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Writer: Mr. Markus Kroll
mkroll@wwp.ch
Walder Wyss &
Partners
Tel:+ 411 265 7511
www.wwp.ch
SECURITIZATION
LAWYERS AT THIS FIRM
FIRM
PROFILE
Innovative.
Solution-oriented. Client-centred.
ww&p is one of Switzerland's leading law firms, specializing
in corporate and commercial law, banking and finance law, intellectual
property and competition law, dispute resolution, and tax law. ww&p
seeks to establish a leading position in specific sectors and product
areas. Our national and international network of correspondents
and partners from a broad range of disciplines is being selected
according to the highest standards of professional competence.
SECURITIZATION MARKET STATEMENT
The securitisation team
of Walder Wyss & Partners headed by Markus Kroll has been involved
in the vast majority of all transactions which involve Swiss assets
or which have been placed into Switzerland. Landmark transaction
include all Swiss mortgage securitisations, what is presumably one
of the world largest and most international trade receivables securitisation
(Glencore, $1,2 bn, 2000); first Swiss synthetic CLO involving a
dynamic portfolio of small business loans (UBS AG, ñHATî, 2000)
and the worldÍs first in sports marketing rights (FIFA, 2001).
The securitisation
team advises arrangers and originators in cash and synthetic securitisations,
asset finance, project finance and real estate finance.
After a
very quiet first half 2002, securitsation has come violently back
on the agenda. The number of transactions in preparation is significant
by comparison to previous years and the type of transactions and
assets classes considered have moved into exotic areas. The widening
of credit spreads and the shortage of credit for lower rated borrowers
has made securitisation much more attractive than it was just a
few months ago. We expect a number of transaction to come to the
market shortly both, in the financial and non-financial sector.
On the regulatory front, the Federal Banking Commission is evaluating
guidelines for credit derivatives which are expected to be published
later in 2002. They will anticipate much of what is likely to be
part of the Basle II rules.
For a more
detailed guide to the Swiss regulatory framework relating to securitization
issues please
click
here
and the latest update is here
(PDF FILE)
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