Marine Money International magazine has named the Northvest 2 transaction on which White & Case advised its "Securitization Deal of the Year."
In the award-winning deal, White & Case advised NORD/LB Norddeutsche Landesbank (NORD/LB) as transaction counsel on a loan portfolio transaction in respect of a €10.1 billion reference portfolio (Northvest 2). Northvest 2 allows NORD/LB to reduce its risk-weighted assets by almost €4 billion and further strengthen its regulatory CET 1 ratio. The reference portfolio consists of approximately 4,300 loans comprising inter alia renewable energy finance, aviation finance, infrastructure and German mid-cap loans.
In its profile of the winning transaction, Marine Money International described the deal as "the biggest securitization of shipping credits placed in the market in a long time," and singled out the €1 billion in ship financings.
The international White & Case team which advised on the transaction was co-led by partner Dennis Heuer and local partner Daniel Baierlein (Frankfurt), and included partners Ingrid York and Stuart Willey (London), counsel Alexander Born (Frankfurt), counsel Katrin Rübsamen (Berlin) and associate Claire-Marie Mallad (Frankfurt).