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January 28, 2022
Cadwalader was once again the leading law firm advising across securitization markets, including ABS, CLOs, CMBS, RMBS and GSE multifamily MBS, in 2021.
Based on 2021 industry league tables*, Cadwalader advised issuers and underwriters on the largest number of transactions – 256 transactions as issuers’ counsel, valued at approximately $186 billion, and 471 transactions as underwriters’ counsel, valued at approximately $270 billion.
In the U.S. commercial mortgage securitization space, for example, in 2021 Cadwalader earned the coveted status as top-ranked issuer counsel in all three segments of the market: non-agency CMBS, agency deals and CRE CLOs. The firm has now been ranked first in the CMBS issuer counsel category for 22 consecutive years.
Additional wins in 2021 include being the top advisor on European CLOs, based on aggregate deal count and volume for manager and arranger counsel, and the most active underwriter counsel in the U.S. CRE CLO and Agency CMBS markets. The firm also advised on a growing list of RMBS and esoteric transactions.
“We are extremely pleased and proud to have once again led all law firms in total securitization transactions,” said Michael Gambro, co-chair of Cadwalader’s Capital Markets Group. “Our deep bench in both the U.S. and the UK is our greatest strength, and enables us to work on groundbreaking transactions such as the recent headline-grabbing landmark European CRE CLO on which we acted as drafting counsel.”
In 2021, Cadwalader’s Capital Markets team hired more than 40 attorneys to provide expert guidance on the high volume of transactions in the structured finance/securitization space.
“In a year of tremendous volume, we take great pride in the fact that we were able to execute in a timely fashion for our clients on many of the most novel transactions across asset classes,” said Stuart Goldstein, co-chair of Cadwalader’s Capital Markets Group. “We are very grateful for the ongoing trust that our clients place in us and look forward to continued high transaction activity and ever-expanding client relationships.”
Following is a sample of Cadwalader’s 2021 transaction highlights and industry recognition:
Cadwalader’s Capital Markets practice, including attorneys in New York, Charlotte, Washington, D.C., and London, is recognized as a premier global legal advisor in securitization and structured finance.
* Industry tables include Creditflux, Asset-Backed Alert, Commercial Mortgage Alert dba Green Street