Structured Finance

Structured Finance

​Orrick's Structured Finance Group has played a significant role in the global asset securitization market, beginning in 1977 when we represented Bank of America in the first public offering of non-agency mortgage pass-through certificates. Since that time, we have taken a leadership role advising on innovative transactions and have helped represent the industry in the dialogue about regulatory reform, including serving as outside counsel to the American Securitization Forum and SIFMA.

We have been one of the leading advisers in the private-label RMBS market, having served as counsel in over 220 RMBS transactions totaling more than $140 billion in the past 3 years. Since the onset of the financial crisis, we have taken a leadership role advising on pioneering transactions that are set to become templates for the future of the industry.

We act as counsel for numerous major issuers and underwriters in the U.S. asset-backed securitization market. Orrick has a leading presence in the credit card securitization, auto loan, auto lease receivables and dealer floorplan transactions markets, as well as depth and breadth in the securitization of a variety of other assets. Our team handles securitizations of tax liens, PACE liens, structured settlements, lottery receivables, student loans, time shares and portfolios of aircraft and aircraft engines. With strong practices in both public finance and securitization, Orrick is one of the few firms in the country with substantial experience in the securitization of tax liens as well as tax lien portfolio acquisitions and transactions. We also offer a leading securitization practice across Europe with distinctive strength in Italy and France.

Orrick also has extensive experience in repackagings and derivatives transactions involving a variety of assets. In particular, Orrick is the market leader in representing sponsors of repackagings of municipal bonds, commonly referred to as tender option bonds programs. Orrick also activity represents financial institutions, funds and municipal and not-for-profit entities in connection with interest rate, credit, foreign exchange equity and commodity derivatives transactions.

We are recognized as an established player in the world of structured finance by national and international legal directories. Our Securitization team has consistently ranked among the top issuer's and underwriter's counsel over the past decade, according to Asset-Backed Alert. Chambers Global recognizes that Orrick "continues to develop innovative financial products for the future and, since the outset of the financial crisis, has played a critical role in many of the major legal developments that have shaped the global financial markets." Our clients were quoted as saying Orrick lawyers "understand every aspect of the market and take a 360-degree view."

The Structured Finance Group publishes the firm's Financial Industry Week in Review, and manages the Financial Industry Review Blog and the Derivatives In Review Blog, which highlight important legal and regulatory developments affecting the financial industry.

We make an investment in understanding our clients' businesses, enabling us to provide strategic and practical solutions in an efficient and cost-effective manner. Our multidisciplinary approach, involving lawyers proficient in securitization, securities law, investment funds, tax, real estate, commercial law, banking, bankruptcy and ERISA, enables us to provide our clients with sophisticated legal work on their most complex and challenging transactions.

The Financial Times names Orrick among the top law firms in its ‘Most Innovative US Law Firms’ report in both Legal Advice and the Business of Law and ‘commends’ our representation of Redwood Trust’s 2011 public offerings of private-label mortgage-backed securities noting that “the firm’s understanding of the evolving regulations and regulators helped restart this industry sector.”

The Banker, a division of The Financial Times, awarded the distinction of "Deal of the Year" in 2011 for a series of deals handled by Orrick’s Structured Finance group in connection with the FDIC’s sale of more than US$2 billion in notes in three separate transactions.

Chambers Global 2013 recognizes Orrick as a leader in numerous Structured Finance and Securitization categories, including:

  • Global Securitization
  • Global Structured Finance
  • U.S. Securitization
  • U.S. Structured Products
  • International and Chinese Derivatives & Structured Products and Securitization
  • Asia-Pacific Securitization
  • Italian Securitization
  • French Structured Finance

Chambers USA acknowledges Orrick as a “long-standing firm [with] extensive experience of both MBS and ABS transactions, as well as securities regulation. It has the bench strength to offer an expert in numerous asset classes, and the experience to address the more unusual and esoteric transactions.” Chambers also recognizes Orrick for its commercial awareness, citing “The team adds value with its broad exposure to the marketplace - it gives it a more holistic view of the parties and keeps it a step ahead of other firms.”

In China, Chambers Asia 2013 recognizes Orrick as a Band 1 firm in Capital Markets: Securitisation (International Firms) and noted the practice as “a dominant player in the securitisation market."

Asset-Backed Alert ranks Orrick as top Issuer’s Counsel and Underwriter's Counsel.

International Financial Law Review (IFLR) 2013 identifies Orrick's strengths in U.S. Capital Markets – Structured Finance & Securitization.

International Financial Law Review names Orrick’s Hong Kong team ‘Asia Structured Finance Team of the Year’ in 2011 and 2012, and awarded Orrick the distinction of ‘Asia Structured Finance Deal of the Year’ in 2012 for its first-of-its-kind work on the Korean Airlines securitized ticket receivables deal.

Our Structured Finance lawyers in Europe are among the top advisors in Euromarket securitizations as ranked by International Financial Law Review, Chambers Europe and Legal 500.

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