28 May 2009 - Gide Loyrette Nouel acts for JP Morgan Securities Ltd on EUR 200 million residential mortgage backed security:

Gide Loyrette Nouel acted as English and French legal advisers to JP Morgan Securities Ltd in relation to the EUR 200 million securitisation of a non-conforming mortgage loans portfolio. The portfolio has been assigned to a French securitisation vehicle who issued several senior, mezzanine and subordinated tranches of notes to refinance the acquisition of the portfolio. The notes are rated by Moody's and listed on the Irish Stock Exchange.

This is the first time that non-conforming mortgage loans originated in France have been securitised and for the purposes of this transaction, the parties put in place a cash flow allocation and cash flow and ratings models that were unique and innovative. This type of transaction presents very challenging obstacles to obtain finance for, following the continuing difficulties in both the securitisation market and the wider credit markets, especially when the securitisation is based on non-conforming residential mortgages.

Patrice Doat, lead partner, said: "This transaction was particularly difficult considering the current risk-averse market conditions. We are especially pleased to be the first law firm to successfully complete such a securitisation which reflects our top tier reputation advising on complex banking and finance transactions involving French, English and US laws aspects."

The team advising JP Morgan Securities Ltd was led by Patrice Doat and included Dimitrios Logizidis and Olivier Moriceau (Senior Associates Securitisation, French law), Thierry Dor (Partner IP-TMT, French law), Arnaud Pince (Senior Associate Regulatory, French law), Olivier Dauchez and Guillaume Goulard (Partners Tax, French law), Evelyne Bagdassarian (Senior Associate Tax, French law), Colin Mercer (Partner Derivatives and Capital Markets, English law), Pham Phung (Senior Associate Derivatives and Capital Markets, English law), Robert MacDonald (Partner Tax, New York law) and Vanessa Tollis (Senior Associate Tax, New York law).