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| Angela Clist, Allen &
Overy |
Securitization does not stand still. With banks searching for
new and more efficient ways of raising funds, new structures and
assets are a constant source of research and planning. In August
Schroder Salomon Smith Barney (SSSB) was reflecting with pride on
its latest deal, a £2.3 billion ($3.4 billion) securitization of
part of Abbey National's mortgage portfolio. Its legal adviser on
the deal, Allen & Overy, was also glowing with how an
innovative structure could be used to increase flexibility and
reduce costs to the borrower. Angela Clist, the Allen & Overy
partner in charge of the team, says: "It has changed the face of
mortgage-backed securities in the UK."
The Abbey National deal contains a number of firsts for the
securitization market, but is firmly based on the Mound Financing
vehicle constructed for Royal Bank of Scotland in April....