1
DEBT CAPITAL MARKETS
CMBS: Our Track Record June 2022
Arthur Cox is at the forefront of the Irish securitisation market, acting on almost all large scale mortgage securitisations and CMBS using Irish SPVs. We are a leading adviser on the establishment of Irish securitisation vehicles for international and domestic banks, financial institutions and private equity clients and provide assistance on the structural, tax and regularity issues that impact the establishment and ongoing management of such vehicles. We also act as listing agent on a large number of asset-backed securitisations by non-Irish securitisation and structured finance vehicles.
We have been at the forefront of the Irish securitisation market since the beginning, acting on the first ever mortgage securitisation in Ireland and the first public CMBS. We are a leading adviser on international transactions and advise on the establishment of Irish securitisation vehicles for a wide variety of internationally-originated securitisation and structured finance transactions. We also advise on a large number of listings for ABS issued by non-Irish securitisation and structured finance vehicles. We consider ourselves to be the leading firm in CMBS. We have advised on a number of recent CMBS deals using Irish issuance vehicles. We have also advised on the establishment of commercial warehouse lending arrangements for non-bank CRE lenders. OUR EXPERIENCE
• USIL: Advising Morgan Stanley (as Arranger and Lead Manager) and the Issuer on Morgan Stanley Principal Funding Inc €706 million CMBS by USIL (European Loan Conduit No.36) DAC. • Atlas: Advising Morgan Stanley (as Arranger and Lead Manager) and the Issuer on Morgan Stanley Principal Funding Inc £347 million CMBS by HELIOS (European Loan Conduit No.37) DAC. • Aldgate: Advising Morgan Stanley (as Arranger and Lead Manager) and the
Issuer on Morgan Stanley Principal Funding Inc £111 million CMBS by VIRIDIS (European Loan Conduit No.38) DAC. • Zinc: Advising Morgan Stanley (as Arranger and Lead Manager) and the Issuer on Morgan Stanley Principal Funding Inc €318 million CMBS by HAUS (European Loan Conduit No.39) DAC. • Mileway UK: Advising Merrill Lynch Internationl (as Joint Lead Managers and Joint Bookrunners) and the Issuer on a Bank of America Merrill Lynch International DAC £800 million CMBS by Taurus 2021-4 UK DAC. • United IV: Advising Barclays and BofA Securities (as Joint Lead Managers and Joint Bookrunners) and the Issuer on a Bank of America Merrill Lynch International DAC.
Manager) and the Issuer on Morgan Stanley’s £240 million CMBS by Salus (European Loan Conduit No.34) DAC. • Atom: Advising Bank of America, Standard Chartered Bank and Morgan Stanley (as Arrangers and Joint Lead Manager) and the Issuer on Bank of America, Standard Chartered Bank and Morgan Stanley Principal Funding Inc £383 million CMBS by Atom Mortgage Securities DAC. • Vulcan: Advising Bank of America and Morgan Stanley (as Arrangers and Joint Lead Managers) and the Issuer on Bank of America and Morgan Stanley Principal Funding Inc £211 million CMBS by Agora Securities 2021 DAC. • Nido: Advising Citigroup (as Lead Manager) and the Issuer on Citibank and Lloyds Bank plc €390 million CMBS by ODIN Finance DAC.
• Fulham: Advising BofA Securities (as Arranger and Lead Manager) and the Issuer on a Bank of America Merrill Lynch International DAC £480 million CMBS by Taurus 2020-2 UK DAC (Fulham Senior Loan).
• Immeo: Advising Morgan Stanley on Immeo Residential Finance, a German CMBS transaction.
• Starz: Advising Credit Suisse International (as Arranger and Placement Agent) and Starz Mortgage Securities 2021-1 DAC (as Issuer) on a £220,000,000 CRE CMBS. This was the first CRE CLO in Europe since the financial crisis.
• GRAND: Advising GRAND (as to matters of Irish law) on an innovative and complex restructuring of its €5.4 billion multi-family CMBS (originated by Deutsche Annington) by way of English solvent scheme of arrangement (the first time a securitisation has been schemed before).
• Scorpio: Advising Morgan Stanley & Co. International plc (as Arranger and Lead
This publication is provided for your convenience and does not constitute legal advice. This publication is protected by copyright. © 2022 Arthur Cox LLP
• Monnet: Advising Monnet Finance Limited on an agency CMBS transaction for the BGP Group.
arthurcox.com
2
CMBS: Our Track Record
Our team CAPITAL MARKETS
Cormac Kissane Partner, Head of Finance +353 1 920 1186 cormac.kissane@arthurcox.com
Glenn Butt Partner, Finance +353 1 920 1197 glenn.butt@arthurcox.com
Aiden Small Partner, Finance +353 1 920 1072 aiden.small@arthurcox.com
Phil Cody Partner, Finance +353 1 920 1238 phil.cody@arthurcox.com
Aisling Kelly Partner, Finance +353 1 920 1255 aisling.kelly@arthurcox.com
Maedhbh Clancy Of Counsel, Finance +353 1 920 1225 maedhbh.clancy@arthurcox.com
Gavin McArdle Of Counsel, Finance +44 28 9026 2666 gavin.mcardle@arthurcox.com
Eoin Hamill Senior Associate, Finance +353 1 920 1254 eoin.hamill@arthurcox.com
Peter Murphy Senior Associate, Finance +353 1 920 2190 peter.murphy@arthurcox.com
Charles Meenan Senior Associate, Finance +353 1 920 1075 charles.meenan@arthurcox.com
Brendan Kennedy Senior Associate, Finance +353 1 920 1299 brendan.kennedy@arthurcox.com
Sinéad Cantillon Professional Support Lawyer, Finance +353 1 920 1083 sinead.cantillon@arthurcox.com
TAX
Fintan Clancy Partner, Head of Tax +353 1 920 1190 fintan.clancy@arthurcox.com
Ailish Finnerty Partner, Tax +353 1 920 1207 ailish.finnerty@arthurcox.com
David Kilty Partner, Tax +353 1 920 1036 david.kilty@arthurcox.com
Orlaith Kane Partner, Tax, New York +1 212 782 3301 orlaith.kane@arthurcox.com
LISTINGS
Helen Berrill Director, Listing Services +353 1 920 1203 helen.berrill@arthurcox.com
Dublin +353 1 920 1 000 dublin@arthurcox.com
Belfast +44 28 9023 0007 belfast@arthurcox.com
London +44 207 832 0200 london@arthurcox.com
New York +1 212 782 3294 newyork@arthurcox.com
San Francisco +1 415 829 4247 sanfrancisco@arthurcox.com
Arthur Cox LLP arthurcox.com