Structured Debt

Our global securitisation and structured debt practice has highly-experienced teams in the United Kingdom, Europe, the Middle East, Asia and the United States.

We provide tailored, sophisticated highly innovative financing, forward-flow and portfolio acquisition solutions in all key product areas including:

Real estate (both residential and commercial)
Unsecured consumer (credit cards, consumer loans, buy-now-pay-later, embedded finance, auto loan finance)
SME lending (loans and merchant cash advance structures)
Whole business/corporate securitisation
Asset backed commercial paper, conduits and conduits trades
Structured products
CLOs, and funds based structures

We also provide full-service US advice and UK and EU regulatory compliance advice as an integrated part of any cross-border or global structured debt transaction.

Our range of clients covers all types of market participants, including the most prevalent arrangers, acquirers and financiers (including private capital, banks and other investment firms) and originators in all sectors of the market.

Securitisation Markets and Regulation – Navigating the Shifting Sands

Like shifting sand dunes, securitisation markets and regulation are constantly changing. In this publication, we provide a guide to the latest landscape, covering the latest updates in markets and regulation for the UK, EU, US and the APAC region.

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Our Securitisation and Structured Debt expertise

Residential mortgage-backed finance
including RMBS, private warehouse and portfolio acquisition/sales

Covered bonds and NPLs
including NPL acquisitions/sales and financing

Trade receivables and ABCP conduits
Trade receivables and ABCP conduits

Consumer and SME ABS
including credit cards, embedded finance and other consumer loans

Auto securitisation
including auto loans and auto leasing

SPV incorporation and management and CLOs
SPV incorporation and management and CLOs

Commercial mortgage-backed finance
including CMBS, private warehouse and repackaging

Esoterics
including market-place lending structure, fleet securitisation

Synthetic securitisations and Securitisation regulatory
Synthetic securitisations and Securitisation regulatory

Recent client highlights

Advised Citi as senior note purchaser on the securitisation of instalment purchase receivables relating to solar systems in Germany. The asset involved receivables arising under the instalment purchase contracts are sold and assigned (true sale) by Enpal. Enpal provides solar panels, heat pumps, batteries, wall-boxes and other solar equipment to private customers who can enter into lease agreements or instalment purchase contracts with Enpal. Deal of the Year Award: Securitisation and Structured Finance: IFLR Europe Awards 2024.
Advised New Wave Capital (trading as Capital on Tap) on the structuring their debut standalone business credit card ABS issuance. This was a bespoke market-first standalone public credit card transaction.

Advised Citi and Standard Chartered Bank on the first commercial mortgage-backed securitisation transaction in Europe since May 2022. The transaction, by Last Mile Logistics CMBS 2023-1 UK DAC, is an agency CMBS of a £289,800,000 commercial mortgage loan advanced by Citi to various Blackstone sponsored entities secured by a portfolio of 37 UK logistics properties.
Advised Sun King on the first-of-its-kind, bank-led and entirely Kenyan-Shilling-denominated $130 million sustainable securitisation transaction. Editor's Choice Award: GlobalCapital European Securitisation Awards 2024 and Structured Finance Deal of the Year: Bonds, Loans & ESG Capital Markets Africa Awards 2024.

Advised NewDay Cards Limited as co-arranger on to the NewDay Partnership Master Issuer plc Series 2023-1 issuance from NewDay's "merchant offering" UK credit card master trust. programme. ABS Deal of the Year: GlobalCaptial European Securitisation Awards 2024.
Advised the National Bank of Greece on its first securitisation of a portfolio of NPLs under the Hellenic Asset Protection Scheme ("HAPS"). NPL deal of the Year: GlobalCapital European Securitisation Awards 2022.

Our insights

New UK securitisation rules – It's (mostly) good news

Following consultations last year, the UK's financial regulators have now published new rules for securitisation to apply from 1 November 2024.

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New UK Securitisation Rules – just around the corner

The UK is in the process of replacing the onshored EU legislative regime for securitisation with its own rules as part of the broader "Smarter Regulatory Framework" or "SRF". HM Treasury have just published a draft statutory instrument that sheds light on the next steps – including the date the new regime will come into force. In this briefing we review the main points to take away from today's publication.

Find out more about New UK Securitisation Rules – just around the corner

New EU rules on non-performing loans: Commission adopts implementing technical standards

The European Commission has now adopted the implementing technical standards (ITS) setting out the new disclosure templates to be used by EU banks selling non-performing loans (NPLs) under the EU Directive on credit servicers and credit purchasers. The adopted ITS make some changes to the final draft ITS proposed by the European Banking Authority (EBA), including a change reducing the scope of the obligations to provide information to prospective buyers.

Find out more