Asset-Backed Securities

Since 1985, Cadwalader has facilitated the issuance of billions of dollars of asset-backed securities. The asset-backed securitization practice, which has grown beyond traditional asset classes, now encompasses the entire range of emerging and niche asset classes, including:

  • equipment and automobile leases
  • student loans
  • commercial loans
  • annuity contracts
  • franchise receivables
  • cell phone towers
  • government receivables
  • pharmacy and health care receivables
  • dealer notes and floor plan financing
  • tax liens
  • taxi medallions
  • music and publishing royalties
  • 12b-1 fees
  • airplane loans
  • manufactured housing
  • trade receivables

Credit Cards and Auto Loans:  Cadwalader lawyers assisted clients in the creation of the first publicly offered auto-loan securitizations and, in 1987, in the creation the first public credit card transaction. Since that time, we have  facilitated the issuance of more than $100 billion of credit card and auto loan backed securities. We have acted as counsel to various parties in the Discover, MBNA, Citibank, Banc One, Household, AT&T, Chase, Chemical and American Express credit card transactions and the UAC, GMAC, Chase Auto, New South and Bayview public auto transactions, as well as in numerous private placements. Our lawyers also regularly assists clients in “sub-prime” automobile securitizations.

  • Several major dealers as underwriters' counsel in connection with the offering of over $4.5 billion of FFELP and private education loan asset-backed securities issued from various SLM Education Loan Trusts
  • Underwriters on a $4.1 billion Sallie Mae student loan-backed securitization
  • Underwriters on the first re-securitization of Sallie Mae securities backed by various classes of previously issued Sallie Mae reset rate notes and their related call option rights
  • Underwriters in connection with the private placement of over $7 billion of private education loan asset-backed securities issued from various SLM Private Education Loan Trusts, which were AAA-rated and  eligible for the Federal Reserve’s Term Asset-Backed Securities Loan Facility
  • Deutsche Bank and Barclays Capital as  Initial Purchasers in connection with the offering of $250 million of Tower-Asset-Backed Notes for GTP Acquisition Partners I LLC
  • SBA Communications in connection with the offering of $1.2 billion SBA Tower Trust Secured Tower Revenue Certificates
  • Ambac in the whole company securitization of international Dunkin’ Donuts, Baskin Robbins and ToGo Sandwich operations, backed by cashflows including lease receivables
  • Goldman Sachs & Co. in the whole company securitization financing of IHOP backed by cashflows including lease receivables

3 Attorneys

Bell, Suzanne Partner London
T. +44 (0) 20 7170 8549
Dublin
T. +353 (0) 1 2478050
Day, Stephen Partner London
T. +44 (0) 20 7170 8535
Strom, Alexander Associate New York
T. +1 212 504 6735

CadwaladerNews

CadwaladerSpotlight

Our latest podcast covers the legacy of the “Car Wash” investigation and how Brazil fits into the global landscape of white-collar crime enforcement.

To assist individuals in working from home during the coronavirus social-distancing period, Cadwalader is providing clients and friends free access to our legal research platform, the Cadwalader Cabinet.