As banks seek to tidy up their balance sheets ahead of the implementation of Basel II, the supply of collateralised debt obligations (CDOs) keeps growing. This, of course, means lawyers are winning their share of the spoils by acting on the many multi-billion-dollar deals coming to market. Clifford Chance, Freshfields Bruckhaus Deringer and Simmons & Simmons have all worked on balance sheet CDOs. Lovells can add its name to the growing list of advisers after representing BNP Paribas on a trio of CDOs worth a combined $27.6bn (£15.1bn). Global Liberté III, IV and V were structured as synthetic deals comprising both loans and bonds. They also included a 144a tranche, which marks the first time BNP has sold one of these deals into the US market. The notes were issued by special purpose vehicle Omega Capital Europe. Partner David Hudd led the deal for Lovells, assisted by James Doyle.