Firms To Watch: Derivatives and structured finance

Simmons & Simmons advises on the full range of derivatives and structured products, with a particularly busy derivatives practice for sellers and buyers. Hedge funds and asset management firms rely on the team of Asdrig Bourmayan for transactional and regulatory matters.
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Derivatives and structured finance in France

Allen & Overy LLP

Allen & Overy LLP‘s wideranging expertise spans the full range of asset classes in over-the-counter markets, including credit derivatives, rates, FX, equities and commodities. The team’s regulatory expertise in derivatives, with a focus on advising banks on trade involving central clearinghouses and a specialism in advising dealer groups, is particularly noteworthy. The firm’s experts in tax, restructuring, finance, commodities and securities frequently join forces with the derivatives team. On the structured finance side, the group stands out through its work on innovative CMBS transactions and dealer floorplans, but is active in the full range of asset classes, including insurance securitisation, trade receivables, RMBS and consumer loans. Risk transfer and off balance sheet accounting matters are further areas of expertise. The high number of pan-European matters handled by the Paris group attest its strength in multi-jurisdictional matters. Hervé Ekué, the firm’s Paris managing partner, directs the derivatives practice. Fabrice Faure-Dauphin is in charge of the securitisation and structured finance practice. Counsel Caroline Marion is another key contact. Counsel Clément Saudo left the firm for an in-house position at the Autorité des Marchés Financiers in November 2020.

Responsables de la pratique:

Hervé Ekué; Fabrice Faure-Dauphin

Autres avocats clés:

Caroline Marion

Les références

‘The team is very proactive, its legal watch promptly alerts us to developments that may unblock certain situations.’

‘Fabrice Faure-Dauphin has in-depth knowledge of issues that go beyond his own field of expertise, in taxation and insurance regulation. His advice saved us from wasting time. Caroline Delavet is very experienced in real estate financing, from off-plan to stabilised assets, from mortgage financing to mezzanine debts and their intercreditor agreements. As a pedagogue, she helped all my collaborators progress.’

‘Allen & Overy was able to provide us with a smooth and coordinated service between the Paris and London office without a hitch.’

‘We particularly appreciated the quality of the communication and the expertise which was excellent. The force of proposal was also remarkable, which allowed us to demonstrate a great capacity of adaptation and a force of commercial proposal. The A&O team was very available, efficient and responsive.’

‘Very close contacts with Caroline Marion and Julien Roux – a very informal and relaxed approach that creates a climate of trust and a lot of flexibility.’

Principaux clients

BNP Paribas

Crédit Agricole CIB

Crédit Mutuel (formerly CM-CIC)

Natixis

RCI Banque

Société Générale

Santander

Principaux dossiers

  • Advised a consortium of banks that raised the unprecedented amount of €11bn for the implementation of a national participating loan scheme, aiming to stimulate investment and boost the French economy.
  • Advised Daimler Financial Services/Mercedes Benz Financial Services and arranger Société Générale as transaction counsel of the inaugural auto ABS French ABS transaction for Mercedes Benz Financial Services.
  • Advising the Arrangers and joint lead managers on the auto lease ABS transactions for DIAC S.A. (RCI Banque).

Clifford Chance

Clifford Chance‘s practice includes securitisation, structured finance and derivatives. Repackaging, factoring and alternative market financing products, for example through dis-intermediation, are included in the team’s track record. Increasingly, the group is acts on transactions involving ESG criteria. Auto ABS transactions and RMBS transactions are also growing lines of work.  The firm’s derivatives practice includes the full range of derivatives products, advising among others on clearing and margining, repurchase agreements, and pre-contentious and contentious matters. Acting for a wide range of clients, including supra-nationals, public institutions, insurers, corporates and private equity funds, the practice is among the most versatile in the market. With its team of French, US and English-qualified lawyers the practice is an excellent choice for complex multijurisdictional matters. Thanks to the firm’s regulatory, fund formation, capital market and finance specialists, the group is also very well placed for multi-disciplinary matters. Jonathan Lewis, Julien Rocherieux and regulatory expert Frédérick Lacroix direct the practice.

Les références

‘I am delighted to be assisted by this excellent team in the context of my company’s projects and also welcome their excellent knowledge of the market, their sharing legal knowledge, their pragmatism, their invaluable assistance during negotiations as well as their competitive fees.’

‘I work mainly with Fabien Jacquemard (counsel) and I am delighted with this collaboration. His invaluable legal advice, his excellent knowledge of the market, his pragmatism and his negotiating skills make him an essential asset in the context of the activity that my company practices in France.’

‘Very good securitisation team. Trust. Reasonable on fees.’

Principaux clients

Crédit Agricole

Natixis

CIC

My Money Bank/My Partner Bank

Credit Mutuel Factoring

Factofrance

EBRD

EIB

EIF

IFC/World Bank

Banco Santander

Deutsche Bank

Credit Suisse

Banque Internationale à Luxembourg

Ecobank

Morgan Stanley

Bank of America/Merrill Lynch

NatWest

Assured Guaranty

Coface

AXA

Covéa

CNP Assurances

Corporates

Carrefour

Constellium

Rexel

Elior

Vinci

Akiem

Dassault Systèmes

Ingram Micro

Unibail

Rodamco Westfield

SNCF Mobilités

ENR’Cert

EDF

Enbridge

wpd

AEW

AXA REIM

Pimco

Ostrum Asset Management/Natixis Investment Managers International

Vauban Infrastructure Partners

Kartesia

Montefiore

Meridiam

Primonial

Swiss Life AM

Zencap Asset Management

Schroder

Prime Capital

Cale Street LLP

DEKA

Principaux dossiers

  • Advising Factofrance & Credit Mutuel factoring on the setting-up of their refinancing platform taking the form of a securitisation fund (FCT) and aiming at refinancing factoring transactions originated by Factofrance & Credit Mutuel Factoring by way of a securitisation transaction.
  • Advising Bpifrance on its first French Covid-19 response bond issuance launched in the market with a dedicated framework.
  • Advising LMA S.A. as issuer and CACIB as sponsor of conduit in relation to Brexit and various amendments and restructurings of the LMA commercial paper programmes, including in particular: (i) amendments necessary to allow for the first issuances of green asset-backed commercial paper and (ii) accession to the “Now CP” multilateral trading facility and the use of blockchain in relation to issuances of commercial paper).

CMS

The practice at CMS impresses with its combined derivatives and securitisation and structured finance offering. On the derivatives side, the team’s expertise in financial power purchase agreements is particularly noteworthy, but the group assists with regulatory and transactional matters across a wide range of instruments as well as with ISDA and FBF master agreements, securities lending and repurchase transactions. On the securitisation and structured finance side, the team is especially well known for its trade and finance receivables practice, but demonstrates strength across a broad range of assets. NPLs and UTPs and exotic assets such as tax receivables and receivables over public bodies are further areas of strength. Grégory Benteux  heads the practice which is part of Marc-Etienne Sébire‘s wider capital markets team. Alexandre Bordenave and Rosetta Ferrère made partner in January 2021. Pauline Larroque was promoted to counsel in July 2020.

Responsables de la pratique:

Grégory Benteux; Marc-Etienne Sébire

Les références

‘The united team is stable over time, always available. Excellent expertise at affordable prices.’

‘Availability, price, professionalism.’

‘I worked with the securitisation, derivatives and structured finance team on securitisation transactions. The exchanges were fluid and we had in front of us a very competent team on this specific product.’

‘The partner in charge of the file is always present on the calls during the various exchanges which allows to have a very fast feedback from him.’

Principaux clients

BPCE

Natixis

SFIL

Bpifrance

Société Générale Securities Services

BNP Paribas

La Banque Postale

My Money Bank/Cerberus

Principaux dossiers

  • Advised Bpifrance S.A. as arranger for the setting up of a second €2,000,000,000 SME loans securitisation transaction, with the Class A notes issued by the FCT admitted to trading on Euronext Paris and eligible for BCE refinancing transactions.
  • Advised BNP Paribas on the setting up of a new consumer loans securitisation transaction under which a new French securitisation fund issues almost €3.5bn Class A notes, €640m Class B notes and residual units.
  • Advised Cerberus and MMB regarding the home loans and covered bonds aspects of the acquisition by MMB group of the retail activities of HBCE Continental Europe in France.

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

Gide Loyrette Nouel A.A.R.P.I. remains one of France’s finest addresses for structured finance transactions and securitisations, both core lines of work of the renowned Xavier de Kergommeaux. Counsel Clément Vandevooghel provides key support in structured finance, including in asset-backed lending, loan portfolio sales, and securitisation. The practice’s expertise in covered bonds, whose regulatory framework the firm helped shape, is another stand-out feature. The derivatives practice rests on the shoulders of Arnaud Duhamel and Laurent Vincent and focuses largely on equity derivatives and financings. With a strong platform in Paris and London, the firm is a very good choice for multijurisdictional matters, with pan-European transactions accounting for the majority of cross-border cases. Gide 255, the firm’s especially created innovation team, assisted the practice with the use of collateral tokens in derivatives structures. Furthermore, the firm has been involved in the creation of a new French law governed ISDA Master Agreement.

Autres avocats clés:

Clément Vandevooghel

Les références

‘Laurent Vincent knew how to be available and efficient. He is a quality professional.’

‘Great knowledge of securitisation schemes, their updates. Very accessible team who know how to put themselves in their client’s shoes.’

‘Xavier de Kergommeaux and Clément Vandevooghel are humble, didactic and for all that very technical.’

‘Expertise recognized for years. Very professional and very technical. It is reassuring to work with them.’

‘Xavier de Kergomeaux (exceptional: a reference in his field) and Clément Vandevooghel (remarkable: very professional and competent).’

‘Clément Vandevooghel: pragmatism, pedagogy, availability and serenity.’

‘We mainly work with Clément Vandevooghel. The firm has all the necessary resources to handle all aspects of the most complex cases (regulatory, swaps, tax, capital markets, data protection).’

‘Clément Vandevooghel is an excellent lawyer who has solid experience as a lawyer and bank lawyer: he is therefore familiar with both facets of the profession. He shows a lot of involvement in the handling of cases. He knows how to be a very educator with his clients and a source of ideas in difficult negotiations.’

Jones Day

Jones Day impresses with a global footprint, making the firm an excellent choice for complex cross-border matters, and with specialised teams in securitisation and structured finance, led by Christine Van Gallebaert, and derivatives, led by Qian Hu  and Alban Caillemer du Ferrage  who has been acting as the official counsel of the International Swaps and Derivatives Association for over 25 years. Hu’s expertise in transactions involving ESG criteria across the US, Asia and Europe, and her specialisation in clearing OTC derivatives are further assets. The complementary expertise in cross-border financial litigation and investigations and the practice’s ability to join forces with its restructuring colleagues also contribute to the firm’s excellent reputation.  Cementing its role as contributor to key regulatory changes in the market, the practice is working on extending the ISDA Master Agreement and documentation to securities financial transactions, and has drafted the ISDA US Renewable Energy Certificate Annex which is aimed at standardising ESG derivatives.

Autres avocats clés:

Marie-Fleur Rautou

Les références

‘Very dynamic and responsive global team!’

‘Alban Caillemer du Ferrage has a global vision of his activity. Saves time and legal fees.’

‘The Jonesday securitization team led by Christine Van Gallebaert and the derivatives team led by Qian Hu are always strong in offering, challenging, taking up challenges in the face of complexity and within tight deadlines. They are never content to respond to demand, they go further in reflection, are looking for the best solutions to best protect the interests of their customers, business oriented, they do not shy away from any difficulty.’

‘Qian Hu: remarkable for her numerous qualities (very precise knowledge of all the subjects surrounding the matter, but not only, business-oriented, responsive and always very professional). At the cutting edge of structured operations technology, essential for complex and structured operations.’

‘Christine van Gallebaert: perfect mastery of securitisation and covered bonds. Never hesitates in the face of the complexity of the subjects, shows great creativity, is very attentive to the needs of clients and never hesitates to shake up knowledge and be innovative in legal documentation.’

‘We mainly work with Christine van Gallebaert and her team. Christine is an excellent lawyer and technician, while remaining very educational. She also shows a lot of involvement in cases – she is constantly looking for legal innovation and does not hesitate to change the lines.’

‘The securitisation team at Jones Day is very knowledgeable and well respected in the industry. We appreciate their availability, their deep understanding of our business model, their ability to connect us with other teams at Jones Day to discuss specific topics (tax, regulation, tokenization platform, etc.).’

‘Christine van Gallebaert is trustworthy, extremely knowledgeable and well respected by her peers. She is quick to connect us with other teams within Jones Day when a different expertise is necessary. We trust her judgement and her ability to get things done within challenging timeframes. She has been intrumental in the success of any deals we have worked on together. We very much like her proactive and solutions-driven approach that has been key to accompany our growth in recent years.’

Principaux dossiers

  • Acted as legal adviser to Natixis and BofA Merrill Lynch, joint lead managers, and Natixis, interest rate swap counterparty, in connection with the securitization of French residential loans.
  • Advising ISDA and its members on the drafting of the ISDA/FIA Cleared Derivatives Execution Agreement (French Law), designed for use by market participants in negotiating swaps to be cleared by clearing houses and is a fundamental piece for the development of the French law derivatives market.
  • Advised Crédit Immobilier de France (CIF) Group on its third and fourth public securitisation of residential loans.

Latham & Watkins

Latham & Watkins‘s structured finance and derivatives practice offers French, English and US law expertise from the Paris office, making the firm a popular choice for multijurisdictional matters. The caseload includes a high number of very high-value transactions across a broad product range, with structured securities, equity derivatives, structured token offerings, hedging transactions, and bank capital relief transactions among recent matters. The practice is also frequently involved in disputes involving financial products and assists with regulatory matters. Practice head Thomas Vogel and Suzana Sava-Montanari, who made partner in March 2021, are the key contacts. 

Responsables de la pratique:

Thomas Vogel

Autres avocats clés:

Suzana Sava-Montanari

Les références

‘Thomas Vogel is a brilliant lawyer, able to deal with a lot of varied subjects and to build bridges between issues. His dual expertise in English law/French law is very valuable. His expertise in derivatives makes him an essential person in Paris.’

‘The service provided was excellent. Latham & Watkins were very responsive and were able to bring in additional expertise from other teams. The fees were reasonable and the advice was very clear and concise.’

‘Suzana Sava-Montanari provides very clear and concise advice. Her English is excellent and her ability to advise on both the English and French law aspects and to represent and guide us through a very complex negotiation was fantastic. It was the most refreshing experience that we had ever had with a private law firm.’

‘Excellent team – work together and with their clients seamlessly, are always ahead of the market in terms of developments, and provide invaluable structuring advice.’

‘Suzana Sava-Montanari – the most dedicated lawyer in France! A very sharp mind, which she uses to deliver consistently outstanding outcomes for clients’

‘Thomas Vogel – highly technical, really gets into the details. Clear and concise in communicating and drafting.

Principaux clients

Goldman Sachs (France)

BAML (France)

Deutsche Bank

Natixis

HSBC

TOTAL SA

ATOS SA

Eurazeo

Konsberg Automotive

Schoeller Allibert NV

Siemens

Nissan

PAI Partners

AXA France

AXA Investment Managers

Aviva France

NewMarket Capital

Cairn Capital

Magnetar Capital

Al Mirqab Holdings

Principaux dossiers

  • Advised Siemens AG and Siemens Healthineers AG on a $16.4bn structured contingent FX derivative transaction (meant to hedge the hedge the EUR/USD share purchase price) relating to the acquisition of Varian Medical Systems, Inc. (Varian).
  • Advised TOTAL SA on a share issuance forward derivative transaction (with embedded anti-dilution mechanism) with Maxeon Solar Technologies Ltd in the context of the spin-off of SunPower and Maxeon Solar Technologies).
  • Advised Norwegian auto parts supplier Kongsberg Automotive on its agreement with NORD/LB and Finacity to provide Kongsberg with a €60m trade receivables securitization facility.

Linklaters

Under the lead of Patrice Doat, the team at Linklaters offers French and English law expertise in structured finance, derivatives and securitisation. In addition to the group’s traditional strength in consumer loans, receivables securitisation, covered bonds, and factoring as core parts of the caseload, the caseload increasingly contains inventories structured finance, financing of non-performing loan portfolios and insurance-linked securities transactions. The derivatives practice includes a range of equity derivatives transactions, such as equity financings, convertible bonds, and employee share ownership transactions, as well as complex hedge transactions. The practice frequently joins forces with the firm’s corporate, banking, regulatory and tax experts, both in France and abroad.

Responsables de la pratique:

Patrice Doat

Autres avocats clés:

Guillaume Malaty

Les références

‘Team with cutting-edge expertise in the field of securitisation, coupled with unparalleled pragmatism and efficiency. Excellent knowledge of the market and unique positioning on new assets (Fintechs, NPL).’

‘Patrice Doat: Unparalleled efficiency coupled with a unique experience. Guillaume Malaty: Pragmatic, sharp and of formidable speed, Guillaume is a real asset.’

‘The team is very professional and open to new asset classes that require innovative legal approaches.’

‘The people on this team are committed to reconciling the legal imperatives with the reality of the situation. This is what sets this team apart from other legal teams.’

‘The Paris team is an experienced, professional team with proven expertise in securitisation and structured finance. The stability of the team is also to be underlined.’

‘Patrice Doat: Excellent practice and knowledge of the market and negotiation skills. Aurélien Fournier: commitment, availability and remarkable efficiency in the most complex transactions!’

‘A team that manages to combine a sharp knowledge of law with a business sense is rare and the Linklaters team fulfills these two qualities!’

Principaux clients

Renaissance Reinsurance Ltd.

EuroTitrisation

Natwest Markets

ING

European Investment Bank

Caisse des dépôts et consignations

Crédit Agricole Corporate and Investment Bank (CA-CIB)

Groupe iQera (MCS & Associés)

Principaux dossiers

  • Advised Renaissance Reinsurance Ltd. on an unfunded synthetic securitisation transaction with BNP Paribas.
  • Advised Eurotitrisation on the implementation of the ‘Fonds de Prêts Participatifs Relance (PPR)’, the unprecedented financing scheme promoted by the French Ministry of the Economy and Finance through which the main French banks will distribute up to €14bn of equity loans to eligible French SMEs and SMIs, in order to strengthen their balance sheets weakened by the pandemic in order to promote their development as they emerge from the economic crisis.
  • Advised the European Investment Bank (EIB) which issued its first ever notes in digital form on the Ethereum public blockchain, with the €100m 2-year notes placed with key market investors in the market’s first multi-dealer led primary issuance of notes recorded to a public blockchain.

Orrick Rambaud Martel

Orrick, Herrington & Sutcliffe LLP is known for its longstanding expertise in advising on innovative transactions, especially in structured finance, including in complex cross-border matters, large securitisations of financial assets, and sovereign debt issuances. Practice head Hervé Touraine, who splits his time between Paris and Geneva, is the chairman of the Securitisation Commission of Paris, with Olivier Bernard also involved in the commission’s development of the Paris marketplace.

Responsables de la pratique:

Hervé Touraine

Les références

‘Experienced and motivated team, rigour in execution.’

‘A responsive, pragmatic team, attentive to clients and excellent technically, certainly one of the best in Paris in terms of synthetic securitizsation.’

‘Olivier Bernard is always very involved in the files and has surrounded himself with quality associates.’

‘Orrick ‘s securitisation, derivatives and structured finance team has extensive knowledge and experience in securitisation in all its forms.’

‘Olivier Bernard and his team have an excellent knowledge of the specific constraints of an originator in the context of a synthetic securitisation. Olivier is always remarkably available. He and his entire team are fast, efficient and always provide innovative solutions to the problems encountered.’

‘Olivier Bernard and Laure Seror are both excellent professionals, acting as real advisors to their clients.’

‘Hervé Touraine: availability, high level of expertise in many areas, project management. Judith Rousvoal: availability, detailed knowledge of some very specific areas.’

‘We involve Orrick to handle our most complex cases because they bring real expertise and added value. They provide high quality advice. We also value the communication between partners; Olivier Bernard and Hervé Touraine are not in competition, but are complementary and interchangeable, which ensures great fluidity and transparency in the processing of files.’

‘Hervé Touraine: very rigorous, pedagogical, great experience in the field of securitisation and more generally in banking and financial matters. He is also excellent in resolving sticky points during negotiations by proposing innovative solutions. Olivier Bernard: excellent technician, very professional. He is very constructive in the negotiations. Laure Seror is now counsel; very responsive and efficient; very good lawyer.’

Principaux clients

Axa Banque

BNP Paribas

BPCE

Crédit Agricole Consumer Finance

Crédit Agricole Corporate and Investment Bank (CRÉDIT AGRICOLE CIB)

La Banque Postale

Morgan Stanley

Natixis

Principaux dossiers

  • Advising the Kingdom of Morocco on its issuance of $3bn in sovereign bonds on the international financial market.
  • CHECKING CONFIDENTIALITY Acting for BNP Paribas on the setting up of the €8bn Resonance 5 synthetic securitisation, the first known case of using an insurance contract as an unfunded credit protection instrument to carry out a securitisation achieving significant risk transfer.
  • Advising the BPCE group on the structuring and setting up of a €1.5bn debt fund dedicated to major renewable energy financings.

Ashurst LLP

Ashurst LLP specialises in structured products, off-the-counter and market-traded derivative transactions, and structured finance. Practice head Hubert Blanc-Jouvan brings his extensive transactional and regulatory experience to the table and was a member of the consultative commission of the Autorité des marchés financiers where he advised on market infrastructures and post-trading. Blanc-Jouvan was also a member of a commission set up by the Haut Comité Juridique de la Place de Paris on the impact of Brexit on market infrastructures and the clearing of OTC derivatives. Audrey Dahan left the firm in August 2020.

Responsables de la pratique:

Hubert Blanc-Jouvan

Principaux clients

Credit Suisse

Barclays

JP Morgan

Citigroup

Goldman Sachs

Dexia Crédit Local

ALD

LCH SA

Euroclear

Aurel BGC

TP ICAP

Louis Capital Markets

Principaux dossiers

  • Advised Citigroup on the revised issuance programme allowing the issue for the first time of French law securities.
  • Advised Dexia on the 2021 update of its issuance programme and multiple issues of debt securities.

De Pardieu Brocas Maffei

De Pardieu Brocas Maffei is especially well known for its OTC derivatives expertise. The practice is able to assist with public and private issues of debt and equity securities as well as hybrid securities and provides regulatory advice on clearing houses and custodial services. Securities lending and repo transactions are other areas of strength. Practice head Corentin Coatalem  and Olivier Hubert, who specialises in structured finance and securitisation as well as regulatory matters, are the key contacts.

Responsables de la pratique:

Corentin Coatalem

Autres avocats clés:

Olivier Hubert

Principaux clients

CREDIT AGRICOLE CIB

JC Decaux Holding

SOCIETE GENERALE

BNP PARIBAS

LCL

NATIXIS

CREDIT DU NORD

BARCLAYS BANK PLC.

HSBC

DEXIA

Principaux dossiers

  • Advised CREDIT AGRICOLE CIB on the conclusion of the agreements regarding the restructuring of the terms and conditions of all Rallye’s derivatives transactions and on the setting-up of a new financing to the benefit of Rallye.
  • Acted as legal counsel of the JC Decaux family holding (JCDH) on the implementation of very innovative equity derivative products.
  • Acted as legal counsel of the Ricard family holding on the implementation of complex equity derivates products for a financing.

Herbert Smith Freehills LLP

Herbert Smith Freehills LLP is active in structured finance and securitisation as well as in derivatives. In securitisation matters, the team acts for arrangers and originators on the full range of assets, including commercial and residential mortgages, inventory and insurance receivables, auto and fleet receivables, and PPPs. Project bonds and whole business securitisations are also handled. Increasingly, the group also assists with the transfer of non-performing loans. The expertise of structured finance matters in Morocco and the busy export credit agency caseload are further areas of strength. In derivatives, the team acts for buyers and sellers, with the former including corporates, insurance companies, and investment and pension funds. The caseload features OTC derivative matters, especially ISDA and FBF master agreements, derivatives linked to specific financings, and a good spread of product derivatives such as interest rate derivatives, currency derivatives, equity and insurance derivatives. The group also assists with regulatory matters and disputes. Vincent Hatton is the head of the practice. Louis de Longeaux directs the debt capital markets team.

Responsables de la pratique:

Vincent Hatton; Louis fe Longeaux

Les références

‘An accessible and commercially enterprising team.’

‘Vincent Hatton: pragmatic and focused on the defense of his clients.’

Principaux clients

Crédit Agricole group (Crédit Agricole Leasing & Factoring, Crédit Agricole Corporate & Investment Bank, Crédit Agricole Consumer Finance, etc.)

Société Générale Group

Tarkett

Bpifrance

Intrum Justifia

My Money Bank

My Partner Bank

Banque Fiducial Thèmis

AXA (AXA Investment Management, AXA Germany, etc.)

Maghreb Titrisation

UBS

BNP Paribas

Euler Hermes

Edebex

La Banque Postale

Demica

BPCE/Natixis group (Crédit Foncier de France, Natixis, etc.)

Ester Finance Titrisation

M&G Investments

Tikehau (Tikehau Capital, Tikehau Investment Management)

Hogan Lovells (Paris) LLP

Hogan Lovells (Paris) LLP combines sector expertise, especially in the automotive and transport sectors, with English and French law capabilities and expertise in structured finance and securitisations as well as derivatives. The caseload includes the establishment of programmes for structured products and securitisations, and the structuring, negotiation and documentation of OTC derivatives. Repapering projects are also handled. Since the start of the Covid 19 crisis, the practice has increasingly advised on derivatives matters arisen from liquidity problems and restructurings. Thanks to the firm’s international presence, the Paris team is a very good choice for multijurisdictional matters, in particular pan-European ones, but also matters involving Asian jurisdictions, the US and Australia. The team frequently attracts innovative transactions, for example involving new EU securitisation regulations. Sharon Lewis heads the finance, insurance and investment practice as well as the global financial institutions and insurance sector group, and is the key contact for structured finance. Katia Merlini  leads the structured products and derivatives practice. Laura Asbati made partner in January 2022.

Responsables de la pratique:

Sharon Lewis; Katia Merlini

Autres avocats clés:

Reza Mulligan; Laura Asbati

Les références

‘The Hogan Lovells team is essential in the French securitisation market. We regularly call on their services and particularly appreciate their availability and their always very clear communication. The strength of the firm in other jurisdictions is also ideal for situations involving cross-border issues.’

‘The team sets itself apart from other firms by its great professionalism and expertise, without ever being arrogant. Easy contact, a resolutely client-oriented approach, the Hogan Lovells team is the very example of what we expect from a firm. Its numerous successes bear witness to the excellence of the firm: a clever blend of cutting-edge expertise and real proximity.’

‘Among the team, Laura Asbati should be mentioned for her excellent collaboration. We can underline her ability to summarise very clearly the ins and outs, the issues, and thus provide solid advice allowing a quick decision to be taken. And of course Sharon Lewis whose availability is particularly remarkable at this level!’

‘A very high responsiveness, a great knowledge of issues related to assets as well as market practices.’

‘I greatly appreciated working with Laura Asbati who knows how to demonstrate a great capacity for adaptation, synthesis and knows how to approach legal subjects with pragmatism. She also knows how to demonstrate a great sense of pedagogy towards interlocutors who are not always familiar with the problems encountered.’

‘Laura Asbati is very invested in her mission and particularly diligent. His responsiveness, the relevance and precision of her comments are greatly appreciated.’

‘Excellent workmanship with a high professional standard.’

‘The lawyer with whom we are in contact is always ready to help us even if it means going beyond the perimeter of the entrusted mission. She knows how to tell when the subject does not fully fall within her skills and does not seek to take missions at all costs. She has ‘deep’ reasoning and great technique.’

‘The team is very well staffed. Relationships are fluid and efficient. We are very satisfied with the work of analysis and reflection on the occasion of our financial operations. Finally, the team has always succeeded in producing documentation within the (often) very tight deadlines that we grant to our operations.’

‘We have established a relationship of trust with Laura Asbati in whom we have complete confidence for the success of our operations on time. It is very appreciable to have a board attentive to business issues and its understanding of our underlying activity and the expectations of operational staff is a real plus.’

‘Among the teams at the Paris law firm, one person stands out in particular: Laura Asbati. In the space of a few years, Laura has become an essential part of the Paris team. Appreciated by her clients for her rigour, her availability, her willingness and her sense of effort, she contributes to Hogan Lovells being a leading securitisation firm in Paris.’

I would say their work and commitment is on the top of the one I’ve seen on the securitisation teams of HL.

‘Hogan Lovells’ French securitisation practice is not only client-centric but also transaction-centric. Their experience, their ability to explain legal concepts in understandable terms for non-legal specialists and the coordination between the various Hogan Lovells teams involved in complex structured finance projects are always instrumental for a successful execution.’

‘Sharon Lewis leads the financial industry group and is, in particular, a recognised structured finance expert. Laura Asbati has not only a strong expertise in French securitisations, but she is also result-oriented. I am impressed by her capacity to manage the different parties of complex and innovative transactions, always with a view to deliver the best result for her clients and the transaction. An excellent lawyer for a seamless transaction execution!’

‘Outstanding performance in respect of a global syndicated securitization structure. Great cooperation between respective teams in HL’s law firm not only on the commercial law matters.’

‘Laura Asbati: outstanding performance in terms of negotiation skills, availability to all syndicate members, knowledge and awareness of the underlying commercials structure solution driven, i.e. always thought outside the box meaning helping syndicate members to amend commercial structural items in combination with legal consequences. So Laura does not only put attention to the important details, but is always able to take a step back, look at the big picture, and adjust if necessary. Great job.’

Principaux clients

BMW Finance

Société Générale, Banco Santander, S.A. and ING Bank N.V.

Citigroup Global Markets Europe AG

DBRS Ratings Limited

Edmond de Rothschild (France)

Credit Agricole Corporate and Investment Bank

AccorInvest

Principaux dossiers

  • Advised Société Générale as arranger and joint lead manager as well as Banco Santander, S.A. and ING Bank N.V. as joint lead managers in connection with the securitisation of a portfolio of auto lease and residual value receivables originated by CREDIPAR in France.
  • Advised Citigroup Global Markets Europe AG (as Joint Lead Manager) on Daimler AG/Mercedes-Benz Financial Services France’s first ever French public deal, with the transaction securitising auto loan, auto lease and residual value assets and achieving the STS label (Silver Arrow France).
  • Advised AccorInvest on the hedge derivative transactions related to its financial restructuring.

Mayer Brown

Mayer Brown assists with French and international securitisations, French and pan-European factoring or trade receivables purchase programmes, supply chain financing, and asset-based lending, syndicated and bilateral financings. Under the lead of practice head François-Régis Gonon, the practice advises on the entire lifespan of transactions, i.e. on due diligence, contract negotiation and documentation, and renegotiations and restructuring. In addition to the transactional practice, the team also frequently advises on regulatory matters in structured finance.

Responsables de la pratique:

François-Régis Gonon

Les références

‘Great team and firm with leading edge know-how of the subject matter and creative solutions.’

‘François-Régis Gonon and his team were able to provide execute the transaction without fault and in the required timelines. Always calm and able to resolve issues quickly and efficiently no matter how challenging.’

Principaux clients

Bank of America Merrill Lynch

BNP Paribas

Crédit Mutuel Factoring

FactoFrance

JP Morgan

Mitsubishi UFJ Financial Group (MUFG)

Principaux dossiers

  • Advised Facto France on the structuring/restructuring of six pan-European receivables financing facilities to industrial groups.
  • Represented BAML in connection with the structuring of a real estate financing and subsequent CMBS securitisation of French real estate assets owned by investment funds managed by Blackstone.
  • Advised J.P. Morgan as arranger on the structuring and restructuring of five asset-based lending facilities to the French affiliates of various industrial groups.

Reed Smith

Reed Smith launched its practice with the arrival of Baptiste Gelpi in April 2020, offering securitisation and derivatives expertise as well as wider debt capital market expertise and experience in fund-related matters.

Responsables de la pratique:

Baptiste Gelpi

White & Case LLP

White & Case LLP continues to shoulder one of the busiest securitisation caseloads in Paris. Asset-backed securities, including consumer loans, credit cards and auto loans, and residential mortgage-backed securities are a core part of the caseload. Additionally, counsel Emmanuel Lebaube is also experienced in securitisation derivatives and privately placed risk transfer or synthetic securitisation transactions. Philippe Herbelin heads the capital markets practice.

Responsables de la pratique:

Philippe Herbelin

Autres avocats clés:

Emmanuel Lebaube

Principaux clients

Barclays

Belfius Bank

BofA Merrill Lynch

BPCE

BNP Paribas

BNP Paribas Personal Finance

Citigroup, Crédit Agricole SA

Crédit Agricole CIB

CA Consumer Finance

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

Casino

ENGIE

LVMH

Michelin

Peugeot

Plastic Omnium

Rubis

SMCP

Sodexo

SPIE

SUEZ

Tereos

Verallia

Vinci

Worldline

Icade

Foncière INEA

Kaufman & Broad

Mercialys

Réside Etudes

3CIF

Agence France Locale

Agence des Participations de l’Etat

Caisse des Dépôts et Consignations

Compagnie de Financement Foncier

Republic of Cameroun

Republic of Gabon

AXA

CNP Assurances

Coface

Groupama

CNP Assurances

Principaux dossiers

  • Represented Société Générale as arranger, subscriber, custodian, specially dedicated account bank, commercial sub-servicer, account bank, paying agent and cash manager, Sogéfinancement as seller, servicer and cash reserve provider and Franfinance as operational sub-servicer in relation to a €3.355bn securitisation of French consumer loans.
  • Advised BNP Paribas and Crédit Agricole CIB as arrangers, lead managers and stand-by swap counterparties in relation to a €635m residential mortgage loan securitisation by Crédit Immobilier de France Développement.
  • Advised the lenders and bondholders on the capital markets aspects on a joint venture strategic agreement between Bouygues Telecom and Vauban Infrastructure Partners for the operation of FTTH (Fiber To The Home) lines in medium-density areas, deployed and privately-funded by Orange.