Matheson


Practice Areas

Structured Finance and Derivatives

Structured Finance and Derivatives

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Expertise

“They are outstanding for debt capital markets.”
Chambers Europe

Our Structured Finance and Derivatives Group advises international financial institutions and corporations involved in arranging and executing structured finance transactions both in and from Ireland. The Group draws on the specialist skills and technical expertise of lawyers from the Tax Department, the Banking and Financial Services Department and the Capital Markets Group.

Our Structured Finance and Derivatives Group has enjoyed a pre-eminent reputation in arranging structured finance transactions ever since our involvement in drafting the original securitisation legislation enacted in Ireland and subsequently advising in relation to the first securitisation of international assets from Ireland. The Group provides an unrivalled depth of resource, knowledge and experience in the Irish market. The Structured Finance and Derivatives Group is rated Tier 1 for Structured Finance and Debt Capital Markets by Chambers Europe, the Legal 500 and IFLR.

The Structured Finance and Derivatives Group advises on all forms of debt issuance transactions including public and privately placed bond issues and bank and non-bank capital structures.

The Structured Finance and Derivatives Group also advises arrangers, originators, issuers, managers, guarantors and trustees on the securitisation of all types of asset classes, including trade receivables, commercial and residential mortgages, auto receivables and non-performing loans as well as more esoteric assets. These transactions have been funded publicly though once off bond issues or through medium term note or commercial paper programmes. They have also been funded privately though private note issues, bespoke lending or other financing arrangements.

The nature of such transactions usually involves advising on each of the taxation, banking and financial services and capital markets elements of cross-border structures and results in our working closely with arrangers, originators and law firms in jurisdictions throughout the world. It is the pooling of these diverse skills in a practical and innovative manner that enables us to maintain and develop our leading position in the international structured finance market. We have advised on a wide range of structured finance arrangements, including:

  • traditional receivables securitisations of various asset classes
  • synthetic credit derivative based structures
  • collateralised loan obligation and warehousing structures
  • lending platforms
  • securitisation programmes funded by issuing commercial paper
  • repackaging programmes funded by innovative debt issues

Experience Highlights

Some of our recent experience includes advising clients in relation to the following:

  • acted as counsel to the Arranger and Lead Manager, in connection with a €158 million Irish auto loan securitisation. The transaction was a static cash securitisation of car loans (hire purchase contracts and leases) extended to Irish borrowers and represented the first AAA / Aaa rated public securitisation of pure auto loans in Ireland. The transaction was fully documented under Irish law and the securities were listed on the Main Securities Market of the Irish Stock Exchange
  • acted as counsel to the Issuer and Seller in connection with a €336 million Irish residential mortgage backed securitisation. The transaction involved the securitisation of a pool of buy-to-let and owner-occupied residential mortgage loans to non-conforming borrowers, secured on properties in Ireland. The notes were rated by Moody’s and S&P and were listed on the Main Securities Market of the Irish Stock Exchange
  • advised PartnerRe Ltd. on its debut EUR 750 million Eurobond offering.  The EUR 750 million 1.25% Guaranteed Notes due 15 September 2026 (the Notes) were issued by PartnerRe Ireland Finance DAC and guaranteed by PartnerRe Ltd.  The Notes were listed on the Main Securities Market of the Irish Stock Exchange and Matheson also acted as Irish listing agent. The successful Eurobond offering, represented the first issuance ever of a Bermuda insurer and reinsurer in the Euro-denominated bond market
  • acted as Irish legal and tax counsel, and Irish listing agent, in connection with a £129 million securitisation of UK SME loans originated through an online marketplace lending platform.  The notes were listed on the Main Securities Market of the Irish Stock Exchange, and were rated by Moody’s and S&P.  This was the first marketplace lending securitisation of its kind in Europe
  • acted as counsel to the Issuer in connection with a CLO transaction managed by BlackRock Investment Management (UK) Limited.  We advised on all Irish legal, tax and regulatory matters from initial warehousing phase through to issuance of the notes and also acted as Irish Listing Agent. This transaction represented BlackRock’s first European CLO
  • acted as counsel to the Issuer in connection with a CLO transaction managed by Credit Suisse Asset Management Limited.  We advised on all Irish legal, tax and regulatory matters from initial warehousing phase through to note issuance and acted as Irish Listing agent.  This issuance was one of the largest European CLOs of the relevant year
  • acted as counsel to the Issuer in connection with a CLO transaction managed by BlueMountain Fuji Management, LLC.  We advised on all legal, tax and regulatory matters as Issuer counsel from initial warehousing phase through to issuance of the notes and also acted as Irish Listing Agent.  This transaction represented BlueMountain’s first European CLO
  • acted as lead counsel for an international asset manager, in the establishment of a number of Irish companies to raise finance to invest in renewable power projects throughout Europe, and
  • advising leading international investment banks in relation to the establishment of a number of repackaging programmes

 

Accolades

Clients are delighted that the firm is "phenomenally responsive and commercial," saying that they "feel comfortable relying on them to spot issues."
Chambers Europe 2017

Clients stress that the firm is "very proactive, answers straight away and helps to find solutions." 
Chambers Europe 2017

They are outstanding for debt capital markets.”
Chambers Europe 2016

"Outstanding. The firm has helped us to overcome a great number of challenges. The relationship with the team is great, and the expertise provided is excellent."
Chambers Europe 2016

"My preference for Irish law matters. The firm's experience and initiative create a level of trust that distinguishes it from other practices."
Chambers Europe 2016

"Every time we have to find a solution, the team is very helpful at seeing the alternatives."
Chambers Europe 2015

"The team is proactive, user-friendly and responsive, with good energy and enthusiasm."
Chambers Europe 2015

Matheson’s debt practice is "the envy of the market".
European Legal 500 2015

Matheson has a reputation as one of the best debt and structured finance specialists on the market.
IFLR1000 2015

"The team consistently produces high-quality work and makes time to fully understand each client's needs."
Chambers Europe 2013

Matheson is a consistently strong performer for both debt and equity work.
European Legal 500 2013

"An outstanding team deserving of its first-class reputation. It consistently produces high-quality work."
Chambers Europe 2013

“They are outstanding for debt capital markets.”
Chambers Europe

Our Structured Finance and Derivatives Group advises international financial institutions and corporations involved in arranging and executing structured finance transactions both in and from Ireland. The Group draws on the specialist skills and technical expertise of lawyers from the Tax Department, the Banking and Financial Services Department and the Capital Markets Group.

Our Structured Finance and Derivatives Group has enjoyed a pre-eminent reputation in arranging structured finance transactions ever since our involvement in drafting the original securitisation legislation enacted in Ireland and subsequently advising in relation to the first securitisation of international assets from Ireland. The Group provides an unrivalled depth of resource, knowledge and experience in the Irish market. The Structured Finance and Derivatives Group is rated Tier 1 for Structured Finance and Debt Capital Markets by Chambers Europe, the Legal 500 and IFLR.

The Structured Finance and Derivatives Group advises on all forms of debt issuance transactions including public and privately placed bond issues and bank and non-bank capital structures.

The Structured Finance and Derivatives Group also advises arrangers, originators, issuers, managers, guarantors and trustees on the securitisation of all types of asset classes, including trade receivables, commercial and residential mortgages, auto receivables and non-performing loans as well as more esoteric assets. These transactions have been funded publicly though once off bond issues or through medium term note or commercial paper programmes. They have also been funded privately though private note issues, bespoke lending or other financing arrangements.

The nature of such transactions usually involves advising on each of the taxation, banking and financial services and capital markets elements of cross-border structures and results in our working closely with arrangers, originators and law firms in jurisdictions throughout the world. It is the pooling of these diverse skills in a practical and innovative manner that enables us to maintain and develop our leading position in the international structured finance market. We have advised on a wide range of structured finance arrangements, including:

  • traditional receivables securitisations of various asset classes
  • synthetic credit derivative based structures
  • collateralised loan obligation and warehousing structures
  • lending platforms
  • securitisation programmes funded by issuing commercial paper
  • repackaging programmes funded by innovative debt issues

Some of our recent experience includes advising clients in relation to the following:

  • acted as counsel to the Arranger and Lead Manager, in connection with a €158 million Irish auto loan securitisation. The transaction was a static cash securitisation of car loans (hire purchase contracts and leases) extended to Irish borrowers and represented the first AAA / Aaa rated public securitisation of pure auto loans in Ireland. The transaction was fully documented under Irish law and the securities were listed on the Main Securities Market of the Irish Stock Exchange
  • acted as counsel to the Issuer and Seller in connection with a €336 million Irish residential mortgage backed securitisation. The transaction involved the securitisation of a pool of buy-to-let and owner-occupied residential mortgage loans to non-conforming borrowers, secured on properties in Ireland. The notes were rated by Moody’s and S&P and were listed on the Main Securities Market of the Irish Stock Exchange
  • advised PartnerRe Ltd. on its debut EUR 750 million Eurobond offering.  The EUR 750 million 1.25% Guaranteed Notes due 15 September 2026 (the Notes) were issued by PartnerRe Ireland Finance DAC and guaranteed by PartnerRe Ltd.  The Notes were listed on the Main Securities Market of the Irish Stock Exchange and Matheson also acted as Irish listing agent. The successful Eurobond offering, represented the first issuance ever of a Bermuda insurer and reinsurer in the Euro-denominated bond market
  • acted as Irish legal and tax counsel, and Irish listing agent, in connection with a £129 million securitisation of UK SME loans originated through an online marketplace lending platform.  The notes were listed on the Main Securities Market of the Irish Stock Exchange, and were rated by Moody’s and S&P.  This was the first marketplace lending securitisation of its kind in Europe
  • acted as counsel to the Issuer in connection with a CLO transaction managed by BlackRock Investment Management (UK) Limited.  We advised on all Irish legal, tax and regulatory matters from initial warehousing phase through to issuance of the notes and also acted as Irish Listing Agent. This transaction represented BlackRock’s first European CLO
  • acted as counsel to the Issuer in connection with a CLO transaction managed by Credit Suisse Asset Management Limited.  We advised on all Irish legal, tax and regulatory matters from initial warehousing phase through to note issuance and acted as Irish Listing agent.  This issuance was one of the largest European CLOs of the relevant year
  • acted as counsel to the Issuer in connection with a CLO transaction managed by BlueMountain Fuji Management, LLC.  We advised on all legal, tax and regulatory matters as Issuer counsel from initial warehousing phase through to issuance of the notes and also acted as Irish Listing Agent.  This transaction represented BlueMountain’s first European CLO
  • acted as lead counsel for an international asset manager, in the establishment of a number of Irish companies to raise finance to invest in renewable power projects throughout Europe, and
  • advising leading international investment banks in relation to the establishment of a number of repackaging programmes

 

Clients are delighted that the firm is "phenomenally responsive and commercial," saying that they "feel comfortable relying on them to spot issues."
Chambers Europe 2017

Clients stress that the firm is "very proactive, answers straight away and helps to find solutions." 
Chambers Europe 2017

They are outstanding for debt capital markets.”
Chambers Europe 2016

"Outstanding. The firm has helped us to overcome a great number of challenges. The relationship with the team is great, and the expertise provided is excellent."
Chambers Europe 2016

"My preference for Irish law matters. The firm's experience and initiative create a level of trust that distinguishes it from other practices."
Chambers Europe 2016

"Every time we have to find a solution, the team is very helpful at seeing the alternatives."
Chambers Europe 2015

"The team is proactive, user-friendly and responsive, with good energy and enthusiasm."
Chambers Europe 2015

Matheson’s debt practice is "the envy of the market".
European Legal 500 2015

Matheson has a reputation as one of the best debt and structured finance specialists on the market.
IFLR1000 2015

"The team consistently produces high-quality work and makes time to fully understand each client's needs."
Chambers Europe 2013

Matheson is a consistently strong performer for both debt and equity work.
European Legal 500 2013

"An outstanding team deserving of its first-class reputation. It consistently produces high-quality work."
Chambers Europe 2013



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