9 November 2004 LAWFUEL – Law, securities law, legal, attorney, law firm news Clifford Chance has assisted MBNA Europe Bank Limited in structuring and executing the first reverse enquiry driven trade through the newly established de-linked securitisation platform. This trade confirmed two key features of the new de-linked structure:
• The issue was a single class of £250,000,000 Class A Floating Rate Notes, confirming the ability for MBNA Europe to issue tranches of securitised credit card debt through the same vehicle with different maturities not dependent on other tranches of securitised debt and different credit ratings; and
• Total documentation time was a little over 10 days, confirming the speed and flexibility of the first asset-backed MTN programme that allows issuance with the filing of a pricing supplement only.
Debashis Dey, a partner in the International Securitisation Group of Clifford Chance, who led the transaction, commented on its success: “MBNA’s trade has confirmed the speed of issuance and simplification of the platform to allow for rapid execution. We look forward to a number of rapid-style trades in 2005.”
Securitisation partner Debashis Dey led the team at Clifford Chance with assistance from Martin Wong. Partner Stephen Shea provided tax advice with VAT advice provided by partner Etienne Wong.