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Country Writer:
Michael Lombardi
michael.lombardi@ogier.com
Tel: 44 1534 504280
www.ogier.com
SECURITIZATION
LAWYERS AT THIS FIRM
FIRM
PROFILE
The Ogier Group comprises
Ogier & Le Masurier, Ogier Fiduciary Services and its subsidiary
companies and Ogier Compliance and Training.
Together they combine to provide clients with a service which
meets the demands of today's global financial institutions whilst
still retaining the ability to serve our local community in the
Channel Islands.
With 19 partners, over 130 lawyers and fee earners and a total
staff in excess of 240, The Ogier Group are a vibrant, forward-thinking
organisation with a dedicated and businesslike approach to the practice
of law and service to its clients.
SECURITIZATION MARKET STATEMENT
Jersey
has continued to build on its position as a leading centre for securitisations.
The Finance Centre is frequently used for traditional and
synthetic asset backed structures, as well as in the development
of more novel structures which meet evolving originator and investor
demands, including for example securitisation of insurance risks.
Jersey has also been involved in the following recent deals which
are at the forefront of securitisation and for which Ogier &
Le Masurier acted as legal counsel:
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Fulbeck Funding Limited |
a US$ 10,000,000,000 synthetic CP conduit for Abbey National
Financial products, the first transaction of its kind |
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Harbourmaster CLO1 and CLO2 |
¸700,000,000 and Euro 500,000,000 CDO structures for Harbourmaster
Capital Management Limited |
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FACT - 2001 |
a ¸400,000,000 term receivables securitisation for Porsche
Bank Austria (arranged by ABN AMRO), the first Austrian transaction
of its kind |
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Tenovis Finance Limited |
a ¸300,000,000 whole business transaction for Tenovis GmbH
& Co KG, the first German transaction of its kind |
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FARMS Securitisations Limited |
a ¸203,200,000 synthetic MBS for Swed Bank (arranged by Credit
Suisse First Boston), the first Swedish transaction of its
kind |
The Companies (Jersey) Law 1991 was recently amended introducing
several concepts new to Jersey law. The amended law introduces
new forms of company whereby the liability of a member of a Jersey
company may be limited by shares, limited by guarantee or unlimited.
In addition, shares may be expressed to have a par value or no par
value. It is also possible for two or more Jersey companies
to merge and continue as a single Jersey company. The merger
provisions will be of particular use in group restructures and may
avoid adverse tax implications arising from restructurings by way
of a transfer of assets or winding up. The amended law introduces
into Jersey law the concept of continuance, or redomiciliation and
it is now possible for foreign bodies corporate to redomicile in
Jersey and become Jersey companies as if originally incorporated.
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