Conyers Dill & Pearman advises on Marine Money’s top shipping securitisations

Conyers Dill & Pearman has played key roles in both of Marine Money’s Securitisation Deals of the Year. 

Announced in the publication’s February/March issue, the deals of the year highlight the two most notable shipping securitisations from 2013 and the financial institutions that executed them.

Taking home Marine Money’s Securitisation of the Year for the East was the Dong Fang Container Finance (SPV) $200m (£120m) cross-border ABS notes offering. This was the first US capital markets transaction for a Hong Kong-based issuer.

Conyers’ Anton Goldstein and Patrick Ormond, of the firm’s British Virgin Islands (BVI) office, advised Dong Fang, a BVI restricted purposes company, on the transaction. Deutsche Bank, BNP Paribas and BofA Merrill Lynch were noted for their roles in this deal.

In the Western category, the Buss Capital $280m note offering took top spot. Described as a ‘groundbreaking transaction’ by Marine Money, this was the first container lease ABS matter with ‘separation of ownership and management… and involved multiple container lessors, which had been unheard of previously’.

David Cooke and Kathleen Moniz, from Conyers’ Bermuda office, advised Global Container Assets (GCA 2013) in connection with the issuance by GCA 2013 of $144m fixed-rate secured container equipment notes, class A-1, and $135.25m fixed-rate secured container equipment notes, class A-2, pursuant to a note purchase agreement dated 29 October 2013. BNP Paribas, DVB and ING were the financial parties involved.