Mortgage-Backed Securitization
Commercial Mortgage-Backed SecuritizationFor 2006, Sidley was ranked by
Commercial Mortgage Alert as number two issuer counsel and number four underwriter counsel for U.S. Commercial Mortgage-Backed Securities. For 2005, we were ranked number two issuer counsel and number three underwriter counsel. In the past year our lawyers closed, or otherwise played critical roles in, the issuance of more than $25 billion of commercial mortgage-backed securities. This reflects our continuous leadership in the field, beginning with the representation of the registrant in the first CMBS “shelf” registration statement to be declared effective, and in the first CMBS shelf “takedown.”
Our clients are representative of all industry participants, including investment banks, commercial banks, government-sponsored enterprises, opportunity funds, monoline and multiline issuers of financial guaranty insurance and commercial mortgage loan servicers. A key to our leadership in CMBS is the firm’s
Real Estate practice, whose lawyers routinely represent investment banks, commercial banks and other lenders who originate commercial mortgage loans destined for the capital markets. This group works closely with our CMBS lawyers, as well as with rating agencies, and is experienced in all of the recent industry innovations and developments, including A/B note and participation structures, mezzanine loans and preferred equity investments. The group is also active in the purchase, sale and financing of commercial mortgage loan portfolios.
Sidley is also a leader in the rapidly expanding European CMBS market. For example, our lawyers represented a major investment bank in the first pub securitization in the United Kingdom, as well as the first European CMBS transaction where the securities were offered in the United States in reliance on Rule 144A. Our London office, where approximately 50 U.S. and UK qualified lawyers practice in the securitization field, has been involved in around 20 CMBS transactions since 1995.
Essential to a successful CMBS practice is the availability of lawyers experienced in various related legal disciplines. In addition to our recognized real estate capability, Sidley has significant and well-established practice groups in taxation, both domestic and international and including taxation of REMICs and other securitization vehicles, securities law, bankruptcy and creditor’s rights, environmental law, ERISA, trust law and bank, insurance and health care regulation. We believe that our leading CMBS experience, our nationwide capital markets-driven
Real Estate practice and our size and strength in all of the attendant legal disciplines distinguishes our firm from our competitors.
Residential Mortgage-Backed SecuritizationSidley’s prominence in the area of residential mortgage-backed securitization is longstanding and unrivaled. Based on Thomson Financial reports, the firm has consistently ranked at the top of the league tables as both underwriters' and issuer’s counsel in the U.S. public mortgage-backed market.
Sidley's market presence is illustrated not merely by the number and size of transactions in which we have participated, but also by the range and depth of clients that we represent. Our clients include most investment and commercial banks that are active in the area, as well as government-sponsored enterprises and government agencies such as Fannie Mae and Ginnie Mae. Nor is our practice limited to domestic transactions, with various firm projects in the past year alone involving mortgage assets in Australia, Argentina, United Kingdom and Costa Rica, among other locations.
Our extensive experience spans the range of disciplines essential to residential mortgage securitization, including tax, corporate, securities, derivatives, real estate, regulatory, ERISA and Investment Company Act practices. Thus are we positioned to play a key role in assisting our clients in the development of new products and strategies. As but one example, we have witnessed a marked increase in the use of innovative derivative products as a critical source of enhancement in mortgage securitization transactions. Our continual involvement in the structuring and application of the seemingly boundless variations on traditional swap, cap and put instruments enables us to ensure that we remain at the forefront of product development while providing essential support to our clients in their quest to optimize financial results.
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