London—Dentons' UK-based Structured Finance team has advised on five separate transactions for major financial institutions over the last month. Collectively the transactions, which are residential mortgage-backed security (RMBS) and collateralised loan obligation (CLO) deals, are valued at over £3 billion.

During May, the team advised BAML, HSBC and NatWest Markets as arrangers of a £1.571 billion securitisation of prime mortgage loans brought by The Co-operative Bank PLC and known as the Silk Road No 4 PLC transaction. Separately, the team handled the Friary No 4 PLC transaction, advising Lloyds Bank and NatWest Markets as arrangers of a £520 million securitisation of prime mortgage loans by Principality Building Society.

The team also led on a range of securitisation deals including advising Barclays Bank and BNP Paribas as arrangers, and Barclays Bank, BNP Paribas and NatWest Markets as joint lead managers, of a €115 million and SEK2.4 billion securitisation of Swedish non-conforming mortgages by Bluestep Bank AB, known as the Bluestep Mortgage Securities No 4 DAC transaction. In addition, the team advised Mars Capital Ireland as beneficial title seller on its €340 million securitisation of Irish residential mortgages in the Grand Canal Securities 1 DAC deal.

Furthermore, the team advised Barings (U.K.) Limited as collateral manager on the refinancings of its 2014-1 and 2014-2 Babson Euro CLO transactions, with the 2014-2 refinancing of €500 million having closed in May. When it completed in January 2017, Babson Euro CLO 2014-1 was one of the first CLO refinancings to be done in the European market.

Dentons' Structured Finance team advises on all aspects of structured finance, including sales of loan portfolios, securitisation, RMBS, CMBS, ABS and CLO programmes, regulatory capital, real estate and aircraft financing, project bonds, debt capital markets, derivatives transactions, bank-sponsored conduit programmes, covered bonds, secured asset-backed lending and warehouse financing.

The London-based Structured Finance practice is headed by Ed Hickman and Peter Voisey and has grown substantially in the last 18 months. Following the arrival of partner Ed Hickman, who established the Firm's Structured Finance practice in London, highly experienced structured finance partner Peter Voisey was hired from Clifford Chance in 2016. His arrival was followed by that of Clifford Chance colleague Martin Sharkey. The partners are supported by a skilled and expanding team of associates.

Outside the UK, Dr Arne Klüwer recently joined Dentons from Clifford Chance in Frankfurt and was appointed Head of Structured Finance Europe. In addition, five further Structured Finance and Securitisation partners have very recently joined the Firm, including Dr Matthias Eggert, Timo Riester and Mortimer Berlet in Germany and, following Dentons' combination with Dutch law firm Boekel, Jeroen den Hamer and Jan-Mathijs Hermans in the Netherlands.

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