Careers

Solicitor / Associate, Securitisation

Global Markets, London

About Ashurst

Ashurst is a leading progressive global law firm with a rich history spanning more than 200 years. We are proud of our history and are future-focused, having expanded into new technologies through our NewLaw division, Ashurst Advance, and our consulting arm. Our in-depth understanding of our clients and commitment to providing excellent standards of service have seen us become a trusted adviser to local and global corporates, financial institutions and governments in all areas of commercial law. To find out more please visit www.ashurst.com.

Team overview

Ashurst's securitisation practice forms part of a wider Global Markets group. It sits alongside and works closely with Ashurst's debt capital markets and derivatives and structured products practices.

The core areas of the team cover securitisations (RMBS/CMBS/auto loans/consumer credit, prime/non-performing), whole business securitisations, covered bonds, CLOs and trade receivables. The practice covers true sale and synthetic structures.

Job overview

You will work primarily with partners in London and Europe who specialise in various types of structured finance transactions across different asset classes.

You must be willing to be flexible and should be enthusiastic about working in new product areas. The job offers exposure to multiple different clients, sectors and associated financing techniques.

The role will offer the opportunity to work with sponsors, arrangers, debt investors, corporates, banks, government and credit enhancement providers.

The role will also involve working closely with other groups within Ashurst, including corporate, restructuring, banking, financial regulatory and tax.

Essential skills and experience

• Experience of advising on structured finance transactions preferred but not essential
• Experience of drafting complex documents
• Good organisational skills and experience in transaction management
• Excellent academic track record
• Excellent client relationship skills and experience of business development
• Confidence in conducting commercial negotiations with counterparties
• A collegiate team-player who works effectively with colleagues at all levels

Recent Work:

OCTOPUS ELECTRIC VEHICLES

on a £550 million debt securitisation facility from Lloyds Bank to fund electric vehicles, accelerating total EV funding to £1.2 billion. This was judged "private securitisation of the year" at the Global Capital European Securitisation Awards 2024.

ALDERMORE BANK

as originator in respect of the £381,136,3000 notes issued by Oak No.3 plc, a special purpose vehicle backed by a portfolio of prime mortgages originated by Aldermore. This was Aldermore's first public STS transaction.

ALMA

on the structuration of a securitisation transaction arranged by BNP Paribas SA under which a portfolio of split payment receivables and consumer loan receivables originated by Alma S.A.

BS INFRASTRUCTURE DEBT FUND ('UBS')

on the financing of the acquisition of a portfolio of distressed loans, deriving from project financing and financial lease agreements in the photovoltaic sector, by WRM Group from MedioCredito Italiano.

NATIXIS AND CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK

Advised as arrangers in a public "STS" securitisation of revolving credit receivables associated with PASS cards distributed by Carrefour Banque. Carrefour Banque is the banking subsidiary of the Carrefour group, specialised in consumer credit.

LANDESBANK BADEN-WURTTEMBERG

advised as arranger in the first securitisation transaction in Italy of trade receivables originated by certain Italian companies belonging to the All4label Group with the issuance of €45m Asset Backed Variable Funding Notes acquired by an Italian SPV also according to the provisions of the Italian factoring law and to be subscribed by Weinberg DAC.

SANTANDER UK PLC

on the 2024-1, 2023-1 and 2022-1 144A and Reg S public residential mortgage securitisations under its Holmes securitisation programme as well as regular updates to the Holmes and Fosse mortgage master trust programmes.

A RANGE OF ORIGINATORS IN AUSTRALIA

on the establishment of programmes, including StockCo (agri securitisation), SAF (sustainable finance), Brighte (green securitisation) and Judo (bank funding including capital relief).

KEYSTONE PROPERTY FINANCE LIMITED

on its public securitisations of BTL mortgage loans through Hops Hill No.3 plc, Hops Hill No.2 plc and Hops Hill No.1.

INTERMEDIATE CAPITAL GROUP

on the set-up and structuring of continuous issuances of debt and equity securities with respect to several different loan origination securitisation platforms via four different multi-jurisdictional direct lending and asset acquisition schemes involving the US, Canada, UK and EEA as well as provision of regulatory advice on related portfolio management structuring measures involving redemptions and buy-backs.

PANELVIEW DAC

Advised as seller in the public-re-financing of the Portman Square 2021-NPL1 DAC transaction, which was renamed to Portman Square 2023-NPL1 DAC. The transaction was a public NPL securitisation backed by a portfolio comprising private residential and BTL mortgage non-performing loans secured over properties located in Ireland, England, Wales, Scotland and Northern Ireland originated by AIBMB, AIB, AIBF, EBS, EBSMF, Haven and AIB Group (UK) plc or an affiliate.

Representative Clients

• Aldermore Bank
• Apollo
• Bank of America Merrill Lynch
• Barclays
• BNPP
• Castlelake
• HSBC
• Her Majesty's Government, including Her Majesty's Treasury (acting through the Infrastructure and Projects Authority)
• Lendable
• Lloyds
• Octopus Electric Vehicles
• Paragon Bank
• Santander
• Selina Finance
• Shawbrook Bank

Career advancement:

An established Associate Career Path Framework is in place clearly defining expectations and outlining opportunities for promotion.

Secondment opportunities:

Opportunities often arise for associates to spend time on secondment in house with a key client of the firm. From time to time, secondment opportunities also come up within other Ashurst offices in Europe, North America, Asia and Australia.

Background checks

In order to comply with regulatory and client requirements, Ashurst will undertake appropriate vetting of staff. When applicants accept a job offer, Ashurst, alongside a specialist provider, will undertake professional verification and background checks. These checks are only undertaken with consent, and in accordance with our legal and regulatory obligations.

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