23 July 2004 – LAWFUEL – See PRESS RELEASES for all today’s law ann…

23 July 2004 – LAWFUEL – See PRESS RELEASES for all today’s law announcments
International law firm Allen & Overy acted for Halifax plc on its fifth residential mortgage-backed securitisation, involving the issuance of the
equivalent of some £4.5 billion of securities.

HBOS Treasury Services, the treasury arm of the HBOS Group, at which
Halifax Plc is part, acted as arranger of the transaction. This was the
first UK mortgage securitisation arranged by an affiliate of the
originator. The offering was well received by investors. An investor
roadshow presentation was conducted in New York, London, Paris, Frankfurt
and several other US and European cities. The transaction involved the
issue by Permanent Financing (No. 5) plc of 16 classes of notes
denominated in sterling, euro and US dollars. The dollar-denominated notes
were registered with the US Securities & Exchange Commission and all
classes of notes have been admitted to trading on the London Stock

Allen & Overy previously acted for Halifax plc on its first residential
mortgage-backed securitisation in June 2002, which at the time was the
largest UK issuance of its type. In March 2003, Allen & Overy advised
Halifax plc on its second residential mortgage-backed securitisation which
set a new benchmark in the European ABS market. In November 2003, Allen &
Overy advised Halifax on its third residential mortgage-backed
securitisation, a deal which won a number of major industry awards. In
March 2004, Allen & Overy advised Halifax plc on its fourth residential
mortgage-backed securitisation, which at the time was the largest deal of
its kind to date in any jurisdiction.

Securitisation partner Angela Clist led the team (assisted by Hooman
Sabeti and Chul Choi), which involved practitioners from a number of
specialist areas including: US law (led by Chris Bernard and assisted by
Shamina Sneed and Hannah Stott-Bumsted); derivatives (led by partner
Richard Tredgett and assisted by John Berry); tax (led by partner Mark
Brailsford and assisted by Michael Aherne and Zoe Hammond); regulatory
(associate Carol Kingsbury and consultant Alan Ewins); real estate (led by
partner Daniel McKimm and assisted by Melanie Goodman); US tax (led by
partner Jack Heinberg and assisted by Mark Dunshee); and ERISA (partner
Henry Morgenbesser).

Angela Clist comments:
“We are very pleased to continue our work on Halifax’s premier mortgage
securitisation programme, and congratulate HBOS Treasury Services on
successfully arranging the transaction.”

The deal was arranged by HBOS Treasury Services plc. The joint lead
managers were CSFB, JPMorgan and UBS. The co-managers were ABN AMRO,
Dresdner, Kleinwort and Wassertein, Goldman Sachs and ING.

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