Securitization

Winston & Strawn attorneys have been involved in asset securitization since the inception of this important form of financing. We have led the development of securitization techniques and the extension of securitization to new asset types. Winston & Strawn attorneys have extensive experience with all of the significant securitization structures and have represented issuers, investment banks, purchasers, credit enhancers, trustees, and rating agencies in transactions that have involved the securitization of every major asset type.

Our background in asset-backed transactions commenced in the early 1980s with the representation of issuers and investment banking firms in the development and issuance of mortgage pass-through securities and CMOs. As structured finance evolved to different asset types and structures in the mid- and late 1980s, Winston & Strawn attorneys played an active role in the developments. We served as counsel in various roles with respect to transactions involving trade receivables, equipment leases, credit card receivables, automobile loans, and health care receivables.

In the 1990s, as asset securitization came into its own as a finance tool and the market deepened, Winston & Strawn was engaged in structuring bank-sponsored general purpose commercial paper conduits as well as specially tailored commercial paper conduits for commercial finance companies. We also completed transactions involving commercial real estate, municipal leases, franchise loans, export-import loans, derivative securities, precious metals, and assets of companies in bankruptcy.

An essential part of Winston & Strawn’s asset securitization practice has been its active role in extending the financing technique to both esoteric assets and new structures.  Participants in the market have traditionally come to us when a particularly difficult problem has arisen. Our ability to successfully handle challenging structuring issues relates directly to the depth of our understanding of the financing technique and, in particular, our experience in developing novel ideas into sound and workable financing structures.