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Practice Overview

Structured Finance and Securitization

Cravath’s structured finance practice draws upon the Firm’s depth of experience with a broad range of assets across a wide variety of industries. Our representation of varying participants in the structured finance market provide us with a sophisticated and commercial understanding of the role of securitization and other structured products in a company’s capital structure, the issues that can arise in these transactions, the manner in which participants are affected by those issues and the techniques that have been used to address them.

We have played a prominent role in the development of asset‑backed securities since their inception in the mid‑1980s. Our lawyers work closely with companies and investment bankers in developing new products and in structuring complex transactions, pioneering many of the approaches now widely used to structure asset‑backed securities issuances, including the first structure for securitization of revolving credit assets, the first securitization vehicle that permitted the issuance of both term debt and commercial paper and the first conduit program for credit cards. We also completed the first sales of securities backed by credit card receivables, boat loans, time‑share mortgages and aircraft operating leases.

Cravath has advised on both customary structured financings, such as loans or securities backed by automobile loans, student loans and trade receivables, and other less common financings, including loans or securities backed by stranded costs, computer leases, revenues from the broadcast of professional sports events, pharmaceutical royalties, revenues associated with wireless communication sites and government contracts.

Our lawyers advise issuers and underwriters in connection with the securitization efforts of major participants in the structured finance market. We also represent corporate issuers and investment funds in connection with a variety of structured finance transactions, including receivables financings, sale and repurchase transactions, equipment financings and act as counsel for purchasers and sellers of financial assets.