ALLEN & OVERY ADVISES BARCLAYS
CAPITAL AND JPMORGAN ON ABBEY NATIONAL'S SIXTH MASTER TRUST SECURITISATION
International law firm Allen & Overy advised
Barclays Capital and JPMorgan on The Abbey National Group's sixth
securitisation using the residential mortgage master trust structure.
Asset-backed notes totalling £4.0 billion equivalent were
issued via Holmes Financing (No. 6) PLC making this the largest
ever European residential mortgage-backed securitisation. The transaction
consists of five series with sixteen class of notes in total. The
notes are denominated in U.S. dollars, euros, sterling and Swiss
francs.
The SEC registered transaction based on the previous
Holmes transaction retained its novel note structure but differed
from the existing issuances in that the pooled loans include freehold
and leasehold properties in Scotland as well as those in England
and Wales.
The Allen & Overy team, led by securitisation
partner Angela Clist (aided by Sanjay Sethi and Azad Ali), included
U.S. law specialists (led by partner Thomas Jones), real estate
specialists (led by partner Daniel McKimm), derivatives specialists
(led by partner David Benton) and tax specialists (led by partner
Mark Brailsford).
Angela Clist comments:
"The residential mortgage-backed market has continued to perform
strongly this year. We are delighted to continue our association
with the Holmes deals and other master trust transactions in the
market."
Abbey National plc were advised by Slaughter and
May, led by partner Mark Hutchinson.
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