Herbert Smith advises HSBC for the first time on major securitisation
3 July 2003 - Herbert Smith today closed a £250,000,000
mortgage-backed securitisation acting for HSBC Bank plc as manager
for the issue. The transaction consisted of a securitisation of
buy-to-let mortgages financed by a public issue of rated, floating
rate notes by Paragon Mortgages (No. 5) PLC, a special purpose vehicle.
Herbert Smith had previously acted on a number of
securitisations of assets by members of the Paragon group; however,
this was the first Paragon mortgage-backed deal for the firm, as
well as the first time Herbert Smith had worked with the securitisation
team at HSBC. Herbert Smith also advised Citicorp as trustee.
Jane Borrows, Finance Partner, commented:
"We were delighted to act for the first time
for the HSBC securitisation team, who successfully executed the
deal and on another successful Paragon securitisation, reflecting
their strength in the buy-to-let mortgage market."
The Herbert Smith team was led by partners Jane
Borrows (Finance) and Bradley Phillips (Tax) assisted by Richard
Phillips, Eoin Gillen and Mark Feldman. The trustee was advised
by Keith McGoogan.
Paragon were advised by Slaughter and May with Tods
Murray advising on the Scots law aspects of the transaction.
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