As financial markets become increasingly integrated, working with a law firm that understands the complexities and nuances of the key technologies and markets can deliver that elusive competitive edge. We are adept at handling the issues that arise as financial products converge and thrive on the challenges this presents. Drawing on our firm’s collective experience, we deliver creative, practical, business-oriented solutions no matter how a transaction evolves.
Our team of lawyers has securitized nearly every conceivable asset type. When combined with our experience in the conduit, CDO, derivative and synthetic markets, we offer experienced teams with the intellectual depth and industry insight needed to assist clients as they explore and maximize both current and developing market opportunities.
ABS/MBS
We have been a leader in the creation and expansion of the global and regional ABS and MBS markets and have securitized almost every asset type. Our mortgage-backed securities practice is comprehensive and international in scope. Our experience includes structuring securitizations of first-lien, home-equity and subprime residential mortgages, commercial mortgages and the resecuritization, repackaging and re-REMIC of MBS.
Auto
We believe we advise on more auto-related securitizations than any other law firm and have the leasing and tax experience to capably analyze and execute transactions involving auto leases. We are at the forefront in helping leasing companies, banks and other auto lessors create like-kind exchange programs for their own account and in coordinating such programs with titling trusts and securitization structures.
Commercial Paper
We also have one of the largest asset-backed commercial paper practices in the world. We have led the industry’s efforts to restructure CP vehicles to deal with changing accounting and risk-based capital rules. We have represented most conduit sponsors in the ABCP industry in connection with the establishment or restructuring of their ABCP programs and/or in connection with the customer transactions entered into in connection with such programs. This includes not only the traditional multiseller ABCP programs that have survived the credit crisis but also the various single-seller, extendible, callable, SIV, arbitrage and hybrid programs that emerged and then faded along the way. Our experience covers domestic programs as well as cross-border and multicurrency programs. That depth of experience also makes us well-suited to represent dealers in their ABCP programs.
Covered Bonds
We have been at the forefront of the covered bond market. Our lawyers have worked on some of the most innovative covered bond transactions to date in Europe, Asia, Latin America and Canada, where we advised on one of the first Canadian programs to be established.
Credit Cards
We have a well-established track record with regard to credit card ABS transactions. We have extensive experience representing issuers and underwriters in public and private offerings. We have also worked with most of the commercial paper conduits that are frequent providers of funding to credit card master trusts, both as conduit counsel and in connection with our role as issuer’s counsel. We also regularly represent buyers, sellers and financing parties in portfolio acquisitions and principal finance transactions.
Emerging Markets
We are a market leader in securitizations and other structured finance transactions in the emerging markets and regularly advise the major investment banks and borrowers in structuring and implementing sophisticated derivative and structured finance transactions including assisting in the structuring of local issuances.
Student Loans
Our student loan practice covers both the regulation and financing of student loans. We represent finance companies, commercial banks and investment banks as sellers, purchasers, lenders, issuers and underwriters in securitizations of student loans and have also advised on the acquisition of student loan portfolios. We regularly work on conduit transactions and term transactions (both public and Rule 144A) involving student loans and have significant experience with both FFELP student loans and private student loans, including those subject to private guaranty arrangements.
Trade Receivables
We represent a wide range of lenders providing financing for leveraged buyouts, recapitalizations and working capital needs and have extensive experience in all types of receivables financing, whether through a receivables purchase structure, an asset-based structure or factoring or invoice discounting structures. More recently we have been at the forefront in adapting traditional securitization true sale technology to other hybrid receivables purchase structures, including asset-based lending structures incorporating trade receivables securitization facilities and “securitization-lite” structures.
