fox Williams LLP
Fox Williams LLP‘s ‘dynamic, proactive and responsive’ structured and specialist finance group joins the ranking this year, partly due to the hire of ‘commercial and pragmatic’ securitisation partner Ed Bellamy from Dentons. He brings extensive experience in advising originators, financial institutions, private credit funds, investors, servicers and other market participants on public and private deals. He joins fintech specialist Jon Segal, who has in-depth knowledge of forward flow transactions, portfolio sales, and marketplace structures, and is increasingly active for credit funds.
Responsables de la pratique:
Jon Segal
Autres avocats clés:
Ed Bellamy
Les références
‘The team comes across to us as dynamic, proactive and responsive. The addition of Ed Bellamy has brought the firm to our attention as an up and coming player in the structured finance space and we are impressed with the quality of Ed’s team.’
‘We work a lot with Ed Bellamy and his team. Ed is fantastic lawyer – he is responsive, commercial and pragmatic. We had a great experience on a recent transaction where Ed and his team made the entire process incredibly smooth and efficient for us – the borrower was also impressed! Ed is a quality individual who provides top-tier firm service – we value his input and collaboration.’
Principaux clients
Fintex Capital
Lenkie Technologies Limited
Curve Credit Limited
Go Car Credit Limited
Principaux dossiers
- Advising Fintex Capital with respect to an asset-backed financing line to Human Forest (an e-bike rental company operating in London and a leader in sustainable urban mobility).
- Advising Lenkie Technologies with respect to a forward flow arrangement with a US debt fund in relation to SME loans originated by Lenkie Technologies.
- Advising Fintex Capital with respect to an innovative litigation funding private warehouse line.
Gide Loyrette Nouel LLP
Gide Loyrette Nouel LLP‘s finance group is ‘ technically excellent, highly knowledgeable and detail-oriented’, and its London team is part of a global, multi-disciplinary group that advises financial institutions, corporates, investment funds, and public bodies on both cross-border and domestic transactions. Lead partner Dimitrios Logizidis typifies the firm’s ‘extremely deep securitisation knowledge’. He handles asset-backed finance securitisation and covered bonds. Emerging talent Samir Bensaker is ‘always willing to come up with creative solutions’. He recently assisted Link Financial as servicer on the acquisition of a €1.9bn French consumer and residential mortgage loan portfolio.
Responsables de la pratique:
Dimitrios Logizidis
Autres avocats clés:
Samir Bensaker
Les références
‘Samir Bensaker and his team are technically excellent, highly knowledgeable and detail-oriented. They are all extremely responsive and accessible.’
‘Samir Bensaker is a highly knowledgeable and personally involved and fully engaged in the transactions. He combines very technical legal expertise with strong commercial awareness.’
‘Great client-centred practice of Samir Bensaker. Always willing to come up with creative solutions taking into account client’s interest. Very good responsiveness, timeliness and willingness to offer tailored-advice.’
Principaux clients
CIC Private Debt
European Investment Fund
LCM Partners
European Investment Bank
EDFI Management Company
Principaux dossiers
- Advised CIC Private Debt as collateral manager in connection with the warehousing, ramp up and public issuance of their debut CLO transaction.
- Advised Link Financial, a subsidiary of LCM Partners, in its role as servicer during the acquisition of a EUR 1.9 billion consumer and residential mortgage loan portfolio by KKR, LCM Partners, and Rothesay.
- Advised EIF and EIB as class A 2024-01 notes investors in the inaugural ABS issuance by Ophelia Master SME FCT, a master trust structure established by BPCE to securitise SME loans on a revolving basis.
Macfarlanes LLP
Macfarlanes LLP is a prominent adviser to credit fund managers, for which it has ‘one of the best securitisation teams in London’. The ‘pragmatic and calm’ Richard Fletcher leads the practice, and his work encompasses a vast array of asset classes and investment strategies, among them consumer credit, mortgages, corporate loans, SME and mid-market loans, credit cards, auto loans, and structured credit. Head of finance Andrew Perkins is an expert on the private credit market, and takes point on many of the firm’s key credit fund relationships.
Responsables de la pratique:
Richard Fletcher
Autres avocats clés:
Andrew Perkins
Les références
‘Richard Fletcher, pragmatic and calm.’
‘Macfarlanes LLP has one of the best securitisation teams in London assisting credit fund managers in complex structured finance transactions involving special purpose securitisation vehicles, originators and risk retention holders located in various jurisdictions. They have a excellent understanding of the combination of fund finance and securitisation.’
‘Richard Fletcher and Andrew Perkins are outstanding securitisation experts and among the best structured finance experts in UK. They have excellent relationship with major credit fund managers and offer impeccable service.’
Principaux clients
Saltaire Housing Limited
Principaux dossiers
- Advised Saltaire Housing Limited in relation to a number of tap issuance of bonds under the £6,000,000,000 bond programme established in 2021 by Saltaire Finance plc, the proceeds of which are applied towards the delivery of cost-effective long-term loans to registered providers of affordable homes, as part of the Affordable Homes Guarantee Scheme.
TLT
TLT has a highly experienced group of structured finance partners led by Mark Thomas and Rich Hughes who have decades of experience in securitisation, structured loan products, trust structures and loan portfolio sales and acquisitions. Hughes is particularly well known for his knowledge of asset origination and warehousing deals, as well as portfolio transactions, in which Tom Ward and Bristol-based Abigail Hadfield are also highly proficient. Steve Downey is sought after for all aspects of securitisation, receivables finance, asset-based lending, structured lending and bridging, development and commercial lending.
Responsables de la pratique:
Mark Thomas; Rich Hughes
Autres avocats clés:
Steven Downey; Tom Ward; Abigail Hadfield
Principaux clients
Alternative Bridging Corporation
Ultimate Asset Finance
Evolution Money
Agroberries Group (Argent Food Ltd)
BCM Global
Waypoint Debt Advisory/ Waypoint Asset Management
Inclusive Finance (Trading as Credit Spring)
Foresight Group LLP
Better Homeloans Ltd
Brydg Capital Limited
Mount Street Mortgage Servicing Limited
Ashland Inc.
Pollen Street Capital
Conister Bank Limited
National Westminster Bank PLC
LendInvest
Principaux dossiers
- Advised Alternative Bridging Corporation on funding of securitisation for this 30+ year established real estate bridging loan, development finance and specialist lending provider.
- Advised Ultimate Asset Finance in the closing of Securitisation.
- Advised Evolution Money on the Restructuring of £305m private securitisation/ future flow deal for a UK specialist lender.