ALLEN & OVERY ADVISES ON ABBEY
NATIONAL'S SEVENTH MASTER TRUST
SECURITISATION
Uploaded: April 4, 2003- International law firm
Allen & Overy advised JPMorgan and Schroder Salomon
Smith Barney on Abbey National PLC's seventh securitisation using
the
residential mortgage master trust structure.
On this occasion no new mortgage loans were sold
into the trust; instead,
asset-backed notes totalling £2.5 billion equivalent were
issued by Holmes
Financing (No. 7) plc from mortgage loans making up the existing
pool. The
transaction consists of four series with thirteen class of notes
in total.
The notes are denominated in US dollars, euros and sterling.
The SEC registered transaction, based on the previous
Holmes transaction,
retained its novel note structure but differed from the existing
issuances
in that there were no triple B tranches. These were instead replaced
with
single 'A' tranches to tap into a new market for residential mortgaged
backed securities.
The Allen & Overy team, led by securitisation
partner Angela Clist (assisted
by Sanjay Sethi, Ben Jacobs and Mehrnaz Afshar), included US 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).
Sanjay Sethi comments:
"The market for residential mortgage-backed securities remains
buoyant and
the over-subscription of bonds on this deal indicate that the Holmes
brand
name remains strong. We are very pleased to have run this securitisation
and all the previous Holmes securitisations."
Abbey National plc were advised by Slaughter and
May.
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