Stephen Day is a partner in the Capital Markets Group, resident in the London office. Stephen advises leading financial institutions and corporations in Europe and the United States in connection with a wide range of structured finance and securitisation transactions, with a focus on complex cross border deals. His work in this area includes structuring commercial paper conduits, structured investment vehicles, multi-country receivables (trade, auto loan/lease, credit card) securitisations, securitisation bridge and private equity take-out deals, whole business transactions and intellectual property financings. Stephen has structured some of the most innovative international financings in the market, including a music publishing royalty securitisation for one of the world’s leading labels, Turkish diversified payment rights securitisations, fleet and equipment leasing securitisations across Europe together with speciality finance, future flow and marketplace lending transactions. Stephen is admitted to practice in New York, and in England and Wales.
Cadwalader, Wickersham & Taft LLP
Cadwalader, Wickersham & Taft LLP is ‘forward-thinking and innovative in the solutions it provides’ and clients remark that the securitisation practice is ‘typically regarded as one of the most innovative teams in the industry with deep expertise’. Stephen Day, who is ‘one of the leading figures in the industry with a track record across the entire spectrum of securitisation products’, is among the firm’s standout partners. He and Suzanne Bell acted for Santander Consumer Finance Oy in the €550m securitisation of Finnish hire purchase receivables via a novel double SPV structure. Matthew Duncan, who has a track record innovative transactions, acted for originator Belmont Green Finance Limited in a £422m RMBS transaction. ‘His market knowledge is unrivalled’, say clients of ‘the godfather of the CLO market’ David Quirolo. Newly promoted partner Alexander Collins, who is known for his ‘quick thinking and solution-driven approach’, is also a key adviser on CLOs, as are specialists Daniel Tobias and Claire Puddicombe. Robert Cannon handled £100m transaction for underwriter GC Securities. Sabah Nawaz, who acts for funds and corporate borrowers, ‘has a deep understanding of the commercial side of the industry’. Nick Shiren‘s broad structured finance practice includes work on the securitisation of residential and commercial mortgages and consumer assets.
Legal 500 Editorial commentary
Testimonials
Collated independently by Legal 500 research team.
'Very approachable and easy to work with. Their advantage is the ease with which they build relationships and the professional dedication to all the work.'
'Special thanks to one of their partners - Alex Collins who has been very helpful on all the deals we have worked with them.'
'Typically regarded as one of the most innovative teams in the industry with deep expertise.'
'Stephen Day is acknowledged as one of the leading figures in the industry with a track record across the entire spectrum of securitisation products and sectors. His original thinking coupled with his depth of knowledge mark him out.'
'The Cadwalader team are forward-thinking and innovative in the solutions they provide. The firm benefits from a number of outstanding lawyers, with a range of expertise. They are always on hand to answer questions and work collaboratively with both in-house counsel and the business. Building long standing relationships with clients and understanding their needs is at the forefront of Cadwalader's agenda - this coupled with the teams excellent industry knowledge makes for an ideal working relationship.'
'David Quirolo is an industry leader. His market knowledge is unrivalled - his interaction with European / UK regulators is an asset as he is always on top of regulatory changes and developments, ensuring that his clients are ready to adapt. David ensures that his team are well-skilled and capable of delivering an excellent service to clients. Alex Collins is a great new addition to the firm's partnership. His exceptional understanding of the market makes him an asset on any transaction. Clients benefit from his quick thinking and solution-driven approach. Alex is constantly on hand to respond to clients and his dedication makes him the go to person for complex or new transactions requiring extra care and thought.'
‘The team is very good at setting and meeting reasonable deadlines - work is always provided on time and quickly. The team are very commercial and always willing to discuss different strategies to find the best outcome.’
‘Sabah Nawaz has been a key contact for me at CWT for multiple years and her standards have never dropped. She is easily contactable and very good at explaining complicated structures in a simple way. She also has a deep understanding of the commercial side of the industry which is very helpful when it comes to working on new structures.’
'Cadwalader has an exceptional team with whom we work on our most complex matters. They have good bench strength in terms of associates and are led by partners who are recognised as experts in their field.'
'Alex Collins - this partner understands our business and is able to offer tailored advice that takes into account all the issues that affect out operations. He has outstanding technical expertise across a breadth of securitisation and structured finance products and offers clear advice which is well considered, pragmatic and \'works\' for our business and transactions.'
‘Experienced Team. Pragmatic and consultative approach. Diligent and thorough follow-up of feedback and comments. Good judgement (when to accept changes on client behalf and when to raise key issues with client). Good advice on other counterparty feedback.’
‘Suzanne Bell: Available and personally involved on deals to resolve key issues (in case of an impasse and for last minute critical issues) with clear recommendations/options.'
‘CWT is one of the only securitisation firms that can truly provide exceptional advice for all securitisation asset classes and issues which arise. They stand out in the ability to do esoteric securitisations. They have an ability to navigate complex issues and come up with solutions as opposed to being obstructive. They are commercially focused.’
‘Stephen Day - exceptional in his grasp of complex deals, fantastic at navigating difficult issues and great at ensuring relationship on both sides of the deal stays on track. Cares about his clients and always a fantastic experience dealing with him. Also very cost sensitive.’
'In addition to the level of expertise and professionalism the team is personable, approachable, available and nothing is too much trouble.'
'Claire Puddicombe will always ensure her client feels valued and will always have time for her clients. Nothing is ever too much trouble and when Claire is dealing with a matter you know that they are in good hands.'
‘Excellent breadth of knowledge and expertise. Very responsive and practical in the advice provided- solution orientated not problem raising approach.’
‘Stephen Day - excellent to work with. Focuses on the relevant points that require his attention and delegates effectively to keep costs down. Suzie Bell gets the issues quickly and provides solutions that work in practice.'
- 'Will Sharp- Brilliant- inquisitive questions regarding how the business works and this means he is able to provide top notch drafting. Gets to the heart of issues and very approachable. Not afraid to pick up the phone rather than send long emails- if only his peers would do the same!!’
‘CWT has much improved in that practice over the past couple of years, mostly by supplementing decent partners with good quality associates who were previously missing.’
‘Suzanne Bell - Partner - very commercial and very responsive.'
Key clients
- Premium Credit Limited
- Santander Consumer Oy Finance
- Emil Frey
- Belmont Green Finance Limited
- GC Securities
- Natixis
Work highlights
- Advised a wide range of investment banks, as arrangers and sponsors, investment managers and investors on 40 CLO transactions at a value in excess of €16bn.
Lawyers
Hall of Fame
The lawyers at the very top of the profession, widely known and respected by peers and clients for their longstanding involvement in market-leading work.
David Quirolo is a partner in Cadwalader’s Capital Markets Group, resident in the London office. Focusing his practice primarily on CLOs, securitisation, asset finance and repackaging transactions involving various asset types in the United States and Europe, he represents banks, arrangers and asset managers in a variety of structured finance transactions. David has extensive experience using “cash flow,” “market value,” and hybrid structures, and is recognised as a leading practitioner in the CLO 2.0 market. David also represents the Loan Market Association in relation to regulation affecting the CLO market. He regularly meets with regulators and policy makers in relation to securitisation regulation. David is admitted to practice in England and Wales, in the State of New York and in Ireland.
Leading individuals
Suzanne Bell is a partner in the Capital Markets Group in Cadwalader's London office. Suzanne has advised leading financial institutions and corporations in connection with a wide range of domestic, European and International structured finance and capital markets transactions. Her experience includes structuring and documenting commercial paper conduits, structured investment vehicles, and public and private securitisations of a range of asset classes, with particular focus on credit card receivables, auto loans and leases and trade receivables. Suzanne also has experience in advising a range of stakeholders (including receivers, directors and creditors) on debt restructurings and insolvency matters involving structured finance borrowers. Suzanne is admitted to practice in England and Wales and in Ireland.
Robert Cannon is a partner in the Capital Markets Group in Cadwalader's London office. He focuses on structured finance and securitisation, and has acted for arrangers, originators and asset managers on transactions involving a variety of structures and asset classes, including CDOs, CLOs, mortgage securitisations and commercial paper conduits. Robert is admitted to practice in England and Wales and in Ireland.
Matthew Duncan is a partner in the Capital Markets Group in Cadwalader's London Office. He advises a wide range of institutions and other entities that operate, invest in or deal with businesses that provide financial services and products to the consumer, financial, commercial and public sectors in the United Kingdom and other jurisdictions (including banks, lenders, credit funds, insurers, reinsurers, pension funds, alternative investment funds, investment managers, finance arrangers and fintechs). Matthew has played a significant role in many landmark, innovative “first of kind” transactions that have been widely followed by many issuers, including the first UK single-issuer, segregated, multi-issuance, residential mortgage-backed securities program. He has been involved with UK covered bonds since the first transaction in 2003 (prior to there being a legislative framework for such transactions in place). He has also played a leading role in advising fintech businesses and working on innovative fintech structured financings, especially involving the tokenization of assets and the use of smart contracts (typically using distributed ledger technologies, such as blockchain) and artificial intelligence (AI), and he often speaks at conferences in this field. He is admitted to practice in England and Wales.
Next Generation Partners
Alex Collins is a partner in the Capital Markets Group in Cadwalader's London office. Alex focuses on structured finance, with an emphasis on CLOs. He has acted on a wide range of cross-border structured finance transactions and in respect of CLOs, has represented arrangers, asset managers and warehouse finance providers in connection with a variety of European CLO 2.0 transactions and warehouse facilities. Alex has been working on CLO transactions since the resurgence of the European CLO market a number of years ago and has advised on numerous public CLO transactions, warehouses and related transactions such as the establishment of originator retention structures and retention financings. Alex is admitted to practice in England and Wales.
Sabah Nawaz is a special counsel in the Capital Markets Group in Cadwalader's London office. Sabah focuses on advising banks, private equity funds, pension funds, corporate borrowers and rating agencies on a wide range of complex cross-border structured finance, securitisation, debt capital markets, refinancing and restructuring transactions. Sabah is admitted to practice in England and Wales.
Practice head
The lawyer(s) leading their teams.
Suzanne Bell, Robert Cannon, Stephen Day, Matthew Duncan, Sabah Nawaz, Claire Puddicombe, David Quirolo, Nick Shiren, Daniel Tobias, Alexander Collins