Bank of Montreal calls on Taylor Wessing as it stabilises SIVs with $12.7bn liquidity
Taylor Wessing has landed the lead role for Bank of Montreal as the Canadian bank moves to shore up two structured investment vehicles (SIVs) it manages - providing an extra $12.7bn (£6.3bn) of liquidity.The Anglo-German firm acted for the London branch of Bank of Montreal as both liquidity provider and investment fund manager when the bank agreed to give additional funding to two of its vehicles - Links Finance Corporation and Parkland Finance Corporation.
March 19, 2008 at 10:34 PM
2 minute read
Taylor Wessing has landed the lead role for Bank of Montreal as the Canadian bank moves to shore up two structured investment vehicles (SIVs) it manages – providing an extra $12.7bn (£6.3bn) of liquidity.
The Anglo-German firm acted for the London branch of Bank of Montreal as both liquidity provider and investment fund manager when the bank agreed to give additional funding to two of its vehicles – Links Finance Corporation and Parkland Finance Corporation.
The firm fielded a team under securitisation head Marke Raines, who was involved in setting up the two vehicles at his previous firm, Shearman and Sterling. The team also included financial services partner Clive Cunningham and tax partner Nikol Davies.
The transaction is one of the more sizeable deals for Taylor Wessing's securitisation team, which brought in former Shearman & Sterling partner Raines to lead the group in autumn 2006. The firm has since advised a number of other SIV managers and investors, as well as trustees of impaired collateralised debt obligations (CDOs).
The Bank of Montreal deal saw the bank sign up an $11bn (£5.4bn) facility for Links and a €1.15bn (£884m) facility for Parkland to stabilise the ratings of both vehicles' senior notes. The funding covers all of the SIVs' outstanding senior debt. The bank also took legal advice from offshore firm Walkers in the Cayman Islands. Bank of Montreal is one of a number of banks to have provided liquidity facilities for its SIVs in the wake of the credit crunch, which has seen the vehicles become an increasingly problematic area of investment for banks.
In the last couple of months institutions including Citigroup, HSBC and Dresdner Bank have all agreed to step in to bail out SIVs in the hope that they will prevent the forced sale of their assets at discounted prices.
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