NautaDutilh is the firm of choice for both first time and repeat issuers, advising on the securitisation of consumer credit products and portfolios and assisting bonds issuers with the conversion of conditional bonds into covered bonds programs. Michaëla Ulrici
has ‘one of the sharpest minds in the Dutch market,’ advising on public securitisation transactions and heading the practice alongside ‘very solid and reliable partner’ Arjan Scheltema, a specialist in the structuring of covered bonds programs. Liza Gerritsen is called upon for her expertise in structuring the securitisation of mortgage and consumer loan products and SME loans.
Banking and finance: asset finance and structured finance in Netherlands
NautaDutilh
Practice head(s):
Michaëla Ulrici; Arjan Scheltema
Other key lawyers:
Liza Gerritsen; Reinier Dommerholt
Testimonials
‘The ND asset and structured finance team has been the leading law firm in the Dutch market for more than two decades. By delivering top notch service it continues to deserve that accolade. Very strong legal expertise combined with unparalleled experience in Dutch asset-backed financing transactions of any kind make ND the go-to law firm for me.’
‘Michaëla Ulrici will simply always deliver. Not just what you thought you needed but always that bit extra that you only appreciate once it is done. Decades of experience combined with one of the sharpest minds in the Dutch market makes Michaëla someone you always want on your side of the table.’
‘Arjan Scheltema is the go-to lawyer in the Dutch market when it comes to covered bonds and other asset-backed transactions. Very solid and reliable partner in the best practice in the Dutch market. Liza Gerritsen and Reinier Dommerholt are the pillars that underpin the ND practice and allow Michaëla and Arjan to deliver what we have come to expect of them. Very knowledgeable and a pleasure to work with.’
‘Overall knowledge in combination with specific expertise on all required topics.’
‘Very cooperative from a business partner perspective.’
‘A team with a lot of knowledge and experience. Very little turnover in personnel. Dominant position in Dutch market when looking at structured finance. NautaDutilh is setting the standard.’
‘Excellent in its field, the go-to law firm in the Netherlands for this type of specific transactions. Approachable, always available and highest quality.’
‘The team headed by Michaëla Ulrici stands out for its advice and deep knowledge of structured finance transactions. Michaëla and her team are our go-to lawyers if you need the highest quality legal service in the Dutch structured finance market. Liza Gerritsen is as part of the team also always available and very knowledgeable in these transactions.’
Key clients
ABN AMRO Bank N.V.
Achmea Bank N.V./Achmea Group
ARA Venn
Argenta Spaarbank N.V.
ASR
Athora Netherlands N.V.
Blauwtrust Groep N.V.
Build Investment Management B.V.
Chenavari
Coöperatieve Rabobank U.A.
Crédit Agricole Consumer Finance Nederland B.V.
DAR Hypotheken B.V.
de Volksbank N.V.
DMF Investment Management B.V.
Dynamic Credit Group
Floryn Nederland B.V.
In3 NL B.V.
ING Bank N.V.
Intertrust Management B.V.
J.C. Flowers & Co
Knab N.V.
Lender & Spender B.V.
MeDirect Bank SA/NV
Nationale-Nederlanden Bank N.V.
NIBC Bank N.V.
Qander Consumer Finance B.V.
Rothesay
T-Mobile
Triodos Bank N.V.
Venn Partners LLP
Vistra (Netherlands) B.V.
Work highlights
- Assisted Athora Netherlands N.V. with the transfer of a more than €900m mortgage loan portfolio to Dynamic Credit for the benefit of an investor based in the UK.
- Advised Lender & Spender B.V. on its inaugural public Mila 2024-1 securitisation transaction to finance a portfolio of €250m fixed rate, unsecured consumer loans.
- Assisted Van Lanschot Kempen with the consent solicitation to transfer the conditional pass-through covered bonds outstanding under its conditional pass-through covered bond programme to its soft bullet covered bond programme.
Simmons & Simmons
Simmons & Simmons maintains a broad asset finance offering, advising banks and private equity houses as issuers, arrangers and buyers on the securitisation of mortgage and other consumer credit products, working alongside the firm’s offices in London and further afield to oversee multijurisdictional transactions. Steering the practice is ‘excellent lawyer’ Jeroen Bos, a specialist in both securitisation and covered bonds deals who also offers expertise in loan portfolio transactions. Vincent Engel assists issuers and arrangers on the public and private placement of securities, with Marline Hillen also handling a variety of asset-backed transactions.
Practice head(s):
Jeroen Bos
Other key lawyers:
Vincent Engel; Marline Hillen
Testimonials
‘The team is very approachable and sincere.’
‘Humble and straightforward attitude.’
‘Jeroen Bos is an excellent lawyer, always available, quick to respond and very knowledgeable. He is supported by a strong team.’
‘Jeroen Bos is the go-to lawyer at Simmons.’
‘Very hands on and reliable, outstanding technical skills with a broad network in partner jurisdictions.’
‘100% reliable & efficient – Jeroen Bos is an outstanding professional, Marline Hillen as well!’
‘Highly capable and professional international law firm. Broad range of legal services and markets. Great execution skills and excellent junior/mid-level team.’
‘The partner and team are all excellent in their work (both legal knowledge as well as on the practical side). Great execution skills with continued high performance under time pressure. Excellent project management.’
Key clients
ABN Amro Bank
AEGON Asset Management
Citigroup
Donner & Reuschel
Rabobank
BNP Paribas
Hiltermann Lease
NN Bank
Argenta
MUFG
LeasePlan
NIBC Bank
NatWest Markets
HSBC
Barclays
OLB Bank
Tulp Hypotheken
Axiom
Hiltermann Lease
Work highlights
- Advised Citibank on the Jubilee Place securitisation transactions, where the underlying assets are buy-to-let mortgage loans originated by three separate originators.
- Advised Barclays on a LFH lease securitisation transaction, where the underlying assets are financial and operational lease receivables resulting from equipment operational lease and financial lease receivables, and which also included a VAT facility.
- Advised Hiltermann Lease as the seller on its €1bn private and €450m public securitisation of car and equipment lease receivables.
A&O Shearman
Under the guidance of Netherlands Head of Finance Niels de Ru, A&O Shearman places a strong emphasis on buy-to-let and residential mortgage securitisations and other consumer finance products, including auto loans. The firm also acts for banks on the issuance of covered bonds programs, an area of focus for Tom Reutelingsperger, and assists them in their capacity as arrangers for a variety of structured finance offerings. Aroen Kuitenbrouwer is well versed in real estate financing and also oversees the restructuring of existing loans. Natusia Szeliga tackles digital bonds issuances and structured credit portfolio deals. Gerard Kastelein departed the firm in November 2024.
Practice head(s):
Niels de Ru
Other key lawyers:
Aroen Kuitenbrouwer; Tom Reutelingsperger; Natusia Szeliga
Testimonials
‘Very pragmatic team with a lot of experience and fun to work with.’
‘A leading team in the Netherlands on securitisation and related topics.’
‘Natusia Szeliga is capable of leading deals and projects from A to Z as a safe pair of hands.’
Key clients
Leaseplan
Aegon
Auxmoney Investments Limited
Domivest
ING
Mirage/Blokker
Europools Euro Pool Systems
Work highlights
- Acted as drafting counsel on Domivest’s public, STS-compliant buy-to-let securitisation.
- Advised Aegon and the issuer on establishment of its Saecure 22 transaction.
- Advised LeasePlan on its new public STS securitisation of auto lease receivables, valued at €500m.
Baker McKenzie
The ‘well prepared’ team at Baker McKenzie takes on a range of technical transactions, including the securitisation of trade receivables and warehouse deals, and also offers particular experience in the securitisation of auto loans. The firm is called upon by a client base consisting of arrangers providing financing for assets and issuers looking to issue new securities. Practice head Philippe Steffens, also head of the firm’s global securities team, is sought after for his expertise in the securitising of trade receivables and is also well versed in asset-based lending. Both Steffens and Jot van Suijlen handle loan portfolio transactions.
Practice head(s):
Philippe Steffens
Other key lawyers:
Jot van Suijlen
Testimonials
‘Team is very knowledgeable and client oriented. Valuable benchmark information helps in negotiating the wording of agreements.’
‘Partner is available for meetings, also ad-hoc. Makes you feel you are the only and most important client. Very knowledgeable.’
‘Excellent team. Easy to reach out to. Excellent knowledge of our business.’
Key clients
Arrow Global
Bank of America
BNP Paribas
Commerzbank
Community Hypotheken
Credit Suisse
HSBC
ING Bank
Kantar
Lloyds Banking group
MUFG
N26 Bank
Natixis
NIBC Bank
NN Investment Partners/Goldman Sachs Asset Management
Orange Credit Hypotheken B.V.
Rabobank
Santander
SolidBriQ
Venn Hypotheken
Work highlights
- Advised LFH Lease B.V. on its inaugural Dutch private warehouse securitisation of lease assets and receivables with Barclays and SCIO Capital as senior and mezzanine noteholders.
- Advised Ebury, a Santander owned Fintech trade finance payments platform with replacing the lender on its securitisation structure and adding new jurisdictions and products. This involved extensive amendments to the transaction to reflect the new lender’s requirements, additional security, documentation, memoranda, and opinions.
- Advised ABN AMRO Bank N.V. as senior lender and transaction counsel on a transaction involving the financing of lease receivables and flight simulators manufactured by SIM International B.V.
Clifford Chance
Clifford Chance maintains a broad approach to the securitisation market, offering clients the capacity to structure both residential and commercial mortgage-backed products in addition to overseeing trade receivables transactions. Steering the firm’s securitisation efforts is Nienke van Stekelenburgh, whose expertise encompasses the gamut of mortgage-backed securities transactions in addition to assisting on asset financing deals. The ‘knowledgeable and hands-on’ Marijke van der Weide provides further experience in mortgage-backed securitisations and is also well versed in deals structured around auto and other consumer loans.
Practice head(s):
Nienke van Stekelenburgh
Other key lawyers:
Marijke van der Weide; Nolan Groenland
Testimonials
‘Marijke van der Weide is an excellent lawyer who is fully dedicated to her clients and is very thorough in her work. She is knowledgeable and hands-on.’
Key clients
Obvion
Barentz International
OCI
Damen
Elan
Recap
ING Bank
Rabobank
Dentons
Dentons advises both banks and borrowers across a range of asset-backed facilities, frequently being called upon to structure ESG-focused loans and those backed by real estate, energy and aviation assets. The team is particularly adept at handling deals governed by English and Welsh law, with Jacqueline Bell, who heads the firm’s European transport and infrastructure team, advising on the financing of aircraft and energy projects. Bell leads the group alongside Marcel Janssen, a specialist in export and project finance.
Practice head(s):
Jacqueline Bell; Marcel Janssen
Testimonials
‘Commercial, good partner availability, value for money.’
‘Provides leads and introductions.’
Key clients
Rabobank
Triodos Energy Transition Europe Fund
GIGA Storage
Berlin Hyp A.G.
Macquarie Capital
ING Bank
Triodos Groenfonds N.V.
ABRDN
ABN Amro
Santander
UniCredit
Responsibility AG
Work highlights
- Advised a consortium of Berlin Hyp, Deutsche Hypo, Natixis CIB and Société Générale on a non-recourse secured green loan to Klépierre for the purpose of refinancing the Hoog Catharijne shopping centre.
- Advised the arrangers on a $400m financing to Sucafina, including facility documentation and security in Brazil, Colombia, Netherlands, and New York.
- Assisted with the amendment of a €292m secured syndicated multicurrency borrowing base facility for Business Lease Group.
Freshfields Bruckhaus Deringer
Freshfields Bruckhaus Deringer‘s ‘knowledgeable and responsive’ team is instructed by bank syndicates in their capacity as lenders on securitisation transactions concerning residential and commercial mortgages and receivables, in addition to advising asset managers on the acquisition of securities portfolios. Practice head Mandeep Lotay advises on multijurisdictional loan portfolio deals where securitised products provide finance, with additional expertise in overseeing the issuance of new securities. Dámaris Engelschman acts for both sponsors and borrowers across a range of structured financial products.
Practice head(s):
Mandeep Lotay
Other key lawyers:
Priyanka Mokashi; Dámaris Engelschman
Testimonials
‘The team is well embedded in the structured finance industry and has strong expertise in both private and public RMBS and CMBS transactions. They are strong in communication and apply a pragmatic approach to get transactions over the line. They have good relationships with other third parties involved such as service providers, security trustees and rating agencies.’
‘Mandeep Lotay is pragmatic, deal driven and strong in communication and coming up with legal solutions to bring deals forward.’
‘Excellent in executing deals.’
Key clients
CPP Investments
RNHB B.V.
Channel Capital Advisors LLP
Intertrust
M&G Investment Management Limited
Sculptor Capital
ING
Fidera Limited
CarVal Investors
Work highlights
- Advised RNHB as master servicer on a publicly rated residential mortgage-backed securitisation by Citibank N.A. to finance the acquisition of two Dutch mortgage loan receivables portfolios originated by RNHB.
- Advised ING, Santander, Bank of America and Crédit Agricole in relation to an ESG-compliant Dutch residential mortgage-backed securitisation for ING as seller with Green Lion 2024-1 B.V. as issuer.
Hogan Lovells International LLP
Covered bond issuances are the key pillar of Hogan Lovells International LLP’s structured finance offering, with a particular recent focus on ESG-centric products and associated regulatory requirements. The firm is also frequently tasked with handling the securitisation of auto loans and residential mortgages by Dutch and foreign bank syndicates. Heading the group in tandem are Robert Masman, whose expertise extends from securities issuances to portfolio transactions, and Wouter Jongen, who is qualified in the Netherlands and England & Wales and specialises in syndicated and leveraged financing. Dylan Goedegebuure combines expertise in acquisition financing with knowledge of DCM transactions.
Practice head(s):
Robert Masman; Wouter Jongen
Other key lawyers:
Dylan Goedegebuure
Key clients
ING Bank N.V.
ABN AMRO Bank N.V.
Coöperatieve Rabobank U.A.
BofA Securities Europe SA
Deutsche Bank AG
UBS AG
LeasePlan Corporation N.V.
NatWest Markets
BNP Paribas UK Limited
Volkswagen Pon Financial Services B.V.
Norton Rose Fulbright
Norton Rose Fulbright‘s asset finance expertise lies in the shipping and aviation sectors, where the firm advises lenders and borrowers on the arranging of cross-border financing structures for the acquisition or lease of ships and aircraft. Practice head Wouter Hertzberger ‘finds joy in solving problems,’ specialising in asset finance in the aforementioned sectors and further advising on export credit finance. Mei Land Man handles asset finance transactions with export credit guarantees attached.
Practice head(s):
Wouter Hertzberger
Other key lawyers:
Mei Land Man
Testimonials
‘The most outstanding aspect of the team is that it is a team. Open to new ideas and flexible but with a professional attitude, and pleasant to deal with.’
‘Mei Land Man and Wouter Hertzberger stand out as they respect their coworkers and allow them to bring added value while providing support where needed.’
‘They are focused on understanding the business, the sector and adding true value from a legal point of view.’
Key clients
ABN AMRO Bank
ANZ
Atal Consulting
Atradius Dutch State Business
Banco Santander S.A
BNP Paribas
Bristow
Citibank
DNB Bank
HSBC
ING Bank
International Finance Corporation
Invest International
Macquarie Rotorcraft
MUFG Bank
NIBC
Rabobank
Prow Capital B.V.
Société Générale
Standard Chartered Bank
Work highlights
- Advised Atal Projects B.V. in relation to the financing of the purchase by Blue Astra Maritime of four vessels, and their subsequent retrofitting.
- Advised NIBC on an agreement to sell its $992m portfolio of shipping loans and related derivatives to Hamburg Commercial Bank.
- Advised noteholder investors on a structured sale and leaseback financing of sorting centre real estate for PostNL.
Stibbe
Stibbe advises banks and industry clients on the securitisation of both commercial and residential mortgage portfolios, consumer credit and auto loans, additionally assisting with the structuring of finance products linked to a range of asset classes, including ships and aircraft. Heading the practice is the trio of structured finance specialist Marieke Driessen, Maarten de Bruin, who focuses on real estate finance and related tax matters, and London-based Rein van Helden, who combines knowledge of securitisation transactions with property and acquisition finance.
Practice head(s):
Marieke Driessen; Maarten de Bruin; Rein van Helden
Other key lawyers:
Niek Groenendijk
Key clients
ABN AMRO
Apax Partners
APG
Bain Capital
BNP Paribas
British American Tobacco
Citibank
Crédit Agricole
ING
Goldman Sachs
J.P. Morgan
MODEC
Morgan Stanley
NIBC
Nordea
Opel Financial Services
PSA Finance
Q-Park
Société Générale
Smurfit Kappa
UniCredit
Work highlights
- Advised Breakthrough Properties on a €35m green loan for a life sciences project.
- Advised on the annual update of NIBC’s Dutch law governed €20bn debt issuance programme.
FIZ advocaten B.V.
FIZ advocaten B.V.
offers ‘extensive experience in financial services,’ acting for clients engaged in the securitisation of mortgage portfolios and other consumer finance products. Practice head Jurian Snijders is noted for his expertise in the securitisation of mortgages and consumer loans, with additional experience in the restructuring thereof. Youri Tonino assists clients with a variety of financing transactions alongside his insolvency work, with Michiel Claassen handling the regulatory aspects of securitisation transactions.
Practice head(s):
Jurian Snijders
Other key lawyers:
Youri Tonino; Michiel Claassen; Erik Luten; Armin Zukanovic
Testimonials
‘A small team with extensive experience in financial services, taking a comprehensive approach to inquiries. They not only consider the litigation perspective but also assess the commercial implications for the companies they serve.’
‘Ability to work within established deadlines while demonstrating flexibility and innovative thinking. Maintains a high level of legal knowledge and stays informed on competitor insights.’
‘FIZ advocaten is a boutique law firm with skilled lawyers who understand our business very well, while being specialists in their field. I find them to be proactive, for us, but also in the general field, contributing to the development of laws and regulations. FIZ really contributes to our business.’
‘Jurian Snijders is a sharp and scientific lawyer. Michiel Claassen is a very good lawyer who is kind and very approachable, a fast thinker. He only needs a few words as he understands how our business works and what we are looking for. Youri Tonino is a very good contract lawyer who can focus on the essentials and is pragmatic. He is pleasant to work with.’
‘Their service has been outstanding. At FIZ you will find a proactive approach, hands-on mentality, on time delivery of results, creativity and well-informed on every topic. They are all very approachable and very good communicators.’
‘Jurian Snijders is an excellent lawyer, a very good listener, creative and also a very friendly person. As a professional, he is analytical, pragmatic, very knowledgeable and definitely a great problem solver.’
‘Jurian Snijders, Youri Tonino and Michiel Claassen are skilled lawyers with years of experience and with very good knowledge of how we work, our needs and how and where they can add value. The contact with them is personal and it feels like we have our own internal legal department despite the fact that they work as externals. They can offer the specialist support we need in our company.’
‘Jurian Snijders is a remarkable lawyer who stands out not only for his legal expertise but also for his unique approach to client service and problem-solving. He brings an impressive combination of sharp legal acumen, deep industry knowledge, and an unwavering commitment to delivering results.’
Key clients
Credit Management & Investor Solutions B.V./Adaxio B.V./ESGood B.V./Fenerantis B.V./Hyra Real Estate Investments B.V.
On The Move Finance
BCMGlobal Nederland B.V.
Quion Groep
PCI Nederland B.V.
Vesting Finance
WebFin Leningen/Webfin Financieringen
IF Services B.V.
NEOS Direct Lending
Arrow Global Investments Group
N-Sea Group B.V.