The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Clifford Chance has won the mandate for the first covered bond programme to be launched in the Netherlands.
The magic circle firm's London and Amsterdam offices are advising ABN Amro on the structuring and documentation of the programme based on their expertise in the UK market.
Clifford Chance already has a strong foothold in the UK covered bond market. It is currently working on behalf of Nationwide for its upcoming programme, which is the first from a UK building society.
Clifford Chance partner Debashis Dey explained: "Building societies haven't traditionally securitised members' mortgages due to the complications arising from members' rights, but we've found a solution to that problem."
The expansion of the covered bond market into new territories such as the UK has provided plenty of work for law firms.
Since HBOS launched the first UK programme in 2003, three other banks have set up covered bond platforms. As well as Nationwide, Royal Bank of Scotland (RBS) is set to join the covered bond market and is understood to have instructed Linklaters on its forthcoming programme.
Although the magic circle firms have won the majority of the covered bond business (see table), Slaughter and May has also been active in this area.
The covered bond originated in Germany at the end of the 19th century. The bonds are backed by mortgages issued by the lenders and normally carry the highest possible rating.