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Clifford Chance

Clifford Chance

Structured Debt

Including securitisation and portfolio acquisitions

A global firm experienced in all forms of structured debt (including securitisation and portfolio acquisitions), providing highly sophisticated and innovative solutions across a wide range of products and jurisdictions.

We are recognised as an excellent global securitisation and structured debt practice with highly-experienced teams in the United Kingdom, Europe, Asia and the United States.

We provide sophisticated, often highly innovative financing solutions in all key product areas including:

  • Real estate finance, both residential and commercial
  • Unsecured consumer (credit cards, embedded finance, auto loan finance), SME Finance
  • Whole business/corporate securitisation including information and utilisation
  • Asset backed commercial paper, conduits and conduits trades
  • Structured products including CDOs, and funds based structures

We also provide full service US advice as an integrated part of any cross-border or global structured debt transaction.

Our range of clients covers all types of market participants, including banks, investment firms and the top originators in many sectors of the market.

Our Securitisation and Structured Debt expertise

Residential mortgage-backed finance
including RMBS, private warehouse and portfolio acquisition/sales

Covered bonds and NPLs
including NPL acquisitions/sales and financing

Trade receivables and ABCP conduits
Trade receivables and ABCP conduits

Consumer and SME ABS
including credit cards, embedded finance and other consumer loans

Auto securitisation
including auto loans and auto leasing

SPV incorporation and management and CLOs
SPV incorporation and management and CLOs

Commercial mortgage-backed finance
including CMBS, private warehouse and repackaging

including market-place lending structure, fleet securitisation

Synthetic securitisations and Securitisation regulatory
Synthetic securitisations and Securitisation regulatory

Recent client highlights

  • Advised the National Bank of Greece on its first securitisation of a portfolio of NPLs under the Hellenic Asset Protection Scheme ("HAPS"). NPL deal of the Year: GlobalCapital European Securitisation Awards 2022.
  • Advised Citi, ING and Standard Chartered on Bayfront Infrastructure Management Pte. Ltd's US$401 million project and infrastructure loan securitisation. The transaction is the first publicly issued securitisation to include a sustainability tranche backed by eligible green and sustainable assets that make up nearly half the underlying portfolio and builds on the successful issuance of Asia’s first securitisation of project and infrastructure loans by Bayfront Infrastructure Capital Pte. Ltd in 2018.
  • Advised B2Holding, a leading, Norwegian headquartered pan-European debt investor and servicer, on the securitisation of portfolios of non-performing loans and real estate owning companies across multiple European jurisdictions including France, Italy, Greece, Cyprus, Romania, Bulgaria, Croatia, Slovenia and Serbia.
  • Advised Citibank, N.A., London Branch as arranger, lead manager and Class A note purchaser in relation to the NewDay Funding Master Issuer plc Series 2022-2 issuance from NewDay's "direct to consumer" own-brand UK credit card master trust programme.

  • Advised Bank of America and Goldman Sachs in their role as Joint Arrangers, Joint Lead Managers and Risk Retention Holders on Cassia 2022-1, a €235.5 million agented CMBS issuance secured over separate portfolios of logistics properties located in Italy. 
  • Advised investors in the Hertz' European rental car asset back securitisation programme on the 2022 renewal and upsize of the European ABS from €750 million to €1.1 billion. The deal also included the addition of a new jurisdiction to the ABS programme, Italy, as well as allowed the entry of new investors.