Allen & Overy advised ABN Amro on the first deal to
securitize trade finance loans that are guaranteed by export
credit agencies (ECAs).
The deal involved establishing a new $25 billion MTN
programme called SovRisc, which effectively gives investors
exposure to sovereign risk. The programme began with a $1
billion issuance of notes repackaging trade finance loans,
mainly relating to aircraft, that are partly or wholly
guaranteed by ECAs.
"This is the most complicated deal that I have ever done or
seen," says Matthew Howard, who coordinated the Allen &
Overy team. "Not only does it have a unique structure, it