19 May 2017
The winners of the IFLR European Awards have been announced, and a deal on which Shepherd and Wedderburn’s leading Banking and Finance team acted has come out on top.
The Towd Point Mortgage Funding 2016-Granite 1 deal was named the structured finance and securitisation deal of the year at the awards, which recognise the most innovative deals, teams, firms, and in-house deal makers from the past year.
Towd Point is a residential mortgage-backed securitisation under which £6.1 billion of bonds issued are backed by a pool of over 80,000 mortgages from the legacy book of Northern Rock acquired by Cerberus from the UK Government. It represents the largest transaction of its kind since the global financial crisis .
In addition to acting as Scottish counsel to the arrangers of the Towd Point deal, the firm acted on two other deals that were nominated at the awards: it acted for Close Brothers in their inaugural public securitisation which was one of the landmark transactions of the year in the UK Auto ABS sector; and it acted for MyDentist on the first sterling high yield bond deal following the Brexit vote.
Hamish Patrick, partner in Shepherd and Wedderburn’s Banking and Finance Team, said:
“We are pleased to be involved in a number of the biggest and most innovative deals in the market. Shepherd and Wedderburn is privileged to have so many great clients trust us with their complex transactions. We have one of the most cutting edge and hardworking teams in the banking and finance sector, and it is great to be acknowledged as such by the IFLR.”