Slaughters and A&O lead on €1.75bn Abbey bond issuance
Slaughter and May and Allen & Overy (A&O) are advising on the issuance of ‚Ǩ1.75bn (£1.58bn) worth of covered bonds for Abbey National. The deal is part of a €25bn (£22.6bn) covered bond programme for Abbey National Treasury Services. Slaughters is advising longstanding client Abbey on the deal, with a team led by London banking partner Guy O'Keefe.
October 28, 2009 at 07:08 AM
2 minute read
City advisers line up as banks tap covered bond market again
Slaughter and May and Allen & Overy (A&O) are advising on the issuance of €1.75bn (£1.58bn) worth of covered bonds for Abbey National.
The deal is part of a €25bn (£22.6bn) covered bond programme for Abbey National Treasury Services. Slaughters is advising longstanding client Abbey on the deal, with a team led by London banking and finance partner Guy O'Keefe.
O'Keefe set up the original programme for Abbey four years ago as a financing tool. The most recent issuance, which received triple-A ratings from Standard & Poor's, Moody's and Fitch, closed on 14 October.
A&O, fielding a team led by head of securitisation Salim Nathoo and derivatives partner Richard Tredgett, advised the underwriters Banco Santander, Barclays Capital, BNP Paribas and Deutsche Bank, which acted as lead arrangers on the deal.
Abbey launched the bond programme in June 2005, with the recent issuance marking the 11th covered bond since then. This month has seen a partial revival of covered bond deals in Europe, with A&O also acting on a €1.5bn (£1.35bn) bond by the National Bank of Greece.
London securities partner David Shearer led A&O's team on that deal, with Tredgett assisting. Clifford Chance and Ashurst also advised.
Covered bonds are seen as a litmus test for returning investor appetite for asset-backed debt given their status as one of the safest forms of debt instrument. Unlike most securitisation deals, the bonds remain on the issuer's balance sheet and include a recourse 'covering' the bonds if the originator becomes insolvent, which typically boosts its credit rating.
Slaughters' O'Keefe commented: "The covered market has ignited and there are high hopes for it to continue at this rate into next year."
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllTrending Stories
- 1The Law Firm Disrupted: Playing the Talent Game to Win
- 2A&O Shearman Adopts 3-Level Lockstep Pay Model Amid Shift to All-Equity Partnership
- 3Preparing Your Law Firm for 2025: Smart Ways to Embrace AI & Other Technologies
- 4BD Settles Thousands of Bard Hernia Mesh Lawsuits
- 5A RICO Surge Is Underway: Here's How the Allstate Push Might Play Out
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250