
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.
Testimonials
Collated independently by Legal 500 research team.
‘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.
Lawyers

Practice head
The lawyer(s) leading their teams.
Michaëla Ulrici, Arjan Scheltema