Orrick, Herrington & Sutcliffe is recognised as Law Firm of the Year in SCI’s NPL Securitisation Awards, having displayed market leadership in the securitisation of non-performing assets and the disposal of unlikely-to-pay portfolios across the main NPL jurisdictions of Greece and Italy.
Orrick’s large finance and capital markets practice - which comprises eight partners and four counsels based across Rome and Milan - acts on behalf of arrangers, originators or subscribers in large NPL mandates. This combined experience, comprehensive approach and expertise to act for all entities within the NPL sector sets the practice apart.
Madeleine Horrocks, partner in Orrick’s Milan office, notes: “A key part of why we are able to complete the matters we do is our ability to assist across the whole spectrum of the market. We equally understand the needs of the banks, servicers and investors, acting on all sides of transactions.”
Over the past 12 months, a particular highlight for the firm has been its role in the GACS securitisation BCC NPLs 2021. Orrick assisted Iccrea Banca and JPMorgan, as co-arrangers and placement agents, in the static cash transaction secured by receivables originated by 77 banks (74 belonging to Gruppo Bancario Cooperativo Iccrea, alongside Banca Ifis, Cassa di Risparmio di Asti and Guber Banca), with assets valued at €1.3bn.
The transaction was arranged with the possibility of benefiting from a Real Estate Operating Company - under article 7.1 of Law 130/99 - subject to obtaining a GACS guarantee on the senior securities.
“This is a market where we have been particularly involved, both within and outside the GACS spectrum,” notes Annalisa Dentoni-Litta, partner in Orrick’s Rome office. “The BCC NPLs 2021 securitisation also included a leasing element, which added another layer of complexity.”
The fully-integrated and international practice also acts on jurisdictions outside of Italy, notably Greece. On the Project Sunrise 1 transaction, for example, it advised the arrangers (UBS and Alantra) on the securitisation of a portfolio of non-performing loans originated by Piraeus Bank, structured to allow the senior notes to benefit from the Greek HAPS guarantee. Regarding the firm’s capacity for cross-border mandates, Dentoni-Litta notes: “We cover both Italian and Greek transactions from our Italian offices. This global vision of all transactions coming to market allows us to suggest innovative solutions to our clients.”
She concludes: “Clients ultimately choose you for your expertise and ability to get the job done. What also differentiates us is our approach to research - embedded in our DNA - allowing us to suggest innovative solutions, in order to close transactions.”-