Last Updated March 06, 2019

Law and Practice

Contributed By Homburger

Authors



Homburger A leading Swiss corporate law firm, Homburger advises and represents enterprises and entrepreneurs in all aspects of commercial law, including transactions, proceedings and complex cases in a domestic and global context. Homburger regularly advises originators, arrangers, trustees and rating agencies on the structuring and implementation of onshore and cross-border securitisation transactions, including 'true sale' and risk-weighted assets-driven transactions, withholding tax-neutral cross-border RMBS and ABS transactions, securitisation platforms/receivable sales programmes and synthetic securitisations (including CLOs and CDOs). The team has provided legal and tax advice on a number of benchmark transactions, including the first public cross-border auto lease ABS transaction in the Swiss market, the first two contractual covered bond programmes in Switzerland and transactions involving statutory covered bonds (Pfandbriefe).

The risk transfer in synthetic securitisation transactions is typically achieved by way of a derivative (eg, a credit default swap). The derivative transaction is usually documented by way of a standard master agreement (often, an International Swaps and Derivatives Association master agreement) and pertaining annexes. In terms of regulations, the Swiss Financial Market Infrastructure Act (the Swiss equivalent to the European Market Infrastructure Regulation) provides for a number of obligations that apply to derivatives trading in general, including risk mitigation, reporting and margin rules. In structuring a synthetic securitisation transaction, the aim is usually to structure the transaction in such a way as not to fall within the scope of application of Swiss margin rules, since they are generally considered as overly burdensome for an SPE.

Homburger

Prime Tower
Hardstrasse 201
CH-8005 Zurich

+41 43 222 1000

lawyers@homburger.ch www.homburger.ch
Author Business Card

Authors



Homburger A leading Swiss corporate law firm, Homburger advises and represents enterprises and entrepreneurs in all aspects of commercial law, including transactions, proceedings and complex cases in a domestic and global context. Homburger regularly advises originators, arrangers, trustees and rating agencies on the structuring and implementation of onshore and cross-border securitisation transactions, including 'true sale' and risk-weighted assets-driven transactions, withholding tax-neutral cross-border RMBS and ABS transactions, securitisation platforms/receivable sales programmes and synthetic securitisations (including CLOs and CDOs). The team has provided legal and tax advice on a number of benchmark transactions, including the first public cross-border auto lease ABS transaction in the Swiss market, the first two contractual covered bond programmes in Switzerland and transactions involving statutory covered bonds (Pfandbriefe).

{{searchBoxHeader}}

Select Topic(s)

loading ...
{{topic.title}}

Please select at least one chapter and one topic to use the compare functionality.