The ByrneWallace banking and finance team has been shortlisted for advising on a finalist for the International Financial Law Review (IFLR) Europe Awards 2019 - Structured Finance and Securitisation Deal of the Year.
The deal was in relation to Project Glenbeigh, a securitisation arrangement entered into by Permanent TSB (PTSB) for a portfolio of loans.
Presented annually, the IFLR Europe Awards 2019 celebrate the most innovative cross-border legal deals of 2018 and the firms that completed them. IFLR only covers international deals and rewards legal innovation.
New legal structures
IFLR looks for new legal structures, deals that overcome new regulatory hurdles and regional firsts that adapt existing technology to local regulation.
The difficulty and intricacy of that innovation is assessed, as well as its likely market impact.
The deal involved the sale by PTSB of a pool of 6,272 residential and buy-to-let loans via a residential mortgage-backed securitisation arrangement through a Special Purpose Vehicle, Glenbeigh Securities 2018-1 DAC (Glenbeigh Securities).
The transferred loan portfolio had a value of €1.3 billion.
ByrneWallace advised Pepper Finance Corporation (Ireland) DAC (trading as Pepper Asset Servicing) in its role as legal title holder on behalf of Glenbeigh Securities and acting as master servicer handling all of the day-to-day management of the loan portfolio.
The ByrneWallace team advising on this transaction was led by partner Mark Kavanagh, head of banking and finance and included senior associates Sean Rooney and Karen Outram.
Separately, the Project Glenbeigh transaction has also been shortlisted for a Finance Dublin Deal of the Year 2019.
Mark Kavanagh said “Over the years, the team has gained extensive experience advising a broad range of domestic and international clients on a range of loans and financing deals, including structured finance, securitisation and complex loan arrangements."