Herbies takes first structured mandate for Morgan Stanley on cash CDO financing
Legal Week reports
November 01, 2006 at 07:03 PM
2 minute read
Herbert Smith's structured finance team has been instructed by Morgan Stanley as arranger on an innovative €455m (£305m) debt package, after being appointed to the investment bank's roster of advisers earlier this year.
The deal saw Herbert Smith, led by head of structured finance Jake Jackaman, advise Morgan Stanley on a package of debt securities including commercial and residential-backed mortgage securities. The firm won a competitive pitch to land the work. White & Case's London office advised Morgan Stanley on its previous transaction of this kind in 2003.
Herber t Smith was approached by Morgan Stanley earlier in the year and placed on its informal adviser roster in April.
Jackaman was assisted by London tax partner Isaac Zailer and Moscow-based US securities partner Allen Hanen. Alliance firm Stibbe, led by capital markets partner Jan Peeters, advised on Belgian law and Gleiss Lutz tax partner Harald Plewka provided German tax advice.
Arnold & Porter advised on US issues, led by tax partner Michael Rufkahr.
This is the first time Herbert Smith has acted on this kind of high-profile cash collateralised debt obligation (CDO), which generates significantly more work and higher adviser fees than more common synthetic CDOs.
The portfolio of assets is to be managed by Prudential M&G, advised by Freshfields Bruckhaus Deringer finance partner Simeon Rudin.
Clifford Chance, led by Amsterdam head of securities Frank Graaf, advised Morgan Stanley as Dutch issuer.
Fried Frank Harris Shriver & Jacobson's London office, led by corporate partner Sian Withey and assisted by associate Sarah Cottell, advised the trustee.
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