Firms To Watch: Derivatives and structured finance

Gibson Dunn launched its derivatives and structured finance practice in 2023 following the arrival of a team from Linklaters led by Darko Adamovic and of counsel Vincent Poilleux. They assist funds, corporates and leading financial institutions with transactional and regulatory aspects linked to equity derivatives and fixed income derivatives, as well as margin loans and fund financings.
LPA-CGR avocats has bolstered its trade receivables expertise following the arrival of Vincent Danton, who was previously of counsel at Herbert Smith Freehills LLP and is a structured finance, securitisation and regulatory expert.
Norton Rose Fulbright hired financial services regulatory and derivatives expert Sébastien  Praicheux from DLA Piper in early 2022 to strengthen its existing derivatives practice; he heads the team alongside Roberto Cristofolini. The group notably assists financial institutions with regulatory capital and BRRD advice, as well as with derivatives, repurchase agreements and securities lending transactions.

Derivatives and structured finance in France

Allen & Overy LLP

A leading name in the financial field, Allen & Overy LLP has solid derivatives expertise through Hervé Ekué; he assists financial institutions with various regulatory issues as well as with the establishment of new market architecture around central clearinghouses. Securitisation is another area of strength and Fabrice Faure-Dauphin and counsel Caroline Marion are the key names in this area; they assist banks, financial institutions and issuers on auto ABS and trade receivables transactions.

Responsables de la pratique:

Hervé Ekué; Fabrice Faure-Dauphin


Autres avocats clés:

Caroline Marion


Les références

‘Strong expertise in securitisation and ability to bring together expertise on all relevant subjects. A solution-oriented team’.

‘Fabrice Faure Dauphin: imaginative and constructive solutions with strong involvement in transactions’.

‘Very good knowledge of market practice in terms of covered bond issue structures. Very stable team which delivers on time’.

Principaux clients

Amundi


Crédit Agricole CIB


Crédit Mutuel


Natixis


RCI Banque (Mobilize)


Société Générale


BNP Paribas


Credipar (Stellantis Sinance)


Principaux dossiers


  • Advised Société Genérale on a synthetic SRT securitisation transaction for a SME and large cap loan portfolio of a nominal amount of EUR 2,400,000,000 through a financial guarantee and FCT structure.
  • Advised TEMsys (ALD Automotive) on its second public securitisation of auto lease receivables to FCT Red & Black Auto Lease France 2.
  • Advised the sponsors in connection with the financing of the A69 motorway.

Jones Day

Jones Day fields a comprehensive derivatives and structured finance practice that serves leading French banks as well as international credit institutions and some companies. In the derivatives field, Alban Caillemer du Ferrage and Qian Hu are sought out to provide strategic regulatory guidance and assistance with complex debt and corporate restructuring and transactions. In the securitisation and structured finance area, Christine Van Gallebaert often advises arrangers and some issuers on mid to large size securisation transactions, spanning a whole range of products including auto lease, project, consumer, mortgage and SME loans. The Paris team also benefits from a strong pan-European platform.

Responsables de la pratique:

Alban Caillemer du Ferrage; Qian Hu; Christine Van Gallebaert


Principaux clients

BNP Paribas


Bank of China


Crédit Immobilier de France Développement


Natixis


BPCE S.A.


Crédit Agricole S.A.


Arval Service Lease


AXA Home Loan SFH


October S.A.


Silvr


Citi


General Mills


Hermès


Orrick

Orrick houses a top team for securisation work and is a popular choice for French banks for large and sophisticated transactions. The team notably assists with the setup, restructuring and extension of large securitisation programmes and FCT funds, as well as on the structuring of large public and synthetic securitisation transactions, spanning various assets including auto, trade receivables and LBO loans. The team is headed by the highly regarded Hervé Touraine and also includes Olivier Bernard, who is also an expert in this area. Of counsels Judith Rousvoal and Laure Seror provide additional support.

Responsables de la pratique:

Hervé Touraine


Autres avocats clés:

Olivier Bernard; Judith Rousvoal; Laure Seror


Les références

‘Innovation. Long experience.’

‘The team is well staffed and shows a lot of flexibility and adaptability.’

‘Oliver Bernard combines excellent transactional skills and remarkable regulatory mastery, and knows how to demonstrate flexibility in handling files without compromising on the protection of his clients’ interests.’

‘This team benefits from a high level of expertise and experience in securitization of several types of assets.’

‘Ability to listen to innovative arrangements and implement solutions. ’

‘Olivier Bernard has good listening skills and the ability to propose adapted solutions.’

‘Recognition in the field. Proven competence.’

‘Olivier Bernard stands out for his experience, his calm approach and his ability to resolve complex situations.’

Principaux clients

Axa Banque


BNP Paribas


BPCE


Crédit Agricole Consumer Finance


Crédit Agricole Corporate and Investment Bank


La Banque Postale


Morgan Stanley


Natixis


Natixis Investment Managers International


Société Générale


Virtuo


Fraikin


Principaux dossiers


  • Advising BPCE on the restructuring, extension and increase of the RMBS programme of Groupe BPCE, France’s second-largest banking group.
  • Advised BNP Paribas and BNL in respect of a €1.4 billion synthetic securitisation deal for which the European Investment Fund (EIF) has issued a guarantee, guaranteed in turn by the European Investment Bank (EIB).
  • Advising BNP Paribas on the restructuring and extension of a securitisation of a portfolio of SME loan receivables in France originated by BNP Paribas and worth circa €2 billion.

Ashurst LLP

Ashurst LLP has rebuilt a strong offering in the derivatives and structured finance fields. The highly experienced Hubert Blanc-Jouvan leads on derivatives matters, advising many leading international banks on their derivatives projects and regulatory requirements. The arrival of Agathe Motte in early 2022 has considerably enhanced the firm’s French securitisation capabilities. She runs a very busy practice, assisting leading French banks, corporations and fintech companies, and handles a high-level of cross-border work, notably French-German work. The team recently advised on the securitisation of purely digital receivables. Key support is provided by counsel Aurélien Fournier and senior associate Annabel Massey Bratby.

Responsables de la pratique:

Agathe Motte; Hubert Blanc-Jouvan


Autres avocats clés:

Aurélien Fournier; Annabel Massey Bratby.


Les références

‘A cutting-edge team that is always available. A pro-business approach that takes into consideration market imperatives while legally securing operations A true tailor-made service.’

‘Agathe Motte: availability, efficiency, legal knowledge and a problem solver.’

‘Aurélien Fournier: speed, technical expertise and understanding of subjects.’

Principaux clients

Natixis


Crédit Agricole Corporate & Investment Bank


BNP Paribas


Eiffel Investment Group


ALMA S.A.S.


Bank of America


Barclays


Credit Suisse


Goldman Sachs


TP ICAP


J.P. Morgan


Citigroup


Principaux dossiers


  • Advised Defacto, a French Fintech specialised in providing seamless and instant loan to SMEs by API in Europe, on the structure of its first securitisation vehicle, in order to refinance its loan receivables, financed by Citi, as senior lender and Viola Credit as Mezzaner.
  • Advised BNP Paribas S.A., acting as arranger and lead manager, on the Autonoria DE 2022, under which a portfolio of German law governed auto loans receivables originated by Consors Finanz are transferred to a new French Fonds Commun de Titrisation.
  • Advising numerous international banks on updates to both the various English law and French law aspects of their debt issuance programmes.

CMS Francis Lefebvre

CMS Francis Lefebvre runs a busy structured finance and securitisation practice. The team advises arrangers, credit institutions and funds on the structuring of various assets (trade, financing, exotics) and covered bonds and also handles cross-border work; Grégory Benteux and Alexandre Bordenave are key names in this area. The team is also active on the derivatives front through Marc-Etienne Sébire and counsel Pauline Larroque; they assist corporations and financial institutions with various matters including innovative green derivatives in the electricity space.

Responsables de la pratique:

Grégory Benteux; Marc-Etienne Sébire


Autres avocats clés:

Alexandre Bordenave; Pauline Larroque


Les références

‘Pauline Larroque is an excellent professional in the field of structured financing.’

Principaux clients

Sienna AM France


Crédit Agricole Leasing & Factoring, La Banque Postale Leasing & Factoring


Credit Agricole SA, Credit Agricole CIB


MMB SCF, My Money Bank CCF SFH


Crédit Agricole Home Loan SFH,


SFIL


CAFFIL SCF


BPCE SFH


Crédit Mutuel Home Loan SFH


La Banque Postale Home Loan SFH


Sofac Structured Finance


BNP Paribas


Bpifrance financement


Société Générale / Crédit Mutuel


Principaux dossiers


  • Advising Credit Agricole SA on the setting up of a new covered bonds issuer and a €83 billion covered bonds programme and the issuance of 26 series of covered bonds for a cumulative amount of more than €40 billion.
  • Advising on the extension of an existing securitisation programme arranged by Société Générale for the Crédit Mutuel entities.
  • Advising BNPP on the implementation of a securitisation of buy-now-pay-later receivables.

Gide Loyrette Nouel A.A.R.P.I.

Gide Loyrette Nouel A.A.R.P.I.'s team is able to draw on the strength of practitioners in its London office for derivatives and structured finance expertise. The Paris practice assists French and international financial institutions and corporations with their transactional, regulatory, clearing and derivatives needs through Laurent Vincent, who is also a DCM specialist. The group recently advised on innovative sustainability-linked derivative products. Counsel Clément Vandevooghel also demonstrates high-level structured finance and securisation expertise, providing legal opinions and advising on complex transactions.

Responsables de la pratique:

Arnaud Duhamel; Laurent Vincent; Clément Vandevooghel


Les références

‘A team that is available, creative and pragmatic’.

‘Clément Vandevooghel is reliable, available and always constructive’.

‘It is a very strong team, both in technical and experience terms. They are particularly strong in the areas of securitisation and other forms of receivables based financings, as well as in acquisition finance.’

Principaux clients

Spartoo


Evolucare


CNP Assurances


EDFI Management Company


Rabobank London


Axa Group


Deutsche Bank


BNP Paribas


Société Générale


HSBC


Crédit Logement


Crédit Agricole CIB


Air France KLM


Barclays Bank PLC


Principaux dossiers


  • Assisted legal counsel in Spain with the establishment, drafting, and negotiation of all derivative and associated collateral documentation with respect to seven different classes of notes in connection with a Spanish auto-loan securitisation structure renewed every year.
  • Advised Europcar Mobility Group on the setting-up and structure of the securitisation programme of Europcar Group UK.

Herbert Smith Freehills LLP

Herbert Smith Freehills LLP has strong securitisation expertise advising a wide spectrum of key players in the field including top French banks, originators and investors. The team, which leverages the firm’s international network to handle cross-border matters, advises on an array of trade receivable products and transactions and also assists with factoring. Vincent Hatton is an expert in the field; he is supported by senior associate Philippe Desvignes. DCM expert Louis de Longeaux provides guidance to leading corporations on derivatives.

Responsables de la pratique:

Vincent Hatton; Louis de Longeaux


Autres avocats clés:

Philippe Desvignes


Les références

‘Very good market knowledge’

‘Vincent Hatton is available and knows his contacts very well. Philippe Desvignes is full of suggestions and finds the keys to unblocking certain situations.’

Hogan Lovells (Paris) LLP

Hogan Lovells (Paris) LLP offers a comprehensive coverage of structured finance products that is particularly popular with leading French, UK and US banks as well as other financial institutions. Large corporations are also clients. The Paris team can also rely on the firm’s global reach, notably for pan-European work. The practice is particularly strong in the trade receivables and securitisation areas through the highly experienced Sharon Lewis, Laura Asbati and counsel Reza Mulligan. The team handles large transactions, including in the field of auto-loans, and recently handled innovative work in the fintech and energy sectors. Through Katia Merlini, the team also assists large financial institutions with derivatives work.

Responsables de la pratique:

Sharon Lewis; Katia Merlini; Laura Asbati; Vincent Fidelle


Autres avocats clés:

Reza Mulligan


Les références

‘The team is great to work with. They are very knowledgeable in trade receivables securitizations and are able to represent both clients and funding sources well. They truly try to resolve issues in a practical manner. They also have a big global reach and are very efficient from a timing perspective’

‘Laura Asbati is our a go-to partner for trade receivables securitizations in Europe. She is very knowledgeable and fair, and in general very good to work with.’

‘A global network able to support multiple jurisdictions and a very client-focused approach that helps navigate the complexities effectively and efficiently.’

‘Laura Asbati is personally invested in the success of her clients’ deals and is readily available seemingly at all hours. Clients’ interests and questions receive the highest level of attention.’

‘Laura Asbati demonstrates innovation and pragmatism when new subjects arise. She remains fully involved in these matters and works in perfect transparency and fluidity. ’

‘Real expertise from the French and English teams and a real ability to find solutions quickly, in the context of very complex transactions. These teams are naturally among the best on the market.’

‘Very available and very responsive team. The advice is of excellent quality. Very good time management.’

Principaux clients

Citibank


Crédit Agricole Corporate and Investment Bank


Edmond de Rothschild France


Société Générale


Boursorama


Principaux dossiers


  • Advised Crédit Agricole and Investment Bank in relation to the derivative-linked provisions of their structured debt issuance programme.
  • Advised Edmond de Rothschild (France) in relation to the derivative-linked provisions of their structured debt issuance programme governed by English law.
  • Advised Société Générale and Boursorama on Boursorama’s inaugural public residential mortgage-backed securitisation (RMBS) structured as an issuance programme.

Latham & Watkins

Latham & Watkins has extensive expertise advising asset managers, insurance companies and other financial institutions on complex structured finance and derivatives. The practice notably assists with complex regulatory challenges and transactions, including the purchase of non-performing loan portfolios from French banks, as well as French bank capital relief transactions alongside investor funds or insurers selling credit protection. Thomas Vogel and Suzana Sava-Montanari head the practice. They are supported by associate  Jaime Hall.

Responsables de la pratique:

Thomas Vogel


Autres avocats clés:

Suzana Sava-Montanari; Jaime Hall


Principaux clients

Natixis


BNP Paribas CIB


BofA Securities Europe SA


HSBC Plc


TotalEnergies SE


Lagardère SA


AXA SA


AXA Investment Managers


Club Méditerranée


SCOR


Schoeller Allibert Services B.V.


Dilmon LLC


Al Mirqab Holdings LLC


Emirates Telecom. Group Company (Etisalat Group) PJSC


The McCourt Company


Interactive Brokers Group


Newmarket Investment Holdings, LP


Christofferson Robb


Magnetar Capital


D. E. Shaw & Co., L.P.


Sculptor Capital Management


Canopius Managing Agents Limited


Polus Capital Ltd


MakerDAO


Schroders Capital


CPPIB


Principaux dossiers


  • Advised AXA SA in connection with a flagship repurchase of own shares in an amount of EUR 1bn to neutralise earnings dilution from disposals.
  • Advised MakerDOA (the issuer of the DAI stablecoin) in connection with the documentation of a structured margin facility (under French law) over a covered bond issued by Société Générale in token format.

Linklaters

Linklaters has considerable securitisation expertise that spans a comprehensive range of products: auto and other consumer loans, ABS and trade receivables as well as acquisitions and related financing of non-performing loan portfolios. The Paris team also works in close combination with colleagues from the firm’s international offices to handle cross-border transactions, assisting both originators and investment banks. Practice head Patrice Doat is highly regarded and is support by counsel Guillaume Malaty. Of note, derivatives expert counsel Vincent Poilleux left in May 2023.

Responsables de la pratique:

Patrice Doat


Autres avocats clés:

Guillaume Malaty


Principaux clients

Alvest


Arrago


BNP Paribas


Société Générale


Société Générale CIB


ABN AMRO Bank N.V.


Crédit Agricole CIB


Crédit Agricole S.A.


Principaux dossiers


  • Advised Arrago, a French Fintech start-up, as sponsor and originator, on the design of their reverse mortgages (prêts viagers hypothécaires) origination process and the setting-up of their first refinancing vehicle.
  • Advised BNP Paribas (BNPP) as arranger and senior lender in the structuring of the first car fleet securitisation of Virtuo in France, Spain and Germany.
  • Advised Alvest on the first whole business securitisation of its future leasing business worldwide through the establishment of two special purpose entities to be located in France and the US.

Addleshaw Goddard

Addleshaw Goddard has strong derivative expertise through practice head Julien Bacus, who has strong credentials in this field and advises major French and international banks. The practice is able to advise clients on derivative transactions linked to various matters including EMIR, clearing houses, repo, and collateral management documentation. The team also includes Charles Tissier.

Responsables de la pratique:

Julien Bacus


Autres avocats clés:

Charles Tissier


Les références

‘The team led by Julien Bacus is one of the few firms in Paris with a practice dedicated to derivatives transactions. They are excellent, business driven, very pragmatic to find solutions and help to close complex transactions.’

‘Julien Bacus is a real star, more than 20 years working on derivatives, being able to advise on every sort of derivative transactions and their regulatory environment.’

Principaux clients

European Federation of Energy Traders (EFET)


Engie Global Markets


MUFG Bank


UBS Bank AG


Credit Suisse


Portakabin/Shepherd Building Group Limited


Faurecia


Transport Stockage Energie


HSBC


Nomura


Barclays


Groupe Duval SAS


Bank of America NA


Principaux dossiers


  • Advising the EFET (European Federation of Energy Traders) on the enforceability of contractual standards governing derivative transactions in electricity and gas
  • Advising MUFG Bank on the negotiation of FBF ISDA and collateral documentation.
  • Advising UBS Bank AG on the negotiation of the EMIR initial margin with French counterparties and on the negotiation of their initial (IM) and variable (VM) margins.

Mayer Brown

Mayer Brown has solid securitisation expertise, often assisting issuers while also handling work for credit institutions. The Paris team regularly combines forces with US and London-based colleagues to advise on pan-European and international transactions. Its practice covers various assets, including auto-loans, trade receivables, supply chain and art loans, advising on the trading, restructuring and issuing of products and on the setting up of programmes. The team is headed by François-Régis Gonon, with senior counsel Véronique Collin another key name.

Responsables de la pratique:

François-Régis Gonon


Autres avocats clés:

Véronique Collin


Les références

‘Good knowledge of the world of financing and very good responsiveness.’

Principaux clients

DIAC SA


JP Morgan


Mitsubishi UFJ Financial Group


RCI Banque SA


Principaux dossiers


  • Advised RCI Banque on a €719 million securitisation backed by German auto loans originated by its German branch.
  • Advised MUFG as arranger and invoice purchaser on the structuring of several pan-European supply chain financing programmes with several global industrial or commercial groups
  • Advised J.P. Morgan as arranger on the structuring and restructuring of 5 asset-based lending facilities to the French affiliates of various industrial groups.

Reed Smith

Reed Smith's structured finance, DCM and derivatives team handles a comprehensive range of work spanning transactional and regulatory issues on behalf of banks, issuers and investors. The team has recently advised international and financial industry sector clients on derivatives issues linked to the energy and commodities sectors. It also has a solid and diverse securitisation practice covering various assets including classic standard work such as RMBS as well as more innovative transactions. The team is headed by Baptiste Gelpi. Former counsel Florent Rigaud left in 2023.

Responsables de la pratique:

Baptiste Gelpi


Les références

‘Baptiste Gelpi is also very invested and his knowledge of the market, particularly in terms of securitization, is invaluable. It helps move files forward and saves us time.’

White & Case LLP

White & Case LLP has a large offering in the finance field, which in addition to its prominent DCM and banking expertise also includes some derivatives and securitisation expertise. The firm often assists leading banks and recently advised on a jumbo securitisation of home loans. Grégoire Karila and counsel Emmanuel Lebaube are the key contacts.

Responsables de la pratique:

Séverin Robillard


Autres avocats clés:

Grégoire Karila; Emmanuel Lebaube; Charles Linel


Les références

‘Availability, expertise, clarity of answers, creativity.’

‘Charles Linel, expertise in the subjects, available.’

Principaux clients

Barclays


Belfius Bank


BofA Merrill Lynch


BPCE


BNP Paribas


BNP Paribas Personal Finance


Citigroup, Crédit Agricole SA


Crédit Agricole CIB


PSA Banque Finance/Credipar


Credit Mutuel Arkea


Credit Suisse, Deutsche Bank


Goldman Sachs


HSBC


J.P. Morgan LCL


Natixis


Société Générale


UBS


Air France-KLM


Air Liquide


Atos


ENGIE


Faurecia


LVMH


Michelin


Peugeot


Plastic Omnium


Rubis


SMCP


Sanofi


Stellantis


Sodexo


SPIE


SUEZ


Tereos


Verallia


Vinci


Worldline


Principaux dossiers


  • Advised Societe Generale-FORGE (SG-FORGE), on the launch of EUR CoinVertible, a digital asset developed and administered to maintain a stable value (stablecoin).
  • Advised Covage Infra, part of the Altitude Group, on the capital markets and relevant hedging aspects of the setting up a medium-term loan and liquidity line for a total amount of €156 million with NORD/LB.
  • Advised Coface SA on the tender offer for its outstanding €380 million guaranteed subordinated notes with a fixed interest rate of 4.125% due March 27, 2024, and the issuance on September 22, 2022 of €300 million tier 2 notes with a fixed interest rate of 6.000% due September 22, 2032.