Sidley has been at the forefront of transactions involving the issuance of asset-backed commercial paper or medium-term notes by multi-seller conduits. We have been involved in conduit transactions since our representation of the first commercial paper conduit in 1983, and the firm’s activity includes both the creation of these investment vehicles as well as representation in connection with the acquisition of assets.
We have been engaged in the creation or restructuring of more than 25 U.S. domestic and international multi-seller commercial paper and medium-term note conduits, as well as numerous single-seller conduits. In addition to bank-sponsored commercial paper conduits, our firm has been actively involved in the structured and alternative investment vehicle markets, representing a principal party in connection with more than a dozen such programs. We also have represented a monoline insurance company in connection with a fully-wrapped structured investment vehicle, and have worked on a number of commercial paper conduit-financed investment vehicles, primarily for European banks.
In addition to our experience with typical structured investment vehicles, we have represented a principal party (either the sponsor or the dealers) in connection with a number of other investment vehicles, including three that employ commercial paper funding and five “black box” medium-term note conduits. We are currently at work on a further two “black box” conduits.