Securitisation - Watson, Farley & Williams

• Advising on the €2bn securitisation of commercial receivables for a French
telecommunications operator
• Advising a major Mexican maritime shipping, rail freight and trucking services
company in the US$60m securitisation of its export receivables through a multiseller
conduit arranged by the US branch of a Japanese bank
• Advising a major US steel company in the US$90m securitisation of its export
receivables through a multi-seller conduit arranged by a European bank
• Advising the US and Cayman trustee in a US$50m securitisation of receivables of
a major Mexican airline
• Advising the indenture trustee and collection agent in a US$60m securitisation of
credit card receivables of a major Chilean airline
• Advising Chase Manhattan Trustees as the trustee, collection agent and lender
agent in a US$200m securitisation of export receivables of a major Colombian
coffee fund
• Advising a major shipbuilder (the Originator), on what is thought to have been the
first securitisation of newbuilding contract receivables, which provided a highly
efficient method of financing work-in-progress on an off-balance-sheet basis. The
transaction was funded by syndicated bank debt. We also advised the same
shipbuilder in relation to a subsequent proposed securitisation
• Advising the sponsor/originator in relation to the first securitisation of the payment
obligations of a UK municipal authority. The transaction involved the securitisation
of the revenues of a Birmingham waste to energy plant from Birmingham City
Council. The transaction was funded by a euro sterling bond listed on the London
Stock Exchange
• Advising container operator companies (as Originators) on a number of
securitisation transactions relating to container receivables, one of which was
effected through a multi-seller conduit and was funded by commercial paper
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