Expertise

Structured Finance & Securitisation

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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.

Our Expertise:

  • 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

  • Covered bonds

  • Derivatives and synthetic securitisations

  • Corporate trustee and agency

  • Prospectuses, listing particulars and other offering documents

  • Debt listing services

Recent Work

  • Trustee counsel to City Partnership Trustee Limited on the set-up of, and issuances under, S1Series DAC’s secured limited recourse variable return amount note programme, coordinated by Lynk Capital Markets
  • Trustee counsel to City Partnership Trustee Limited on the set-up of, and issuances under, CCAP DAC’s secured limited recourse variable return amount note programme, coordinated by Lynk Capital Markets
  • Issuer counsel to CIX Capital International DAC on the set-up of, and issuances under, its US$10 billion secured note programme. 
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Daragh O’Shea

Partner