Michael Rützel | White & Case LLP International Law Firm, Global Law Practice
 Michael Rutzel
 Michael Rutzel

Michael Rützel

Local Partner, Frankfurt

T +49 69 29994 0

E mruetzel@whitecase.com

“He’s always aware of commercial implications.”

Legal 500 EMEA 2014

Overview

Michael Rützel has a national and international practice based in Frankfurt, working within the Firm's Capital Markets Practice.

Michael represents a wide range of clients including credit institutions, multinational corporates, investment banks, finance companies, institutional investors, arrangers, issuers and trustees in a broad range of banking and capital markets matters, particularly in structured finance and securitization transactions of various asset classes as well as secured (asset-based) lending transactions. In particular, this encompasses the structuring of lease receivables, trade receivables, mortgage loan transactions, and real estate securitizations and their refinancing and restructuring.

In this context, he also advises clients on legal issues concerning "Pfandbriefe" and hybrid structures such as covered bond and secured Schuldschein loan transactions. His experience also involves international acquisition and project finance transactions and, in particular, real estate finance transactions and their refinancing and restructuring.

Moreover, Michael gained extensive experience in the area of real estate financing and re-financing of various property types (including loan origination, syndication and securitization) during his stay in London with a leading international investment bank.

He also counsels credit institutions, funds and institutional investors in the sale and purchase of mortgage-backed loan portfolios in connection with performing, sub-performing and non-performing loans.

Clients benefit from Michael’s ability to focus on pragmatic commercial solutions within a complex legal environment and difficult market conditions.

Michael is also actively involved in driving forward innovative IT-solutions and initiatives to increase the efficiency of client services.

Bars and Courts

  • Solicitor of England and Wales
  • Rechtsanwalt

Education

  • Second State Exam, Hessian Ministry of Justice
  • First State Exam, Johann Wolfgang Goethe-University Frankfurt am Main

Languages

  • German
  • English

Experience

HSH Nordbank AG – 'CASTELLUM ABF' US$360 million refinancing, 2014

Michael was part of the international team from the Firm's offices in Frankfurt, London, New York and Singapore that advised HSH Nordbank on its third US dollar refinancing since it established its own asset-based funding platform in 2013. The 'CASTELLUM ABF' funding transaction is collateralized by a portfolio of commercial real estate loans secured by English law governed mortgages.

Deutsche Trustee - refinancing of Deutsche Annington's GRAND securitization, 2013

Michael co-led the team that represented Deutsche Trustee Co. Ltd. as security agent and trustee on the early repayment and refinancing of Deutsche Annington's CMBS securitization German Residential Asset Note Distributor P.L.C. (GRAND). The transaction was the largest of its kind, with the refinancing of the residential real estate portfolio accounting for around €2.3 billion. The deal was noteworthy because of its innovative character: a 'scheme of arrangement' – an instrument not often used in the German market – was implemented successfully and sufficient time was generated for the refinancing to be completed.

Deutsche Trustee – GAGFAH’s GRF securitization, 2013-1

Michael co-led a team from the Firm's offices in Frankfurt, London and Singapore that advised Deutsche Trustee Company Ltd. in its capacity as security agent in a CMBS issuance by GAGFAH. The purpose of the transaction, completed via German Residential Funding 2013-1 Ltd, was to refinance a large credit facility falling due this year. The total refinancing amount (and therefore the issuance) was approximately €2.1 billion.

U.S. Bank – GAGFAH’s GRF securitization, 2013-2

Michael co-led a team from the Firm's offices in Frankfurt, London and Singapore that advised U.S. Bank Global Corporate Trust Services in its capacity as security agent in this second CMBS issuance by GAGFAH in 2013. The purpose of the transaction, completed via German Residential Funding 2013-2 Ltd, was to refinance a large credit facility falling due this year previously securitized via DECO 17 – Pan Europe 7 Limited. The total refinancing amount (and therefore the issuance) was approximately €600 million.

Speaking Engagements

Standard, transparent and comparable securitisations (STC securitisations) – definition, differentiation, future treatment in the Basel framework and harmonisation with other regulations, September 2015: TSI Congress 2015 – Asset Based Finance – Europe's business financing in transit from bank to capital market financing,
Berlin
, Panel discussion

Schuldschein Renaissance – Which factors are spurring the market?, October 2014: TSI Congress 2014 – Asset Based Finance in the light of investors, banking union and regulation,
Berlin
, Moderator

New trends in the cooperation between insurances and banks using the example of commercial real estate financing, September 2013: TSI Congress 2013 – Asset Based Finance – The future of capital markets and credits markets,
Berlin
, Panel discussion

Publications

  • Reviving the securitization market (Verbriefungsmarkt soll wiederbelebt werden), die bank, Issue 10, pp.22-25, 2015