Law Firm of the Year in Finance | Best Lawyers in France 2018
Top Ranked in Chambers Europe 2016
Top Ranked in Legal 500 EMEA 2016
Asset-Backed Finance & Securitisation
Gide’s Securitisation team is recognised as an undisputed leader by arrangers, rating agencies, originators and other interested parties.
Gide was a pioneer in developing securitisation and secured instruments (covered bonds) ever since their first appearance in France. As early as 1988, and later in 1999 (and 2010 - concerning sociétés de financement de l'habitat), our lawyers took an active part in drafting laws and regulations in this area.
The experience of our Securitisation team is unparalleled in terms of the number of transactions, their nature and their magnitude, whether structured in France or abroad, for financial institutions or otherwise.
We offer our clients comprehensive services provided by an integrated and specialised team of French, English and US lawyers based in Paris, London and New York, supported by local expertise from other Gide offices around the world.
Our team is regularly awarded and ranked among the best by international legal directories, namely Chambers, Legal 500 and IFLR1000.
Gide has acted as legal counsel in operations generally recognised as flagship transactions in this sector:
Creating economic development loan funds (Fonds de prêts à l'économie) or carrying out single-tranche securitisations for the purpose of financing local authorities, Small and Medium-sized Enterprises, financing of commercial property and LBOs.
Establishing and monitoring a dozen issuers of covered bonds (sociétés de crédit foncier and sociétés de financement de l'habitat) in France, and advising institutional investors on the first issue of covered bonds in Turkey by Şekerbank T.A.Ş in 2011.
Whole business securitisations of motor vehicle fleets and leasing receivables in most of the major European jurisdictions.
Securitisations of trade receivables, at local or pan-European level, using a securitisation vehicle and being funded through a leading asset-backed commercial paper (ABCP) multi-seller conduits or out of major banks’ balance sheets.
Refinancing operations like the creation of Société de Financement de l'Economie Française (SFEF), a refinancing vehicle for French banks established as part of the state support programme for French credit institutions in 2008/2009.
Securitisation in the Maghreb region: the first securitisation of a mortgage loan in Morocco (Crédit Immobilier et Hôtelier) and securitisations of property loans in Tunisia (Banque Internationale Arabe de Tunisie (BIAT)), pursuant to Tunisian Law No. 2001-83 of 24 July 2001 promulgating the Code des Organismes de Placement Collectif.
Collateralised loan obligations (CLOs) arranged by leading international arrangers, involving multiple investors and collateral managers.
Asset-backed refinancing of corporate and aviation loan receivables originated in multiple jurisdictions, funded through bilateral repo arrangements.
Gide Loyrette Nouel has ‘unchallenged legal expertise in the context of French market’ securitisation, covered bonds and structured finance transactions. The team stands out for its ‘personal involvement, professional skills’ and ‘proven ability to adapt to innovative and hybrid structures and customers’ requirements’. Advising arrangers and originators, the practice recently advised on a major portfolio restructuring, including the creation of French securitisation mutual funds (FCT) and fonds de prêt à l’économie (FPE), the latter of which provide investment vehicles for insurers. Xavier de Kergommeaux ranks among the best in the field. Legal 500 EMEA 2017
Gide Loyrette Nouel A.A.R.P.I. ranks among the market-leading firms for securitisation and covered bond work, and is regularly instructed to advise clients in the context of innovative transactions. Legal 500 EMEA 2016
Xavier de Kergommeaux is described by one source as a 'brilliant' and 'highly respectable' figure on the securitisation market. He enjoys an excellent reputation for his work across the structured finance field, particularly within asset-backed finance, project finance and transport. Chambers Europe 2017