Global ABS


Sponsored Event | June.06.2017 - June.08.2017

Barcelona, Spain

Orrick is proud to be a sponsor of AFME and IMN’s 21st Annual Global ABS, taking place 6-8 June 2017, in Barcelona, Spain. The 2017 program closely examines the impact of major global regulatory initiatives and political developments, and how the securitization market will adapt to these volatile times.

For the first time, this year Global ABS will feature a full day’s coverage on European NPLs, called the 'NPLs Fast Track', taking place on 8 June. Orrick partner Gianrico Giannesi will participate in a panel on Italian NPLs on Thursday afternoon.  Please join us for this interesting panel and we hope to see you at the conference.

Orrick participants at the conference include:



  • Financement structuré
  • Marchés des capitaux d'emprunt
  • Produits dérivés
  • Banque & Finance
  • Swaps et autres instruments de couverture

Olivier Bernard Partner


Olivier Bernard, associé au sein du bureau Parisien d’Orrick, est membre du Groupe Finance.

Olivier conseille des institutions financières, des fonds, des assureurs et des groupes français et internationaux dans le cadre d’opérations de titrisation, de financements structurés et de marchés de capitaux, domestiques ou multi-juridictionnelles, faisant l’objet de placements privés ou publics, et sur des sous-jacents aussi variés que les créances commerciales, le crédit export, le crédit corporate, les financements d’infrastructures et de projets, le crédit-bail, le crédit à la consommation ou le crédit immobilier.

Il a participé à la mise en place d’un grand nombre d’opérations d’émissions d’obligations sécurisées et de titrisations innovantes.

Avant de rejoindre le cabinet Orrick en 2016 comme associé, Olivier était counsel au sein du département financements structurés du cabinet Freshfields Bruckhaus Deringer.



  • Finance Sector
  • Financement structuré
  • Fintech
  • Banque & Finance

Annalisa Dentoni-Litta Partner

Rome; Milan

Annalisa Dentoni-Litta is a dual qualified attorney (Italy and New York) and a partner with the Finance team. 

She has wide experience on structured finance, securitisations, and covered bond transactions, also with a focus on public finance and Italian local public entities.

Her structured finance experience includes advice to arrangers, issuers and originators in relation to a number of public and private securitisations, both domestic and cross-border, as well as receivables purchase transactions, involving various types of receivables, including NPE (UTP, NPLs) RMBS, consumer loans, healthcare receivables, tax and trade receivables.

She has an extensive experience on capital markets transactions, and she advises issuers, originators and arrangers in Italy and other countries (including Greece) on securitisations and covered bonds.

Annalisa advises on various transactions in Greece, such as National Bank of Greece on their covered bond programmes and acted on both the Phoenix and Vega transactions, as well as other NPL and HAPS compliant transactions.

Annalisa Dentoni-Litta graduated from the University of Rome "La Sapienza" magna cum laude in 1995. She has an LL.M. Degree from New York University School of Law.

She also has extensive experience in public finance transactions, in particular structured transactions on loans to the public administration.

She is an authority on regulatory matters in banking and finance.

In 2020, she won the TopLegal Award as "Lawyer of the Year in Principal Finance".

She is ranked in BAND 3 by Chambers and Partners in Debt Capital Markets and Securitisation and included by The Legal 500 among the "Next Generation Partners" in Capital Markets: Debt.

She is a lecturer in the "Master Diritto e Impresa - Il Sole 24 Ore Business School" with reference to Securitisation and Covered Bonds transactions.

She is member of the Scientific Committee of Assobenefit.


  • Finance Sector
  • Financement structuré
  • Banque & Finance

Patrizio Messina Partner

Rome; Milan

Patrizio Messina is a lawyer experienced in securitisations, structured finance transactions and M&A transactions of banks and financial institutions. He is a Senior Partner at Orrick where he serves as Managing Partner for Europe and member of the global Management Committee.

Since 2001 Patrizio has been named among the best Italian securitisation and structured finance lawyers by the most renowned and accredited directories (including Chambers & Partners, Legal 500, Top Legal, Legal community) winning over the years awards as best Italian lawyer in finance, securitisation, NPLS & UTP. The Legal 500 includes him in the Hall of Fame for Capital Markets.

Patrizio has been a pioneer since the introduction of the Italian securitisation law in 1999. In 1998, he assisted in the first RMBS securitisation in Italy (structured with a dual regulatory law). In 1999, he participated in the drafting and study committee of the securitisation law and was advisor in one of the first RMBS securitisations in Italy under the newly introduced law.

In his career, from 1999 to the present, he has advised on securitisations of various types of assets, such as RMBS, SMEs, leasing, consumer loans, SME financing, and healthcare receivables. In the last 10 years he has focused on securitisations of non-performing loans such as NPLs and UTPs, with ordinary and synthetic securitisation structures and competitive portfolios sales, assisting most Italian systemic banks to divest their non-performing loans.

In the Non-Performing Exposure sector, in 2016 he was advisor to the Italian Ministry of Economy and Finance for the drafting of the decree that introduced the GACS (state guarantee on the securitisation of non-performing loans), by Decree-Law No 18 of 14 February 2016.

Patrizio has also been involved in securitisations of NPEs in Greece and Southern Europe, having assisted major Greek systemic banks in securitisations of performing assets also using HAPS (the Greek guarantee corresponding to the Italian GACS).

Patrizio has a solid experience in Debt Capital Market and is considered a pioneer in the field of so-called Minibonds, having assisted Confindustria in relation to the legislation introducing these instruments and Borsa Italiana in the creation of the Extra-MOT PRO segment for the listing of Minibonds. To date, the Finance team coordinated by Patrizio assists the majority of Minibond issuers in the Italian market.

Patrizio has also been involved (together with Orrick's M&A team) in major Italian bank rescue and relaunch transactions, having assisted Fondo Interbancario di Tutela dei Depositi - FITD, as shareholder, in the recapitalisation and sale to Crédit Agricole Cariparma of 95.3% of the capital of Cassa di Risparmio di Cesena, Cassa di Risparmio di Rimini and Cassa di Risparmio di San Miniato; Banca Carige and Banca Popolare di Bari for which he was coordinator of the team that assisted the Extraordinary Commissioners appointed by Bankitalia. In addition, in 2021 Patrizio was coordinator of the team that assisted the MEF as shareholder in the privatisation of the Banca Monte dei Paschi di Siena group.

Patrizio is Associate Professor of Structured Finance Law at San Raffaele University in Rome. He is Visiting Professor in Alternative Finance for SME, European regulation and practice at King's College Business School, and Fellow of The Dickson Poon School of Law at King's College (London, UK). Patrizio is Chairman of CELF - Center Of European Law and Finance, a study centre specialised in the updating and study of European financial law and regulation, where he established an Academy for the talents of the main banks, financial institutions and Large Corporations active in Italy.

After graduating in law from the University of Catania, he worked in the legal department of an international merchant bank in London, and later became an associate of an international law firm. In 2003, he became a Partner of Orrick in Italy, setting up the Rome office.

In 2017, he gained an executive MBA in global leadership with the TRIUM programme (NYU, LSE, HEC).

Patrizio is Avvocato in Italy (admitted to practice before the Supreme Court of Cassation) and Solicitor in England and Wales.

Finally, Patrizio has published numerous articles on business law in leading domestic and international law reviews and is the author of monographs such as:

  • Minibond e Capital Markets Union Disciplina vigente ed evoluzione normativa. STRUMENTI E MODELLI DI DIRITTO DELL'ECONOMIA, vol. 34, (2021)
  • Finance for SMEs European Regulation and Capital Markets Union Focus on Securitization and Alternative Finance Tools (2019)
  • I contratti bancari e finanziari Giurisprudenza, dottrina e modelli contrattuali (2013).
  • Le operazioni finanziarie nel diritto dell'economia Finanza pubblica e d'impresa (2011)


  • Finance Sector
  • Financement structuré
  • Titres adossés à des actifs
  • Banque & Finance
  • Produits dérivés

Sushila Nayak Partner

Londres; New York Office

Sushila Nayak is co-head of the firm’s Structured Finance Group. Dual-qualified in New York and England and Wales, Sushila works with financial institutions, public and privately owned companies, asset managers and alternative lenders on complex, multidisciplinary financings.

She has a broad range of experience in debt financing transactions, including structured credit and corporate finance. She represents issuers, arrangers and collateral managers in connection with the issuance and restructuring of various structured finance products, derivatives transactions and debt issuances in Europe and the United States.

Sushila also provides counsel to technology and other companies on trade finance matters, including receivables financing arrangements, vendor financing, and supply chain financing.

Active in pro bono work, she leads the London office’s pro bono efforts.


Sushila's experience includes advising:

  • Arrangers on European CLOs
  • Issuers, arrangers and investors in connection with the warehousing and securitisation of various assets, including receivables, tax credits and loans
  • Issuers, arrangers and investors on compliance with European risk retention requirements
  • Borrowers and lenders on corporate bonds and private debt and bank lending transactions
  • Corporates and lenders on supply chain, customer finance and receivables financing arrangements

Sushila's recent engagements include:

  • Representing Morgan Stanley as arranger of the North Westerly V European CLO transaction
  • Representing Enel Finance International N.V. and Enel S.p.A. in connection with the issuance of a $4 billion U.S. dollar sustainability linked bond
  • Representing the purchaser in a cross-border private securitisation of diamond receivables
  • Representing Millicom International Cellular S.A. on a $1.65 billion bridge loan
  • Representing Millicom International Cellular S.A. in connection with its issuance of a $500 million bond issued under Rule 144A/Regulation S, and its $600 million tender and redemption of existing bonds


  • Financement structuré
  • Banque & Finance

Judith Rousvoal Of Counsel


Judith Rousvoal est avocat en droit bancaire au sein du bureau parisien d'Orrick.

Judith conseille des banques françaises et internationales, des institutions financières en financement de projets, en financement structuré ainsi que dans le cadre de projets d'infrastructures d'envergure.

Avant de rejoindre Orrick, Judith était collaboratrice pendant deux ans au sein du département Banque-Finance de Freshfields Bruckhaus Deringer et pendant cinq ans au sein du département titrisation de Gide Loyrette Nouel.



  • Finance Sector
  • Financement structuré
  • Titres adossés à des actifs
  • Produits dérivés
  • Swaps et autres instruments de couverture
  • Fintech

Al Sawyers Partner

New York Office

Al Sawyers is a partner in Orrick’s New York office. His practice focuses on the creation of derivative securities, structured financial products, and repackaged asset-backed, corporate, and municipal securities. He previously served as chair of Orrick’s Structured Finance Practice.

Al represents issuers and underwriters in the issuance of credit-linked notes, collateralized bond obligations, synthetic convertible bonds and synthetic money market eligible securities. He also works with clients entering into various swap agreements, such as interest rate, credit default, currency, and equity swaps, and has authored alerts on various financial industry-related topics, including the Dodd-Frank Act.

Al has been ranked by Chambers and Partners both globally and nationally in the structured products category. Legal500 has noted Al for his work in structured finance, quoting a client who stated that he has "impressive expertise in all facets of securitization in general, which is immensely helpful when we are working on complex transactions." The International Financial Law Review has also recognized Al for his work in structured finance and securitization. Euromoney notes him as an expert in Banking, Financial and Transactional Law: Structured Finance and Securitization.



  • Banque & Finance
  • Financement structuré
  • Financement immobilier

Laure Seror Of Counsel


Laure Seror est avocat en droit bancaire et financier au sein du bureau parisien d'Orrick.

Laure conseille des banques françaises et internationales, des institutions financières ainsi que des sponsors et des emprunteurs sur des opérations françaises ou internationales de financement structuré, de financement immobilier et des projets d'infrastructure.

Avant de rejoindre Orrick, Laure était collaboratrice pendant cinq ans au sein du département Banque & Finance de Freshfields Bruckhaus Deringer.



  • Financement structuré
  • Banque & Finance
  • Marchés de capitaux
  • Énergie

Hervé Touraine Partner

Genève; Paris

Hervé Touraine est avocat en droit bancaire et financier. Responsable de la pratique Banque et Finance d'Orrick pour l'Europe, il est basé à Paris et Genève.

Hervé accompagne des institutions nationales comme internationales, des sociétés, des sponsors, des investisseurs, des compagnies d’assurance, des gérants de fonds et d’autres types d’investisseurs dans leurs transactions françaises et transfrontalières. Il intervient notamment sur des opérations bancaires, de financement structuré, de titrisation et de marchés de capitaux.

Hervé a travaillé sur de nombreuses transactions complexes, stratégiques et/ou innovantes (dont des opérations pionnières en France et en Europe) telles que des opérations de titrisation internationales, des émissions d’obligations sécurisées et d’obligations structurées émises par les entreprises ou lors de projets, des fonds de dette ainsi que la mise en place de plates-formes dédiées à la structuration et au refinancement. Il est également intervenu lors d’opérations de financement et de refinancement (y compris de liquidité), ainsi que pour des opérations visant le hors-bilan et toutes questions liées aux contraintes réglementaires de fonds propres. Il a ainsi développé une expertise particulière dans la gestion de dossiers multi juridictionnels et transverses.

Il dispose d’une solide expertise dans le domaine de l’énergie et de l’infrastructure dans le cadre d’opérations de financement et de refinancement, en recourant à des structures de prêts bancaires usuelles, mais également aux placements privés, aux émissions obligataires, aux institutions financières spécialisées et aux fonds de dettes spécialisés.

Hervé est considéré par ses clients comme une “personne incontournable” en financements structurés « sur qui on peut toujours compter ». Ces derniers le décrivent comme « un expert dédié et innovant dans son domaine » et le considèrent plus comme « un vrai partenaire stratégique de nos opérations, plutôt que comme notre avocat ».

Hervé participe activement à la rédaction de lois et de règlementations concernant la titrisation et le financement structuré en France.

Hervé publie et anime régulièrement des conférences sur les financements structurés.

Avant de rejoindre Orrick en 2016, Hervé était associé chez Freshfields Bruckhaus Deringer LLP pendant 18 ans.