Capital Markets: CLOs | UK

On 1st May 2024, Allen & Overy and Shearman & Sterling merged to form A&O Shearman. The firm offers top-drawer counsel on the most sophisticated transactions and houses a deep bench of securitisation specialists. The team has partner expertise in all asset classes, including advice on CLOs delivered by some of the world's foremost experts. Its lawyers are adept at handling regulatory and legislative changes, and their impressive client list includes market-leading international financial institutions.

Cadwalader fields a high-quality team known for its work on complex securitisations. The firm has notable strength with regard to ABS and, most prominently, CLO transactions. They also demonstrate the ability to guide clients in matters relating to specialised or emerging asset classes and have in-depth knowledge of ESG-compliant assets. As well as its transactional work, the team is well positioned to advise on regulatory developments, including the effects of changes to US regulations in the European markets, STS regulation and risk retention. Notable for the breadth of its client base, the firm frequently acts on behalf of mainstream banks, private equity funds and alternative lenders.

Milbank stands out for its manager-side practice, but also has experience acting for other parties in CLOs transactions. Possessing market-leading transactional capabilities and an in-depth knowledge of the regulatory landscape, the firm is well placed to handle first-to-market transactions. The team can also call on its knowledge of international regulations as well as a network of offices overseas to handle complex cross-border mandates.

Paul Hastings has a proven track record of advising on sophisticated real estate securitisations. Widely praised for its strength in CMBS transactions, the team is particularly known for its representation of arrangers on cross-border deals and providing specialised guidance on topics such as RMBS transactions and fund-linked products. The London team also enjoys a healthy reputation for its expertise in relation to CLOs, and it works with a full range of clients, including corporate groups, investment banks and funds.

Latham & Watkins is well equipped to handle a wide variety of cross-border deals thanks to its network of international offices. In particular, it houses an accomplished securitisation group that regularly assists an impressive client list including high-profile financial institutions, as well as a notable CLO practice. The team's deals span a wide range of matters, including advising on the securitisation aspects of large corporate transactions. It also continues to demonstrate prowess on transactions and regulatory matters in emerging markets.

Weil is recognised for the breadth of its capital markets offering, with the most notable element being its CLO practice. Additional areas of expertise include securitisations of consumer assets, trade receivables, residential and commercial mortgages and esoteric assets. The team's key clients include high-profile issuers, arrangers and managers involved in international transactions.

White & Case works closely with its US and European counterparts on high-value CLOs. The team has strong cross-border abilities, with particular strength advising on emerging markets matters. It is also notable for its expertise in regulatory issues as well as increasingly important areas of the market such as ESG compliance.