Latham & Watkins advised Newmarket Capital on the synthetic securitization transaction named Impact Deal of the Year in Structured Credit Investor’s 2023 Capital Relief Trades Awards.
Project Bocarte provides first loss credit protection on a €1.6 billion portfolio of project finance loan facilities issued by Banco Santander. In addition to incorporating a number of structural impact and sustainability features, the initial portfolio is comprised of nearly 50% renewable energy assets, spread primarily across Spain, the UK, and the US. Structured Credit Investor commended the transaction in particular for its ESG components and ramp-up mechanism that provide clear and impressive impact features.
The deal team was led by Paris corporate partner Suzana Sava-Montanari, with London associate Alexia Leckie and Madrid tax partner Iván Rabanillo.
The annual awards recognize and celebrate the innovations and innovators within the Significant Risk Transfer market.