International law firm Freshfields Bruckhaus Deringer has advised Rabobank International and Barclays on a €700 million securitisation transaction of Dutch residential mortgage loans originated by Amstelhuys. Amstelhuys is a 100% owned subsidiary of the Dutch-headquartered insurance and financial services group, Delta Lloyd.
Under the transaction a portfolio of Dutch residential mortgage loans was sold by Amstelhuys to a special purpose company named Arena 2012-I. Arena 2012-I financed the purchase of the mortgage loans by issuing debt securities listed on Euronext Amsterdam. Fitch, Moody’s and S&P assigned ratings to the listed securities.
Freshfields advised both Rabobank International and Barclays in their capacity as Managers, and additionally advised Rabobank International in its capacity as Arranger and Swap Counterparty.
Amsterdam-based finance partner Mandeep Lotay led the Freshfields team with support from tax partner Eelco van der Stok and the firm’s offices in the UK, France, Italy and Japan.
Mandeep Lotay said: ‘This transaction caps a positive 2012 for Dutch residential mortgage securitisation. In the face of continually challenging business conditions, the product remains an important funding tool for Dutch financial institutions. As Managers to the successful issue, Rabobank and Barclays demonstrated that investor demand remains strong for rated securities backed by good quality assets and for sellers with a proven track record.’
Freshfields regularly advises Rabobank on Dutch public securitisation transactions. In 2012 Freshfields advised Rabobank as Arranger and Manager on several transactions for Obvion Bank N.V., a subsidiary of Rabobank, with a value of more than €2.8 billion.
