随着金融市场日益一体化，竞争优势难以捕捉，只有对核心技术、市场的复杂性和细微差异有深入了解的律师行才能协助客户占据竞争优势。在这样的挑战下，金融产品仍蓬勃发展，我们擅长处理由此引发的的种种事务。无论交易如何演变，我们都将全线整合本行经验，交付创新、务实且商业导向的解决方案。

我们的律师受理几乎所有资产类别的证券化。结合在商业票据发行渠道、担保债务凭证、衍生品及合成市场的经验，我们的律师以丰富的经验、深邃的智慧和敏锐的行业见解协助客户在已有市场和发展市场开拓机遇并使机遇价值最大化。

ABS（资产支持型证券）/MBS（房地产抵押贷款证券）。我们是创立并扩张全球性及区域性ABS/MBS市场的主力军，曾参与几乎所有资产类别的证券化。我们的MBS业务国际化、综合化优势明显。我们构建的证券化包括：第一顺位、房屋净值和次级住房抵押贷款，商业抵押贷款，以及MBS的重新证券化、重新包装和重新构建REMIC（房地产抵押贷款投资管道）。

汽车。我们受理的汽车相关证券化交易多于任何其他律师行，此外，丰富的租赁与税务经验使得我们胜任汽车租赁交易的分析与执行工作。我们协助租赁公司、银行及其他汽车出租人创立类似交换计划，使之与汽车信托和证券化结构相协调。

商业票据。我们拥有全球最大的资产支持型商业票据业务之一。为应对不断变化的会计和风险资本要求，汽车行业对商业票据工具进行了重组，我们在其中起主导作用。我们曾向ABCP（资产支持型商业票据）行业的多数渠道发起人提供服务，就其ABCP计划的建立或重组及/或ABCP计划相关的客户交易提供法律意见。此类经验不仅包括传统的、渡过了信贷危机的多卖方ABCP计划，还包括各类方兴未艾即退出历史舞台的单卖方、可展期、可赎回、结构性投资工具、套利及混合票据计划，其中既有境内票据计划，也有跨境多币种票据计划。相信我们的深厚经验是协助交易商处理其ABCP计划的不二之选。

资产担保债券。我们始终站在资产担保债券市场的前沿。我们的律师参与了欧洲、亚洲、拉丁美洲和加拿大最具创新性的一些资产担保债券交易，其中包括建立加拿大首支资产担保债券。

信用卡债权证券化。我们在信用卡ABS交易方面积累了卓著的业绩。我们就公开发行和私募发行向发行人和承销商提供法律服务，经验极为丰富。通过担任商业票据渠道公司或发行人的的法律顾问，我们与多数渠道公司建立了工作关系，而渠道公司是信用卡集成信托的主要出资方。我们也经常就资产组合收购和资本融资交易向买方、卖方和融资各方提供法律意见。

新兴市场。我们是新兴市场证券化及其他结构性融资交易方面的领袖，经常向大型投资银行和借款方就构建和实施复杂的衍生品及结构性融资交易提供法律意见，包括协助构建本地发行。

助学贷款债权证券化。我们的助学贷款债权证券化业务涵盖助学贷款监管及融资。我们擅长代表金融公司、商业银行和投资银行担任助学贷款债权证券化的卖方、买方、贷款方、发行人或承销商，并就收购助学贷款组合提供法律意见。我们经常就涉及助学贷款的渠道交易和定期交易（公开和144A规则）提供法律意见，在联邦家庭教育贷款计划（FFELP）下的助学贷款和私人助学贷款（包括私人担保安排制约下的助学贷款）方面也富有经验。

应收账款。我们担任众多贷款方的法律顾问，为杠杆收购、资本重组、营运资本需求提供融资，处理过所有类别的应收账款融资，经验极为丰富，涵盖应收账款购买结构、资产支持型结构、应收账款保理以及发票贴现结构。近期，在使传统证券化“真实出售”技术适应其他混合应收账款购买结构的过程中，我们一马当先，其中包括资产支持型贷款结构与应收账款证券化和“轻证券化”结构相融合。

Below is a selection of representative transactions:

• Auto leases. We represented a major bank in the first-ever offering in the US of asset-backed securities backed by Australian auto leases.
• Auto loans. We represented Santander Global Banking and Markets as arranger and Santander Consumer Bank AS as originator in relation to a £1.1 billion securitization of a pool of Norwegian auto loan receivables.
• Collateralized commercial paper. We represent Barclays, The Royal Bank of Scotland and Citibank to establish what the industry press has dubbed “Collateralized Commercial Paper” financing programs for each of these banks. Each of these programs will be cross-border and entail issuance anticipated to be well over $10 billion.
• Covered bonds. We represented a major Canadian bank in their inaugural covered bond issuance of $1 billion of 2.55% Series I Covered Bonds due 2016 in the United States.
• Covered bonds. We represented a major investment bank as a joint lead manager in multiple issuances of covered bonds by CIBC. The transactions have an aggregate value of $4.25 billion and are part of CIBC’s €8 billion Global Public Sector Covered Bond Programme.
• Credit cards. We are issuer counsel for the GE Capital Credit Card Master Note Trust program.
• Distressed debt. We advised on the first German NPL securitization backed by a portfolio of nonperforming, subperforming and nonstrategic mortgage loans. The €1.35 billion deal for Lone Star was International Securitisation Report’s Deal of the Year.
• Diversified payment rights. We represented a major bank in a Diversified Payment Rights transaction involving the exchange of $691.1 million of 144A/Reg S floating rate. This was the first capital markets exchange of a monoline-insurer-wrapped future flow transaction.
• Emerging markets. We acted for The Hong Kong Mortgage Corporation (HKMC) on its first international transaction—the acquisition of South Korean residential mortgage assets worth $700 million from a Korean commercial bank. This deal was also notable as the first-ever "bilateral" cross-border RMBS securitization out of Korea under Korea's ABS Act. HKMC is considered to be the "Fannie Mae" of Hong Kong. It is triple-A rated and Hong Kong's biggest securitizer.
• Future flow. We represented Banco do Brasil S.A. as originator and servicer in a $300 million securitization of its workers’ remittances from Japan. This transaction was the first future-flow transaction by a Brazilian bank and was selected by Latin Finance magazine as the Most Important Structured Finance Deal in Latin America for the past 20 years.
• Insurance linked securities. We represented Deutsche Bank Securities and Embarcadero Re as lead counsel and issuer’s counsel in connection with a $150 million catastrophe bond, the proceeds of which collateralize a reinsurance agreement with the California Earthquake Authority (CEA). While we were originally retained by Deutsche Bank as R&D and structuring counsel, the team’s role shifted to issuer’s and lead counsel. This transaction won the Reactions ILS Deal of the Year Award for 2011.
• Intellectual property. We represented a global music company in a multijurisdictional securitization of its music publishing assets, a multibillion dollar securitization of a major international trademark portfolio, and a master whole business program to facilitate the financing of whole business acquisitions.
• REMICs. We represented a major broker/dealer in thirteen resecuritization trust transactions issuing over $1.1 billion in new REMIC debt and equity securities. The underlying transactions consist of US residential mortgage-backed securities (RMBS) certificates.
• RMBS. We represented a major bank in its capacity as initial purchaser (underwriter) and broker/dealer/structurer in the resecuritization of approximately $4.7 billion of residential mortgage-backed securities (RMBS).
• RMBS. We represented US-based Ally Financial Inc. as lender on a hybrid acquisition/ securitization warehouse facility in relation to a portfolio of GMAC RFC’s UK residential mortgage loans.
• Student loans. We represented Straight-A Funding LLC, an asset-backed CP program, created by the student loan industry with assistance from the US government in the form of an innovative Put Agreement with the Department of Education and a $60 billion Liquidity Facility provided by the Federal Financing Bank. Straight-A acts as the investor in student loan ABS transactions and funds those investments through the issuance of asset-backed commercial paper.
• Trade receivables. We represented a major bank, as agent, in the restructuring of a cross-border receivables securitization involving various Asian and European jurisdictions, including Malaysia, Germany, Singapore, Hungary and Sweden. This restructuring was significant for the customer because it enable the customer to retain the off balance sheet treatment of the transaction under the recently amended US GAAP rules, FAS 166 and 167.
• Trade receivables. We represented a major bank in its capacities as arranger, sponsor and administrative agent, as well as its commercial paper conduit, Nieuw Amsterdam Receivables Corp. and the syndicate group in relation to a $700 million securitization of trade receivables originated by subsidiaries of Bunge Limited across the United States, Canada and Europe.

Chambers USA 2024

Band One

• Capital Markets: Securitization: ABS
• Capital Markets: Securitization: RMBS

Band Three

• Capital Markets: Securitization: CLOs

Legal 500 USA 2024

• Ranked Tier 1 for Structured finance: Securitization

GlobalCapital's US Securitization Awards 2024

• ABS Law Firm of the Year

Chambers Global 2024

Band One

• Capital Markets: Securitization: ABS, US
• Capital Markets: Securitization: RMBS, US

Band Two

• Capital Markets: Structured Finance, Securitisation & Derivatives, Global: Multi-Jurisdictional

Band Three

• Capital Markets: Securitisation, UK
• Capital Markets: Structured Finance, Germany

Legal 500 Asia Pacific 2024

• Ranked Tier 3 for Structured Finance and Securitization – Hong Kong

Chambers USA 2023

• Capital Markets: Securitization: ABS and RMBS Nationwide (Band 1)

Legal 500 US 2023

• Ranked Tier 1 in Structured Finance Securitization
• Ranked Tier 1 in Structured Finance Derivatives and Structured Products

GlobalCapital’s US Securitization Awards 2023

• ABS Law Firm of the Year: Structured Finance (US) 2023
• Americas Law Firm of the Year

IFLR Americas Awards 1000 2023

• Named Structured Finance and Securitization Team of the Year 2023

Legal 500 Asia Pacific 2023

• Ranked Tier 3 for Structured Finance and Securitization – Hong Kong

GlobalCapital’s US Securitization Awards 2022

• ABS Law Firm of the Year

IFLR Americas Awards 2022

• Named Structured Finance and Securitization Team of the Year.

Chambers USA 2022

• Ranked Band 1 for Capital Markets: Securitization: ABS – Nationwide
• Ranked Band 1 for Capital Markets: Securitization: RMBS – Nationwide

Legal 500 USA 2022

• Ranked Tier 1 for Structured Finance: Securitization

Legal 500 Asia Pacific 2022

• Ranked Tier 3 for Structured Finance and Securitization – Hong Kong

Law360 2021

• Practice Group of the Year – Structured Finance

US News/Best Lawyers “Best Law Firms” First-tier Rankings 2022

• National – Securitization and Structured Finance Law
• Charlotte – Securitization and Structured Finance Law
• Chicago – Securitization and Structured Finance Law
• New York City – Securitization and Structured Finance Law
  

GlobalCapital’s US Securitization Awards 2021

• ABS Law Firm of the Year
• RMBS Law Firm of the Year

IFLR1000 2021 

• Ranked Tier 1 for Capital Markets: Structured Finance and Securitization – United States.

Chambers USA 2021

• Ranked Band 1 for Capital Markets: Securitization: ABS – Nationwide 
• Ranked Band 1 for Capital Markets: Securitization: RMBS – Nationwide

Chambers Global 2021

• Ranked Band 1 for Capital Markets: Securitization – USA
• Ranked Band 2 for Capital Markets: Structured Finance, Securitization & Derivatives – Global-wide

US News/Best Lawyers “Best Law Firms” First-tier Rankings 2021

• National – Securitization and Structured Finance Law
• Charlotte – Securitization and Structured Finance Law
• Chicago – Securitization and Structured Finance Law
• New York City – Securitization and Structured Finance Law

Legal 500 Asia Pacific 2021

• Ranked Tier 3 for Structured Finance and Securitization – Hong Kong