Structured Finance and Securitization

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Ranked among the top securitization practices in the United States, Dechert structures offerings of traditional mortgage-backed and asset-backed receivables as well as novel securities such as pharmaceutical patent royalties, film distribution rights, life settlements, structured settlements, lottery awards, commercial aircraft leases and overdrafts. Dechert is “widely recognized as an authority on structured finance and securitization,” states Chambers USA.

We represent issuers and underwriters, asset originators, collateral managers, conduits, master and special servicers, purchasers, major rating agencies, trustees and monoline insurance companies. Because we have handled a significant number of large, complex securitization and structured finance transactions involving a variety of asset classes and the full gamut securitization structures, clients turn to Dechert, In times of both economic growth and stress, for help seizing opportunities or overcoming market challenges. Dechert lawyers were among the first to advise on the securitization of a TALF-eligible asset-backed loan facility and have advised several of the firm’s private investment fund clients on the formation of real estate investment funds. Our depth and breadth of experience translates into up-to-date, strategic and cost-effective advice for our clients.

When market conditions have negatively impacted our clients, Dechert has been quick to respond, providing creative financing solutions that replace traditional structures with capital calls, subscription facilities and new types of repossession arrangements.

Our top-ranked securitization, investment adviser and fund attorneys also have earned us a leading market position in the representation of issuers, placement agents, collateral managers and equity investors in collateralized loan obligation (CLO) transactions, including middle-market balance sheet CLOs and broadly syndicated arbitrage CLOs in the United States and Europe.

Dechert advised on the first-ever rated middle-market CLO involving subordinated and mezzanine debt (in 2000) and we have handled a majority of the middle-market CLOs since then. We are one of the few firms to handle middle-market CLOs while also representing commercial lenders in consummating the underlying loans. This provides us with a perspective that few other firms possess. Our lawyers are equally knowledgeable regarding cash-flow, market-value CLO structures and private CLO structures.

In the area of residential mortgage-backed securities (RMBS), we represent both issuers and underwriters in transactions involving prime and subprime mortgage loans, “ALT A” mortgage loans, second liens, home equity lines of credit (HELOCs), and manufactured housing contracts, as well as net-interest margin transactions and synthetic securitizations. Working collaboratively with our tax partners, we address the complex issues arising in these transactions, which involve virtually every tax and cash-flow structure and form of credit enhancement. We also represent parties in whole loan mortgage purchase, sale transactions and in the purchase and sale of mortgage servicing rights.