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Country Writers: Peter
Högström
peter.hogstrom@linklaters.com
and Dan Eliasson
dan.eliasson@linklaters.com
Linklaters
Tel:+ 468 665 4117
www.linklaters.com
SECURITIZATION LAWYERS
AT THIS OFFICE
The Swedish Securitisation Market
The first off balance sheet securitisation of Swedish
assets was launched 1990. The market has since then developed considerably
and true sale as well as secured loan and synthetic structures have
successfully been completed. The level of activity on the Swedish
market has been fairly modest with only a few transactions per year,
but we now see an increasing interest from Swedish as well as foreign
market players.
Over the years, new legislation has been introduced in order to
facilitate the development of securitisation and the regulator has
taken a fairly positive attitude. Today, securitisation is regarded
as an adequate financing tool and there are generally no serious
legal obstacles to most types of securitisation structures employed
in other jurisdictions with a longer history of securitisation.
All Swedish off balance sheet securitisations have employed an issuing
SPV incorporated outside Sweden and Jersey and Ireland have been
the most common jurisdictions. The dominating asset classes of public
transactions have been residential and commercial mortgage loans
and real properties, but also trade receivables and consumer credits
have been refinanced through a number of non-public conduit deals.
Recent developments have included a shift of interest towards new
asset classes such as corporate loans, infrastructure projects,
forest and agricultural land, co-operative building societies and
whole businesses.
Linklaters has experience from most securitisations of Swedish assets
completed to date and was the only legal advisor in the first synthetic
structure in the Nordic market (Farms). The combination of the experience
and know-how of Linklaters’ global structured finance practise
and the local knowledge of the structured finance team based in
Stockholm makes Linklaters a very competitive legal advisor in groundbreaking
structured finance transactions in the Nordic market.
Click
here for an in-depth article by Linklaters on recent developments
in the Swedish securitisation market. This article was published
in the 2003 edition of ‘Global Securitisation and Structured
Finance’, sponsored by Deutsche Bank and published by Globe
White Page. The next edition of this guide will be published Mid
2004. Enquiries to Globe White Page at info@globewhitepage.com
SECURITIZATION
LAWYERS AT THIS OFFICE
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