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WEIL, GOTSHAL & MANGES REACHES ANNUAL £4
BILLION MILESTONE IN
MORTGAGE BACKED SECURITISATION
23 April 2003
Weil, Gotshal & Manges, the international law
firm, has recently advised on two significant mortgage backed securitisations.
The London office represented Barclays Capital and Deutsche Bank
as joint lead managers of the £1,000,000,000 equivalent issue
by RMAC 2003-NS1 PLC of multicurrency notes backed by non-conforming
mortgages originated by GMAC-RFC Limited. The notes were guaranteed
by Ambac Assurance UK Limited. The transaction closed on 12 March
2003 and represents one of the largest issues in the asset class
to date.
RMAC 2003-NS1 PLC was the tenth deal in GMAC-RFC
Limited’s series of UK MBS issuance. Weil, Gotshal & Manges
has advised the lead manager and the trustee on all ten transactions.
For the first time in the series, the transaction was issued with
dollar and euro denominated as well as sterling tranches. The Notes
were eligible for sale into the U.S. as a private placement under
Rule 144a of the US Securities Act 1933.
In addition WGM acted for joint lead managers Barclays
Capital and Morgan Stanley on the issue by Residential Mortgage
Securities 14 plc (RMS 14) of £450,000,000 equivalent of multicurrency
notes. The notes were backed by mortgages originated by Kensington
Mortgage Company and were issued on 25 March 2003. The firm has
previously acted for the lead manager Bear Stearns on the previous
transaction backed by Kensington mortgages, RMS 13.
These transactions further consolidate the firm’s
prominent role on the securitisation programmes of two of the most
frequent originators of European mortgage backed securities. They
also demonstrate the depth of the firm’s presence in the UK
residential mortgage backed securities market, having acted on issues
of such securities totalling almost £4 billion in the last
year.
The teams on both transactions included partner
Jacky Kelly, Steven Ong, Matteo Gallanti, Samrad Nazer and David
Dueno (US securities law), with tax advice provided by partner Andrew
Norwood. Partner Christian Smith, Diala Salman and Mike Delaney
represented the trustee on the respective transactions.
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