Allen & Overy leads on first export credit-guaranteed loans repack

Author: | Published: 1 Dec 2005

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 is...