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Clifford Chance

Clifford Chance
Stephen Curtis

Stephen Curtis


Stephen Curtis

Stephen Curtis specialises in all types of structured financings, in particular, securitisation of real estate assets, whole businesses, sports receivables, credit cards, corporate loans and trade receivables.

Stephen is the adviser to the Loan Market Association's Distressed Debt Trading Committee and responsible for drafting the LMA's standard form distressed trading documentation and User Guide. Regular speaker at securitisation and secondary debt trading conferences and have had articles published on the FSA rules and regulations regarding securitisation and loan transfers.


  • Quadgas – advised Quadgas Consortium on its acquisition of Cadent Gas (previously National Grid Gas Distribution) 
  • Wales & West Utilities – adviser to the company on its secured debt issuance platform
  • Affinity Water – advised arrangers and funders on its secured debt issuance platform 
  • Yorkshire Water – advised arrangers and funders on its secured debt issuance platform
  • Thames Water – advised arrangers on the securitisation refinancing of Macquarie's acquisition of Thames Water

Infrastructure and corporates

  • AVR – adviser to AVR on its structured debt issuance platform backed and secured over revenues from its waste to energy businesses
  • Gatwick – adviser to Gatwick on its whole business securitisation programme
  • The AA – originally advised The AA on its whole business securitisation, high yield and PIK financings
  • RAC – adviser to the arrangers on its whole business securitisation and subsequent high yield issuance

Real Estate

  • Adviser to various funders in relation to a number of large European portfolio acquisitions including Normandia (Banca Sabadell), Emerald and Ruby (NAMA), Churchill (Aviva), Gem (Ulster Bank), Carlisle (Nationwide), Rock, Salt, Stone (NAMA) portfolios
  • Adviser to funders on refinancing of a portfolio of care homes owned and operated by the Barchester Group
  • Advisor to fund on refinancing of the Gyle Shopping Centre in Edinburgh

Contact details

Career and qualifications

  • Joined Clifford Chance as an articled clerk in 1991
  • Partner since 2000