Securitisation Associate For Structured Finance (3-7 years exp.) Allen & Overy (London Office) - YurtdışıYurtdışı 17-01-2017 08:15:27

Allen & Overy is a leading international legal practice with a truly global presence. The firm operates at the forefront of the legal industry. Our deals and cases often make headline business news. With many of our partners acknowledged as leaders in their field, and with all our people demonstrating the highest levels of professionalism, we have a reputation for delivering excellence in all that we do.

We have developed a culture in which difference is positively valued, and our people are free to be themselves. We are in every sense one global team; supportive and collaborative, but also ambitious and driven. Our capacity to combine these qualities and provide a setting in which our people can thrive is what makes us different.

Department purpose

The Structured Finance Group comprises 6 partners and 26 associates, transaction executives and paralegals. We are a collegiate and sociable team. We work closely with other groups within the firm, including tax, insolvency, real estate, real estate finance, projects and regulation.

The group is a market leader in structured finance, covering a broad range of transactions, including securitisation, covered bonds, repackaging, loan portfolio acquisitions and related financings. We advise across different sectors and asset classes, including residential mortgages, commercial mortgages, consumer loans, corporate loans (including CLOs), auto loans and leases, trade receivables, public sector, project finance and infrastructure and whole business securitisation.

The work is varied and challenging, with clients often appointing us to work on large and complex “first of a kind” transactions. Recent examples include:

  • Advising the financing banks on the acquisition by Cerberus Capital Management LP of GBP13bn Northern Rock Mortgage plc assets from UKFI. The total portfolio consisted of GBP12bn loans within the Granite securitisation vehicle, plus a further GBP1bn of non-Granite assets. The sale comprised performing and non-performing residential mortgages and unsecured loans from the legacy book of NRAM, the former Northern Rock mortgage business.
  • Advising Alpha Trains on a junior and senior private placement as part of a EUR1.25bn secured corporate financing, the first of its type in Europe outside the regulated utilities space.
  • Advising Barclays Bank, BNP Paribas and Raiffeisen Bank International as joint arrangers and lead managers on the establishment of a EUR5bn covered bond programme for Raiffeisenbank a.s. and all issuances under it. A EUR500m issuance under the programme was the first Czech international covered bonds issue. The second euro-denominated issuance under the programme, which occurred in November 2014, was the first ever public issuance of international covered bonds by a Czech bank.
  • Advising Barclays, HSBC and Natixis as joint arrangers on the establishment of the Akbank covered bond programme backed by residential mortgages and the issuance thereunder. This was the first covered bond programme in Turkey to be backed by residential mortgages and under the new Turkish covered bond law.
  • Advising Goldman Sachs International as structuring agent and Goldman Sachs International, BNP Paribas, Banco Santander, S.A. and CaixaBank as managers, on the EUR1.3 billion Silverback Finance credit-tenant linked secured bond, the first Spanish transaction of this kind. The dual tranche transaction comprised EUR867.9 million BBB+ rated notes due 2037 and EUR476.9m BBB+ rated notes due 2039. The fully-amortising bonds are backed by rental cashflows from the majority of the Santander retail branch network in Spain. The borrower is Uro Property Holdings SOCIMI, S.A., a Spanish REIT.
  • Advising Goldman Sachs International, as sole arranger and lead manager on a EUR646 million CMBS transaction (Logistics UK 2015 plc) backed by a single floating rate loan secured by 42 distribution warehouse properties located throughout the UK and ultimately owned by Logicor Europe Holdings, a portfolio company of The Blackstone Group.
  • Advising Blackstone and Center Parcs – on their ground-breaking GBP1bn WBS and high yield bond transaction and subsequent tap issue. The transaction also included a bankfunded facility for the development of a new site and a working capital facility for the Center Parcs group. This landmark WBS and high yield transaction was the first transaction of its type to incorporate a high yield component into the Whole Business Securitisation capital structure.

Associates are encouraged to work with different partners across the team to gain breadth of experience across a range of different transaction types.

Our client base has evolved following the financial crisis. We continue to advise financial institutions, including Deutsche Bank, Morgan Stanley, JP Morgan, Goldman Sachs and Citi and corporates, such as Tesco and Center Parcs. However, funds, private equity firms and challenger banks are increasingly becoming a significant part of our client base as they take advantage of opportunities in the structured finance market, including buying portfolios of debt from European banks and financing that debt by way of bank financing or securitisation. Associates are therefore exposed to a broad range of market participants and there are excellent client secondment opportunities.

Role

We are looking to recruit mid-level experienced transactional lawyers for our structured finance practice.

Applicants would ideally have experience in asset-backed or other secured lending (such as real estate finance or project finance). Applicants would ideally have experience of drafting and negotiating transactions.

We offer a very competitive salary package and provide unrivalled training and development opportunities, including, but not exclusive of, bespoke associate development courses, tailored to your level of experience, technical skills training specific to our Capital Markets practice, and Legal Project Management training.

Associates are encouraged to do client secondments. There are secondment opportunities with leading investment banks, funds and private equity houses. Recent examples of client secondments include Citibank, Lloyds Banking Group, JP Morgan, and RBS.

There are also opportunities for associates to do secondments in other offices within the A&O network

Application: