Herbert Smith has advised the arrangers of three residential mortgage-backed securitisations (RMBS) for different Australian issuers, all of which closed recently.
The firm acted for Deutsche Bank and ABN Amro on the €500 million tranche of a securitisation of residential mortgages by Bank of Queensland and a similar €450 million securitisation by Adelaide Bank. The third deal saw the firm advise Deutsche Bank and Citigroup as lead managers of a €610 million issue by National Australia Bank.
All three deals were the Euro tranches of multi-currency securitisations, which also included Australian or US dollar tranches that were sold simultaneously into those jurisdictions.
The Adelaide Bank deal was under the bank’s Torrens RMBS programme, on which we advised ABN Amro as arranger for the first time in late 2005. It is the first time the firm has advised on securitisations by National Australia Bank and Bank of Adelaide.
Jane Borrows led the Herbert Smith team, assisted by Dennis Craig and Jean-Baptiste Gaudin.
“Australian issuers are currently very interested in selling notes into Europe and we expect this trend to continue into the new year. It was a pleasure to advise both new and existing lead manager clients on the European end of these transactions and we should see further Australian issuers coming to market in coming months.”
On the NAB deal McKee Nelson advised the arrangers on US law, while Linklaters, Mallesons Stephen Jaques and Sidley Austin advised NAB. Simmons & Simmons were English law advisers to Adelaide Bank and Bank of Queensland on their deals, with Clayton Utz advising them on Australian law.