The Lawyer’s newest product is the most comprehensive overview of the Asia-Pacific legal market yet produced. With rankings of the top 100 local law firms by lawyer headcount as well as analysis of the leading 50 international players in the region, it is essential reading for anyone interested in the strategic future of the world’s fastest growing legal market
Deutsche Bank is one of Freshfields Bruckhaus Deringer's biggest securitisation clients. It advised the bank on arranging this first whole-business securitisation to be carried out in Europe through a French special purpose vehicle (SPV) - similar deals have been done in Europe using offshore SPVs. The assets were a portfolio of property owned by Selec, but used to house Electricité de France (EDF) staff. Selec borrowed under a loan with recourse to the assets used by EDF. A French SPV acquired the assets and issued three classes of notes. Class A were issued for euro638.6m (£387.36m). Class B were issued for euro33.6m (£20.38m) and Class C were issued for euro18.6m (£11.28m). French bankruptcy law is debtor friendly and it is difficult to appease the rating agencies, but the class A notes were rated AAA, AAA and AA+, Class B notes were rated A+, A and A, and Class C notes were rated BAA, BBB and BBB by Moody's, Fitch and Standard & Poor's respectively. Freshfields advised both Deutsche Bank and Selec as the bank is part of a consortium that indirectly owns Selec.