ByrneWallace Banking & Finance Team shortlisted for European Award for advising on finalist in Structured Finance and Securitisation Deal of the YearThursday, 04 April 2019
ByrneWallace is pleased to announce that our Banking & Finance Team has been shortlisted for advising on a finalist for the International Financial Law Review (IFLR) Europe Awards 2019 - Structured Finance and Securitisation Deal of the Year in relation to Project Glenbeigh, a securitisation arrangement entered into by Permanent TSB plc (PTSB) for a portfolio of loans.
Presented annually, the IFLR Europe Awards 2019 celebrate the most innovative cross-border legal deals of 2018 and the firms that completed them. IFLR looks for new legal structures, deals that overcome new regulatory hurdles and regional firsts that adapt existing technology to local regulation. The difficulty and intricacy of that innovation is assessed, as well as its likely market impact.
The deal involved the sale by PTSB of a pool of 6,272 residential and buy-to-let loans via a residential mortgage-backed securitisation arrangement through a Special Purpose Vehicle, Glenbeigh Securities 2018-1 DAC (Glenbeigh Securities). The transferred loan portfolio had a value of c. €1.3 billion.
ByrneWallace advised Pepper Finance Corporation (Ireland) DAC (trading as Pepper Asset Servicing) in its role as legal title holder on behalf of Glenbeigh Securities and acting as master servicer handling all of the day-to-day management of the loan portfolio.
The ByrneWallace team who advised on this transaction was led by Mark Kavanagh, Partner and Head of Banking and Finance and included Sean Rooney, Senior Associate and Karen Outram, Senior Associate from the ByrneWallace Banking and Finance Team.
Separately this transaction, Project Glenbeigh, has also been shortlisted for a Finance Dublin Deal of the Year 2019.
Commenting on the transaction, Head of Banking & Finance Mark Kavanagh said, “We are delighted to be recognised for advising on this transaction in these prestigious international awards. Over the years, the team has gained extensive experience advising a broad range of domestic and international clients on a range of loans and financing deals, including structured finance, securitisation and complex loan arrangements. Being shortlisted for these awards is a testament to the strength and expertise of our team, and I would like to congratulate all those involved."
The winners of the IFRL 2019 awards will be announced this evening, Thursday, 4 April 2019, at a gala dinner at the Savoy Hotel in London.