Comment: A practice recommended for debt issues and highly recommended for structured finance that is best known for its concentration on securitized derivatives. But the practice, which works primarily as an advisor to banks, also advises on numerous other debt capital instruments. Its spectrum thus extends from ongoing advice to Julius Bär Bank on issue programs for certificates and structured products all the way up to auto-loan securitizations. Here it advised Crédit Agricole, Société Générale and UniCredit on the large-volume issue of bonds collateralized by auto loans from Opel Bank. In addition, it continued with its extensive DI, CP and MTN program work to the customary extent. In classic bonds, the firm became a talking point with its work for Wepa on a collateralized bond in connection with a revolving credit facility. The departure of practice head Dr. Jochen Seitz was a blow. He moved to Hogan Lovells with partner Peter Maier.
Strengths: Enormous, worldwide practice, close cooperation with London and Chicago esp. Retail products incl. securitized derivatives.
Development potential: Under the leadership of Seitz MB had to contend with frictions within the team. If the practice can hold on to its clout despite his departure, it may be able to turn the loss into an opportunity.
Recommended: Dr. Ralf Hesdahl.
Practice: Advice mainly on debt portfolio deals and ?insolvency and restructuring. Traditionally active in true sales. Regular securitization of auto loan receivables. Also advice to rating agency Fitch (on true sales and synthetic securitizations). Focus on structured products, esp. retail products (certificates, warrants and other structured bonds, also OTC derivatives). Traditional debt work, esp. ongoing program work (EMTN and ECP). (3 partners, 1 counsel, 7 associates)
Clients: ?? Crédit Agricole, Société Générale, UniCredit on €513m bond collateralized by auto loans from Opel Bank; UniCredit on update of the VW issues programs; BofA on update of HSH Nordbank CP program; Wepa on collateralized bond and revolving credit facility; Bayerische Landesbank on base prospectus for covered and standard bonds.
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