Latham & Watkins advised on the transaction named Private Securitization of the Year at GlobalCapital’s 2021 European Securitization Awards. The annual awards celebrate the most significant and innovative deals, banks, and market participants in Europe.
Latham represented NewMarket Capital on the pioneering issuance of a series of Credit Linked Notes linked to a subordinated slice of risk in a €1.6 billion portfolio of project finance loans originated by Santander. The transaction has impact targets linked to Santander’s ability to increase green assets in the underlying portfolio via replenishments and to the overall capacity of Santander to increase its funding of renewable projects by a specified capacity in megawatts, both of which would result in a coupon step down. Latham advised on all aspects of the transaction as well as providing guidance with respect to Newmarket Capital’s obligations under the Securitisation Regulation and the impact features of the transaction. GlobalCapital commended the transaction in particular for driving innovation in the risk transfer market.
The publication also shortlisted Latham for Consumer Securitization Law Firm of the Year in recognition of the firm’s market leading Structured Finance Practice in Europe.