Clifford Chance advised Paragon Finance on a £185m deal involving the public issue of mortgage-backed floating-rate notes. The deal involved both a "true sale" and a "secured loan structure". The securitised loan was made to a Luxembourg special purchase vehicle. Partners Andrew Forryan (securitisation) and Michael Ehrlich (tax) led the teams from Clifford Chance. Simmons & Simmons represented the lead manager, JP Morgan Securities.