Securitisation

Our experience includes advising:

Arsenal Football Club plc on a £260 million securitisation backed by ticket sales from its new 60,000-seater Emirates Stadium.

Abbey National plc on numerous issues by Holmes Financing and Master Issuer of US dollar, euro and sterling denominated floating rate notes backed by a portfolio of residential mortgage loans in England, Wales and Scotland, under the Holmes Master Trust.

Aire Valley Mortgages (as issuers) in connection with several securitisations under the Aire Valley Master Trust.

BUPA on the reorganisation of its £320 million BUPA Hospitals whole business securitisation and on the cash collateralisation of this securitisation prior to the sale of BUPA Hospitals to the European private equity firm Cinven for £1.44 billion.

Citigroup Global Markets Limited on the interest rate hedging arrangements relating to the issue by Sagres of EUR 1.66 billion in collateralised securitisation notes, refinancing the acquisition from the Portuguese government by Sagres of a portfolio of receivables comprising Portuguese tax and social security contributions (awarded 'Best Securitisation of European Assets for 2004' at the Structured Finance International Awards).

HM Treasury in relation to the ongoing situation at Northern Rock plc and its securitisation issues following the “credit crunch” in the Autumn of 2007 and in relation to the Special Liquidity Scheme announced and launched by the Bank of England in April 2008 allowing banks to swap temporarily their high quality mortgage-backed and other securities for UK Treasury bills.

Ineos Group in connection with the structuring and implementation of a EUR 1.5 billion trade receivables securitisation.

International Finance Facility for Immunisation (IFFIm) in connection with the securitisation of binding sovereign grants from six European donor countries for the purposes of funding immunisation programmes in 72 of the world's poorest countries.

Nordax Finans AB on the EUR 175 million securitisation of unsecured loans to Swedish consumers originated by Nordax Finans AB.

Norwich Union on a number of securitisations of equity release mortgages.

Punch Taverns in relation to the refinancing of its Punch Taverns Finance securitisation, involving the raising of additional £825 million of debt finance via an issue of floating rate notes by Punch Taverns Finance Plc, the acquisition of a portfolio of 239 pubs and an associated intra-group reorganisation involving the transfer of 341 pubs. This transaction was ‘Corporate Deal of the Year - Europe’, International Securitisation Report Awards 2007.