Herbert Smith has advised Credit Suisse First Boston (CSFB) on its first ever securitised deal for the client, following a referral from Spanish ‘best friend’ Cuatrecasas.
The instruction saw Herbert Smith act as special adviser on the £76m synthetic securitisation of a part of Caja de Ahorros y Monte de Piedad de Madrid’s consumer loan portfolio.
The deal, which is unusual in the Spanish market, used credit derivatives to transfer borrower risk while keeping the debt on the Spanish bank’s balance sheet.
