European ABS
Arthur Cox is at the forefront of the Irish securitisation market, acting on a range of public and private securitisations using Irish SPVs, involving a range of different jurisdictions and asset classes (including commercial and residential mortgages, non-performing loans, auto receivables, trade receivables, and more esoteric assets).
We are a leading adviser on the establishment of Irish securitisation vehicles for international and domestic banks, financial institutions and private equity clients and provide assistance on the structuring, tax and regulatory issues that impact the establishment and ongoing management of such vehicles.
Our experience spans multiple European jurisdictions, including Greece, Spain, Portugal, the UK and Poland. We also act as listing agent on a large number of asset-backed securitisations involving both Irish and non-Irish securitisation and structured finance vehicles.
Our team is rated Tier 1 for Structured Finance and Debt Capital Markets by Chambers Europe, the Legal 500 and IFLR1000 and we were the only Irish firm shortlisted for the NPL Firm of the Year at the 2023 GlobalCapital European Securitisation Awards.
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"The partners and associates are individually excellent and combine their experience to provide the best possible service for their clients. They have a deep understanding of all macro factors relevant to capital markets which makes them our go to advisers. They are a pleasure to work with, always responsive and attentive."
The Legal 500, 2023
European ABS
We have been at the forefront of the Irish securitisation market since the beginning, acting on the first ever mortgage securitisation in Ireland and the first public CMBS, and more recently on the first ‘STS’ mortgage securitisation and first CRE CLO involving an Irish vehicle.
We are a leading adviser on international transactions and advise on the establishment of Irish securitisation vehicles for a wide variety of internationally-originated securitisation and structured finance transactions, both public and private, and involving a range of different jurisdictions (including Greece, Spain, Portugal, the UK and Poland) and asset classes (including commercial and residential mortgages, non-performing loans, auto receivables, trade receivables, and more esoteric assets). We also advise on a large number of listings for ABS issued by both Irish and non-Irish securitisation and structured finance vehicles.
OUR EXPERIENCE: GREEK ABS
We have particular familiarity with the Greek market where we have acted as Irish counsel on most recent deleveraging and ABS transactions including:
Project Cairo (Eurobank)
Project Pillar (Eurobank)
Phoenix Vega (Piraeus Bank)
Project Phoenix (Piraeus Bank)
Project Galaxy (Alpha Bank)
Project Orion (Alpha Bank)
Project Astir (National Bank of Greece)
Project Callaway/Galvin (Piraeus Bank)
Project Solar (Alpha / Eurobank / NBG / Piraeus syndicate)
Project Mexico (Alpha Bank)
Project Astarti (Eurobank)
Project Wheel (Autohellas)
Project Quantum (Alpha Bank)
Project Frontier (National Bank of Greece)
Project Cosmos (Alpha Bank)
Project Sunrise (Piraeus Bank)
OUR EXPERIENCE: SPANISH ABS
Advising Morgan Stanley on the following securitisations of Spanish mortgage assets:
- notes issuance by Clavel Residential DAC.
- notes issuance by Clavel Residential 2 DAC.
- notes issuance by Clavel Residential 3 DAC.
OUR EXPERIENCE: CMBS
USIL: Advising Morgan Stanley (as Arranger and Lead Manager) and the Issuer on Morgan Stanley Principal Funding Inc €706 million CMBS by USIL (European Loan Conduit No.36) DAC.
Atlas: Advising Morgan Stanley (as Arranger and Lead Manager) and the Issuer on Morgan Stanley Principal Funding Inc £347 million CMBS by HELIOS (European Loan Conduit No.37) DAC.
Aldgate: Advising Morgan Stanley (as Arranger and Lead Manager) and the Issuer on Morgan Stanley Principal Funding Inc £111 million CMBS by VIRIDIS (European Loan Conduit No.38) DAC.
Zinc: Advising Morgan Stanley (as Arranger and Lead Manager) and the Issuer on Morgan Stanley Principal Funding Inc €318 million CMBS by HAUS (European Loan Conduit No.39) DAC.
Mileway UK: Advising Merrill Lynch International (as Joint Lead Managers and Joint Bookrunners) and the Issuer on a Bank of America Merrill Lynch International DAC £800 million CMBS by Taurus 2021-4 UK DAC.
United IV: Advising Barclays and BofA Securities (as Joint Lead Managers and Joint Bookrunners) and the Issuer on a Bank of America Merrill Lynch International DAC.
Fulham: Advising BofA Securities (as Arranger and Lead Manager) and the Issuer on a Bank of America Merrill Lynch International DAC £480 million CMBS by Taurus 2020-2 UK DAC (Fulham Senior Loan).
Starz: Advising Credit Suisse International (as Arranger and Placement Agent) and Starz Mortgage Securities 2021-1 DAC (as Issuer) on a £220,000,000 CRE CMBS. This was the first CRE CLO in Europe since the financial crisis.
Scorpio: Advising Morgan Stanley & Co. International plc (as Arranger and Lead Manager) and the Issuer on Morgan Stanley’s £240 million CMBS by Salus (European Loan Conduit No.34) DAC.
Atom: Advising Bank of America, Standard Chartered Bank and Morgan Stanley (as Arrangers and Joint Lead Manager) and the Issuer on Bank of America, Standard Chartered Bank and Morgan Stanley Principal Funding Inc £383 million CMBS by Atom Mortgage Securities DAC.
Vulcan: Advising Bank of America and Morgan Stanley (as Arrangers and Joint Lead Managers) and the Issuer on Bank of America and Morgan Stanley Principal Funding Inc £211 million CMBS by Agora Securities 2021 DAC.
Nido: Advising Citigroup (as Lead Manager) and the Issuer on Citibank and Lloyds Bank plc €390 million CMBS by ODIN Finance DAC.
Immeo: Advising Morgan Stanley on Immeo Residential Finance, a German CMBS transaction.
Monnet: Advising Monnet Finance Limited on an agency CMBS transaction for the BGP Group.
GRAND: Advising GRAND (as to matters of Irish law) on an innovative and complex restructuring of its €5.4 billion multi-family CMBS (originated by Deutsche Annington) by way of English solvent scheme of arrangement (the first time a securitisation has been schemed before).