Structured Finance and Securitization

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 credit card receivables and trade receivables, and other less common financings, including loans or securities backed by computer leases, pharmaceutical royalties and revenues associated with wireless communication sites.

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 and equipment financings, and act as counsel for purchasers and sellers of financial assets.