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Securitisation and Structured Finance

The members of the Dillon Eustace Securitisation and Structured Finance team are among the leading advisors in the Irish market bringing together the relevant expertise within various practice groups including Tax, Financial Services and Real Estate. 

Our securitisation practice has been involved in providing legal and tax advice to international arrangers, originators, administrators and trustees in connection with a broad range of cross-border and local securitisation and repackaging transactions involving diverse asset classes (including domestic mortgage pools, airline ticket receivables, shipping receivables, credit derivatives, life insurance policies and non-performing loan pools), as well as in relation to CDOs, CLOs, MTN programmes, commercial paper programmes, covered bonds and other debt issuance.

We are seen as the leading Irish adviser in relation to international non-performing debt repackaging and have advised leading international groups in relation to such issues.  For example, the firm acted as legal and tax counsel for Lone Star as the originator in the Bluebonnet Finance plc securitisation which won the ISR Deal of the Year 2006 Award. 

The team is also seen as one of the leading advisers in the area of insurance linked securitisation.  Ireland’s early implementation of the EU Reinsurance Directive, which incorporates a bespoke regulatory and authorisation regime for special purpose reinsurance vehicles (SPRVs) has made Ireland an attractive domicile for a variety of insurance-linked and alternative risk transfer structures including embedded value, Regulation XXX reserve financing, CAT bond, life settlements, premium finance and other transactions. 

Headline transactions in which we have been involved as Irish legal and tax counsel include the ALPS II securitisation of premia from a portfolio of US life insurance policies for Swiss Re and a securitisation of catastrophe and aviation risk by one of the world’s leading reinsurers. 

The firm has also received a number of industry awards for other areas of its securitisation practice including the IFLR Asian Securitisation Deal of the Year in 2003 for its involvement in the KAL ABS I transaction.  The firm also acted as Irish legal and tax counsel to the issuer in Citigroup’s CABS Programme which was nominated for the IFLR Asian Securitisation Deal of the Year 2006 Award.

The wealth of legal and tax expertise within the Securitisation and Structured Finance team has also supported the growth of our broader structured practice.  The firm has developed a very strong reputation globally (in particular in Japan and other parts of Asia) in this area where we advise on the structuring and implementation of a variety of bespoke tax efficient financing and investment structures. 

Most recently in 2008 the group has acted as Irish legal and tax counsel in the financing of the US$2.4 billion acquisition by Japan’s largest buyout fund of a Japanese regional bank.  The transaction was Japan’s biggest bank takeover in recent years.  Our structured finance group also acts for many of the other leading private equity, distressed debt and buyout funds in structuring and executing structured finance transactions through Ireland.


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