ALLEN & OVERY ADVISES MERRILL LYNCH AND LEHMAN BROTHERS
IN JUMBO SECURITISATION
20 June 2003 International law firm Allen &
Overy advised Merrill Lynch and Lehman Brothers in a jumbo securitisation
valued at approximately £2.5 billion for Northern Rock, backed
by its portfolio of residential mortgages.
The transaction, which was in the form of a drawdown
from Northern Rock's master trust structure, is the second such
securitisation for Northern Rock this year, and provided Northern
Rock with the capacity to issue new home loans. The asset-backed
bonds were issued as Granite Mortgages 03-2 plc and are listed on
the Luxembourg Stock Exchange and registered with the Securities
and Exchange Commission (SEC).
These transactions follow similar deals under Northern
Rock's residential mortgage master trust in March and September
2002 and January 2003, in which Allen & Overy also acted for
the managers and underwriters.
Commenting on the transaction, partner Salim Nathoo,
said:
"The continuing success of this line of deals illustrates the
strength of the securitisation market, with mortgage-backed bonds
still at the forefront of the boom in European securitisations.
It is exciting to be involved with cutting edge deals advising Merrill
Lynch, and in the on going success of the Granite master trust."
The Allen & Overy team was led by securitisation
partner Salim Nathoo and assisted by Louise Kelly. Trustee advice
was provided by partners Paul Monk and Morgan Krone and associate
Wendy Hewer. Partner Thomas Jones and associates Ann Bradley, Nasreen
Bulos and Michelle Nolder advised on the US law aspects, partner
Mark Brailsford and associate Adam Blakemore provided tax advice.
Real Estate advice was provided by partner Daniel McKimm assisted
by Melanie Goodman and Deborah Moors. Partner Simon Gleeson and
associate Carol Kingsbury provided regulatory advice. Derivatives
advice was provided by partner Richard Tredgett and associate Anky
Chan.
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