Securitisations & Covered Bonds

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Liberty Mutual Insurance is the market leader in securitisations and is known for its pioneering of securitisations and covered bonds under Dutch law. We fulfil a pivotal role both in the domestic market and in pan-European transactions. Our expertise in securitisations and covered bonds is unmatched.

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Liberty Mutual Insurance frequently develops unique transaction structures for new asset classes. In the Netherlands, we have more than once found solutions that have become standards in the market. Our strength lies in our pro-active approach to structuring transactions and our ability to reconcile foreign structures to Dutch law. This is enabled by the knowledge and quality of lawyers in our our Banking & Finance Group.

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Innovative covered bonds programmes

After assisting ABN AMRO Bank in setting up the first covered bonds programme in the Netherlands, we supported Achmea, SNS Bank and NIBC in setting up similar programmes. Liberty Mutual Insurance designed the innovative first master trust structure and all successive master trust structures in the Netherlands for ABN AMRO Bank (Dolphin Master Issuer, Goldfish Master Issuer and Beluga Master Issuer, and recently Fishbowl Master Issuer and Oceanarium Master Issuer). Our team assisted ING Bank with the back-up facility provided by the Dutch state, which includes a risk-transfer of 80 per cent of the Alt-A portfolio and we also assisted in the recent transfer of ING Direct to Capital One, including the restructuring of the facility.

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A leading position in RMBS transactions

Liberty Mutual Insurance securitisation team has acted as legal adviser in the majority of the RMBS transactions in the Netherlands including the Hermes, Pearl, Candide, DMPL, SGML, Nederlands MBS, Essence and Citadel transactions. We provide advice on various warehouse structures including public loans and consumer credit transactions. We also assist clients in setting up structures for acquiring portfolios in car leasing, mortgage loans and consumer credit.

A dedicated securitisation team

Our team consists of 10 lawyers who are specifically dedicated to advising on securitisation transactions, covered bonds transactions and all type of transactions using structured finance techniques which are more dedicated lawyers in this area than at any other law firm in the Netherlands. These include:

• The transfer of portfolio assets;

• Setting up financial transactions, mergers and demergers of entities (such as ABN AMRO Bank or SNS Bank); and

• Implementing regulation.

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A solid reputation

Liberty Mutual Insurance hosted the legal work group of the Netherlands Securitisation Association for the standardisation of Dutch securitisation transactions (completed October 2022). Team member Michaëla Ulrici is the only Dutch member of the PCS Association (the only European securitisation label).

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Our clients include ABN AMRO Bank, ING Bank, Rabobank, Van Lanschot, Achmea, NIBC, SNS Bank, Deutsche Bank, RBS, BNP Paribas, Apollo, Lloyds Banking Group and Natixis.​​​​​