Firm: Clifford Chance (Latitude Financial Services)
Deal: Latitude Financial has established a master trust securitisation transaction for its Australian credit card business.
Value: $1 billion
Key players: The Clifford Chance team was led by Sydney partner Caroline Jury (pictured), London partner Kevin Ingram and London senior associate Kathryn James. Counsel Nelda Turnbull and associates Jason Hitch, Adrian Blacker and Alex Sorgese assisted.
Deal significance: Latitude Financial has established a master trust securitisation transaction, the first of its kind in the Australian market, according to a statement from Clifford Chance.
The master trust structure is similar to those used in the US and UK. It enables efficient issuances for this asset class.
The assets backing the securitisation notes of approximately $1 billion are credit card receivables, Clifford Chance said.
The firm’s cross-border team advising Latitude included lawyers from its London and Sydney offices.
“We are delighted to advise on this transaction, which is an excellent example of how Clifford Chance’s global network and depth of practice came together to provide the best service for our clients,” said Ms Jury.
“Not only is this transaction significant in terms of scale and because it is the first of its kind in the Australian market, but we also expect it to make a contribution to the securitisation industry as a whole in Australia.”
Ms James added that the transaction could encourage other issuers in the Australian market to consider master trust structures.
“Master trusts are complex structures to analyse and document but once established, they give significant advantages to issuers in ease and consistency of future offerings,” she said.