Group of Banks seek Hogan Lovells' counsel on public STS and CRR securitization of €420 million
Group of Banks seek Hogan Lovells' counsel on public STS and CRR securitization of €420 million
On Finance Ireland's sixth residential mortgage-backed securitization (RMBS) in the last four years, with a €420 million market value. Hogan Lovells served as the arranger, joint lead manager and swap counterparty on behalf of Bank of America and as joint lead managers with Citi, BNP Paribas and Standard Chartered.
The deal will be deemed to be "simple, transparent, and standardized (STS)" and will also satisfy the CRR standards, which will allow for greater capital requirements relief and the positioning of bank investors' notes for the purposes of calculating their liquidity coverage ratios. The transaction also included the issuing of extra spread notes and a full capital stack. It is anticipated that the Class A Notes will qualify as Eurosystem-eligible collateral.
The originator and sponsor, Finance Ireland, is the biggest non-bank lender in Ireland, with operations in the commercial mortgage, agricultural finance, asset finance, auto finance, and residential mortgage sectors.
In addition, to senior associate Nicholas Watmough and partner Jennifer O'Connell, the Hogan Lovells team also included trainee solicitor Aun Hussain, partner George Kiladze, and partners Julian Craughan, Jennifer O'Connell, and George Kiladze in the structured products and derivatives group.
U.S. Bank was counselled by Hogan Lovells' trust and agency unit during the transaction as trustee and agent. With assistance from counsel Megan James, associate Axel Delaud, and trainee solicitor Elvis Zhang, the Hogan Lovells trust and agency team was directed by partner Kit Johnson.
