Ireland is the leading EU member state in which to incorporate special purpose vehicles (SPVs) and financial vehicle corporations (FVCs) for the purpose of structured finance and securitisation transactions. As of Q2-2021, these vehicles hold nearly €965 billion in assets. The total number of Irish SPVs and FVCs hit an all-time high in Q2-2021 with 2,934 such entities active.
We assist Irish and international sponsors and originators issuers, lead managers and arrangers, trustees and agents on the structuring and execution of these products and transactions.
Our structured finance and securitisation team includes Irish and English qualified lawyers, who have national and international private practice and inhouse experience. They have worked for and within the financial institutions that structure, originate and arrange these transactions.
The deals we work on include public and private standalone and multi-issue securitisations, assetbacked securities and repack transactions. The majority of transactions we work on include debt securities which are listed, either on a regulated or exchange regulated market.
We assist issuers to list their debt securities at Euronext Dublin, the leading exchange worldwide for listing debt securities, and other leading exchanges, such as the Vienna Stock Exchange and The International Stock Exchange (TISE).
Part of our service is to provide guidance on which exchange to list at, and their different attributes. We then liaise with the exchange and assist on all aspects of prospectus/offering memorandum preparation, the approval process and the issuer’s continuing obligations.
Structuring, incorporation, registration and reporting of SPVs/FVCs and due diligence on underlying portfolios
Residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS)
Consumer and commercial asset backed securities (ABS)
Collateralised loan obligations (CLOs), collateralised bond obligations (CBOs) and collateralised debt obligations (CDOs)
Structured investment vehicles and structured credit vehicles
Derivatives and synthetic securitisations
Corporate trustee and agency
Prospectuses, listing particulars and other offering documents
Debt listing services
• Advising Permanent TSB on the due diligence and legal title/transfer of assets on the Project Glenbeigh securitisation, a market leading NPL securitisation of Irish residential mortgage loans.