Ashurst LLP

Associate, Securitisation

Ashurst LLP

Sep 5th, 2022
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London, UK
http://www.ashurst.com

Associate, Securitisation

Ashurst’s Global Markets team

About Ashurst

Ashurst is a leading global law firm with a history spanning almost 200 years, and clear strategy for our future growth. Our in-depth understanding of our clients and commitment to providing exceptional standards of service have seen us become a trusted adviser to local and global corporates, financial institutions and governments in all areas of commercial law. To find out more please visit here.

In order to comply with regulatory and client requirements, Ashurst will undertake appropriate vetting of staff. When applicants accept a job offer, Ashurst, alongside a specialist provider, will undertake professional verification and background checks. These checks are only undertaken with consent, and in accordance with our legal and regulatory obligations.

Team overview:

Ashurst’s securitisation practice forms part of a wider Global Markets Group. It sits alongside and works closely with Ashurst’s debt capital markets and derivatives and structured products practices.

The core areas of the team cover securitisations (RMBS/CMBS/auto loans/consumer credit, prime/non-performing), whole business securitisations, covered bonds, CLOs and trade receivables. The practice covers true sale and synthetic structures.

Job overview:

You will work primarily with partners in London and Europe who specialise in various types of structured finance transactions across different asset classes.

You must be willing to be flexible and should be enthusiastic about working in new product areas. The job offers exposure to multiple different clients, sectors and associated financing techniques.

The role will offer the opportunity to work with sponsors, arrangers, debt investors, corporates, banks, government and credit enhancement providers.

The role will also involve working closely with other groups within Ashurst, including corporate, restructuring, banking, financial regulatory and tax.

Essential skills and experience:

  • Qualified Associate with proven post-qualification experience at a major law firm.
  • Experience of advising on structured finance transactions preferred but not essential.
  • Experience of drafting complex documents.
  • Good organisational skills and experience in transaction management.
  • Excellent academic track record.
  • Excellent client relationship skills and experience of business development.
  • Confidence in conducting commercial negotiations with counterparties.
  • A collegiate team-player who works effectively with colleagues at all levels.

Recent Work:

  • SHAWBROOK BANK

as originator on their inaugural public securitisation of buy-to-let mortgages (Shawbrook Mortgage Funding 2019-1 plc).

ALDERMORE BANK

as originator in respect of the £381,136,3000 notes issued by Oak No.3 plc, a special purpose vehicle backed by a portfolio of prime mortgages originated by Aldermore. This was Aldermore’s first public STS transaction.

SANTANDER UK PLC

on updates to (and issuances from) their Holmes and Fosse residential mortgage master trusts, including advising on amendments to comply with the Securitisation Regulation and STS criteria.

SANTANDER, HSBC, MUFG AND WELLS FARGO

as lead managers on the public “STS” securitisation of a portfolio of automotive HP and PCP agreements originated by PSA Finance UK Limited (Auto ABS UK Loans 2019 plc).

PRAETURA ASSET FINANCE

as originator in respect of a private warehousing of finance lease and hire purchase assets with funding provide by a major UK bank.

BS INFRASTRUCTURE DEBT FUND (‘UBS’)

on the financing of the acquisition of a portfolio of distressed loans, deriving from project financing and financial lease agreements in the photovoltaic sector, by WRM Group from MedioCredito Italiano.

DEUTSCHE LEASING/SOCIETE GENERALE/LBBW

on the EUR800m non-captive lease STS securitisation Limes 2019-1 for Deutsche Leasing. This transaction was the establishment of a new platform and inaugural public transaction for Deutsche Leasing.

LOWELL / “MILLA 4” TRANSACTION

on the MILLA 4 transaction. A repackaging of EUR1 billion NPL securitisation under the “Milla” issuance platform.

RBI/LBBW/COMMERZBANK

as conduit lenders on a co-funded multi-jurisdictional trade receivables securitisation for the Wepa group.

LLOYDS BANK CORPORATE MARKETS

as lead manager on VCL 28, a securitisation of lease receivables by Volkswagen Leasing GmbH This was the first public STS securitization transaction in the European asset backed securities market.

CLO TRANSACTIONS

advising various market leading trustees and agents on over 20 CLO 2.0 warehouses, note issuances, refinancing, resets and origination platforms with an aggregate exposure of over €5,000,000,000.

LEASEPLAN CORPORATION N.V.

on the STS securitisation of an operating lease portfolio consisting of auto lease receivables and auto residual values. The issuer, Bumper 2019-1 S.A., issued notes with a total nominal value of € 544m backed by auto lease receivables and auto residual values which were sold by LeasePlan Deutschland GmbH.

Representative Clients:

  • Allianz Global Investors
  • Apollo
  • Bank of America Merrill Lynch
  • Barclays
  • BP
  • Cheyne Capital
  • HSBC
  • Her Majesty’s Government, including Her Majesty’s Treasury (acting through the Infrastructure and Projects Authority)
  • Lloyds
  • Macquarie/MIDIS
  • Mitsubishi UFJ
  • Morgan Stanley
  • Santander

Career advancement:

An established Associate Career Path Framework is in place clearly defining expectations and outlining opportunities for promotion.

Secondment opportunities:

Opportunities often arise for associates to spend time on secondment in house with a key client of the firm. From time to time, secondment opportunities also come up within other Ashurst offices in Europe, North America, Asia and Australia.

If you require alternative methods of application or screening, you must approach Ashurst LLP directly to request this, as we're not responsible for the employer's application process.

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