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ALLEN & OVERY ADVISES SCHRODER SALOMON SMITH
BARNEY AND MERRILL LYNCH ON JUMBO SECURITISATION
International law firm Allen & Overy advised
Schroder Salomon Smith Barney and Merrill Lynch (amongst others)
in a jumbo securitisation (with bonds issued for approximately £3
billion) for Northern Rock, backed by its portfolio of residential
mortgages.
The transaction, which was in the form of a draw
down from Northern Rock's master trust structure provides Northern
Rock with the capacity to issue new home loans. The asset backed
bonds were issued as Granite Mortgages 03-1 plc and are listed on
the London Stock Exchange.
The transaction follows similar deals under Northern
Rock's residential mortgage master trust in March and September
last year (where A&O again acted for the managers and underwriters).
The Allen & Overy team was led by securitisation
partner Salim Nathoo and assisted by Ann Bradley. Trustee advice
was provided by partner Paul Monk and associate Louise Kelly. Partner
Thomas Jones and associate Nasreen Bulos advised on the US law aspects,
partner Mark Brailsford and associate Adam Blakemore advised on
tax. Real Estate advice was provided by partner Daniel McKimm and
assisted by Melanie Daniels. Partner Simon Gleeson and associate
Carol Kingsbury provided regulatory advice. Derivatives advice was
provided by partner Richard Tredgett and associate Anky Chan.
Commenting on the transaction Salim Nathoo said:
"Mortgage-backed bonds are at the forefront of the boom in
European securitisations. We are delighted to be advising Schroder
Smith Salomon Barney and Merrill Lynch in the successful return
of the Granite master trust."
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