International law firm Freshfields Bruckhaus Deringer has completed two Dutch securitisations in the first quarter of 2013 with a total value of €4.3 billion.
Freshfields advised J.P. Morgan Securities Plc in its capacity as Arranger and Lead Manager in both transactions. The first, completed in January, was a €3 billion securitisation of mortgage loans originated by Westland Utrecht Bank N.V, a subsidiary of ING Bank N.V. This was followed in March by a €1.3 billion securitisation of mortgage loans originated by ING Bank N.V. The transactions allowed Westland Utrecht Bank and ING Bank N.V to raise long-term funding and involved the issuance of rated debt securities listed on Euronext Amsterdam.
Amsterdam-based finance partner Mandeep Lotay led the Freshfields team with support from tax partner Eelco van der Stok and teams in London, Milan, Paris and Tokyo.
Mandeep commented, ‘These transactions show that Dutch securitisation has had a positive start in 2013. The size of both transactions is particularly significant – illustrating that for certain financial institutions, securitisation is an integral part of their long-term funding strategies. In the face of challenging business conditions, securitisation remains an important funding tool for Dutch financial institutions.’
Freshfields has a longstanding relationship with J.P. Morgan in the field of Dutch financial institution securitisation. In 2012 Freshfields advised J.P. Morgan as Manager and Arranger on several transactions for Obvion (a subsidiary of Rabobank) and ABN AMRO Bank N.V.
