“He’s always aware of commercial implications.”
Legal 500 EMEA 2014
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“He’s always aware of commercial implications.”
Legal 500 EMEA 2014
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.
Advised NORD/LB on a EUR 10.1 billion credit portfolio transaction with a reference portfolio of approx. 4,300 loans containing renewable energies, infrastructure, aircraft and German medium-sized businesses loans. The securitisation transaction also included approx. EUR 1 billion shipping loans and thereby constitutes one of the biggest shipping securitisation transactions recently placed into the markets. NORD/LB reduced its risk-weighted assets by around EUR 3.7 billion resulting in a significant CET 1 ratio improvement.
Advised Santander Consumer Bank AG as sole transaction counsel for a securitisation of consumer loans rated by Standard & Poor's and DBRS Ratings. Bearer bonds with a total nominal value of EUR 850 million were issued, which are backed by Santander's consumer loan receivables. The issuer is a German special purpose entity. The securitisation transaction was arranged by UniCredit Bank AG, acting also as Joint Lead Manager together with Banco Santander S.A. EUR 850,000,000.
Advised HSH Nordbank AG on a complex structured finance transaction, which is backed by a diversified EUR 3 billion loan portfolio. Institutional investors have provided a financial guarantee for a significant portion of the portfolio which includes loans for corporate and real estate clients. The loans of the underlying reference portfolio were not transferred and remain on HSH's balance sheet. Through the transaction HSH has reduced its credit risk and strengthened its regulatory capital.
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.
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.
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.
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.
The new rules for Term ABS. What is the current status of the drafts? (Die neuen Regeln für Term-ABS. Was ist der Sachstand in den Entwürfen?), February 2017: TSI Workshop – Reviewing new rules for securitisations – what is the current status, what can be expected from the trilogue of EU institutions? (Bestandsaufnahme neue Regeln für Verbriefungen – Was ist der Status, was ist im Trilog der EU-Institutionen zu erwarten?), Frankfurt, Moderator
STS Securitisation Framework for Term ABS and ABCPs – criteria, processes and rules on capital requirements, September 2016: TSI Congress 2016 – The Future of the Securitization and Structured Finance Market in Germany and Europe,
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,
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,
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,
STS securitization – quo vadis? (STS Verbriefung – Quo Vadis?), Kreditwesen, Issue 18, pp. 23-27, 2016
Reviving the securitization market (Verbriefungsmarkt soll wiederbelebt werden), die bank, Issue 10, pp.22-25, 2015