White & Case repackages Annington

White & Case has completed a bespoke repackaging of Annington Group's residual bonds, sealing its London relationship with Morgan Stanley and working with Nomura and Royal Bank of Scotland (RBS) for the first time.

White & Case London partner Richard Reilly led the deal, which took an illiquid second tranche of Annington Group bonds and added liquidity, increasing the rating from A2 to Aa3.

The repackaging was carried out jointly by Morgan Stanley, Nomura and the RBS, but White & Case was brought in by the US investment bank with which Reilly formed a relationship when he moved over to London in 2001.

This is Reilly's third repackaging for Morgan Stanley and consolidates his relationship with the bank. He said: “This type of securitisation is something we expect to be seeing more of.”

Reilly is also spearheading White & Case's drive into the collateralised debt obligation (CDO) market.