England - London • Finance

3

Securitisation

Slaughter and May

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The finance practice at Slaughter and May is ‘extremely thorough and knowledgeable, and it almost anticipates the client's needs, so the engagement process is seamless and efficient'. Clients remark that 'transactions are led by the partner, and the firm has a very good understanding of our risk threshold and objectives'. Richard Jones now leads the practice, bringing to bear his experience in credit card, store card, point-of-sale, personal loan, auto loan and mortgage receivables transactions. He worked with associate Xian Wei Yeo to assist NewDay Cards on the issuance of €285m in notes under its master issuer asset-backed notes programme. Versatile finance partners Oliver Wicker, who acted for Lendco Limited as originator of a £384m RMBS, and Guy O’Keefe are central to the practice. Caroline Phillips  has a strong track record in trade receivable securitisations.

Legal 500 Editorial commentary

Testimonials

Collated independently by Legal 500 research team.

  • 'Extremely thorough and knowledgeable - they anticipates client needs, so the engagement process is seamless and efficient.'
  • 'Caroline Phillips and Xian Wei Yeo - extremely knowledgeable, helpful and responsive. A pleasure to work with.'

  • ‘The team we work with on securitisation is technically strong (both in the law and financial concepts), detailed and clear in documentation, practical in finding solutions, thoughtful and forward thinking when evaluating current or anticipated risks to the structures and our firm. A gold standard service.’

  • 'Transactions are led by the partner. The nature of the relationship means that the firm has a very good understanding of our risk threshold and objectives.'

  • ‘The continuity, knowledge, expertise, commercial mindedness, can-do attitude, problem solving ability and approachable attitude. Nothing compares. I have worked with this firm for 36 years and nothing has changed my view.’

Key clients

  • Banco Santander
  • Hyundai Capital
  • Lendco
  • NewDay
  • Paratus

Work highlights

  • Advised NewDay on a number of securitisation matters, including on a £317,300,000 issuance by NewDay under its master issuer asset-backed notes programme within its existing Direct to Consumer (D2C) master trust structure.
  • Advised Paratus AMC on the establishment and refinancing of various securitisations, including on both the repurchase of the mortgage pool from Mortar No.1 Limited and Mortar No.2 Limited as well as the onward sale of the mortgage pool to Twin Bridges 2022-2 plc and subsequent securitisation of the pool.
  • Acted for Lendco Limited on a number of securitisation matters, including as originator and seller in relation to the issuance by Atlas Funding 2022-1 PLC of £384m residential mortgage backed notes, relating to a portfolio of UK buy-to-let residential mortgage loans originated by Lendco Limited.

Lawyers

Leading individuals

Guy O'Keefe

Slaughter and May

Partner; Guy has a wide ranging practice which covers banking, capital markets and structured finance. He advises financial institutions, funds and governments on investments in and fund raisings of financial institutions, including restructurings and asset sales. Guy regularly acts for a number of UK and international companies, including Drax Group, Euroclear, Banco Santander, Santander UK, Legal & General, Prudential, United Utilities, GlaxoSmithKline, UK Asset Resolution, M&G and Direct Line.

Practice head

The lawyer(s) leading their teams.

Richard Jones

Other key lawyers

Oliver Wicker, Guy O’Keefe, Caroline Phillips, Xian Wei Yeo

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