Structured Finance | Our Practices

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class=utility__share href=#>Share</a></ul><nav class="nav-social menu-section nav-utility__list"><ul class=nav-social__list><li><span class=utility__share-icon>Share</span><li><a target=_blank rel="noopener noreferrer" href="https://www.linkedin.com/shareArticle?mini=true&url=https%3A%2F%2Fwww.clearygottlieb.com%2Fpractice-landing%2Fstructured-finance" class=linkedin-link>LinkedIn</a><li><a target=_blank rel="noopener noreferrer" href="https://twitter.com/intent/tweet?text=Structured%20Finance%0Ahttps%3A%2F%2Fwww.clearygottlieb.com%2Fpractice-landing%2Fstructured-finance" class=twitter-link>Twitter</a><li><a target=_blank rel="noopener noreferrer" href="https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fwww.clearygottlieb.com%2Fpractice-landing%2Fstructured-finance" class=facebook-link>Facebook</a></ul><button class=btn--close>Close</button> </nav> </nav><h1 class=banner-slider__title>Structured Finance</h1><section class="small-slider is-slider" aria-label="small slider" data-background=black data-has-dots data-speed=6000 data-dont-autoplay-mobile><div class=small-slider__item><h2 class=small-slider__title>No. 3 U.S. and Global CLO Arranger’s Counsel</h2><div class=small-slider__separator></div><p class=small-slider__cta>CreditFlux, 2017</div><div class=small-slider__item><h2 class=small-slider__title>“Handles a wide range of ABS and MBS transactions and enjoys a good reputation for CLO work… ‘a superb firm.’”</h2><div class=small-slider__separator></div><p class=small-slider__cta>Chambers USA</div><div class=small-slider__item><h2 class=small-slider__title>“A group ‘at the top of its field,’ [Cleary] provides a ‘very high level of service.’”</h2><div class=small-slider__separator></div><p class=small-slider__cta>The Legal 500 U.S.</div></section></section> <main role="main" class="col-wrapper--outer "> <div class="col-wrapper--inner"> <div class="col"> <section class="content-section rich-text narrative"><div class="section__content rtf-is-expandable"><p>Cleary Gottlieb has been a leader in structured finance for decades, having pioneered many of the key products used widely in today’s markets, including development of the first CMO, CBO, agency REMIC, interest rate swap and currency swap.<p>Our renowned team represents issuers, underwriters, asset managers, industry associations and other market participants in a broad-based finance and securitization practice that most prominently features CLO transactions, agency mortgage securitizations, esoteric securitizations and asset-based lending transactions, fixed-income derivatives, repackagings, and other structured credit and structured finance products.<p>Cleary is consistently ranked among the top CLO legal advisors for our representation of the leading arrangers and investment managers. We also have advised on the large majority of agency mortgage-backed securities transactions for more than two decades.<p>We also are regularly engaged to guide clients on novel and complex structured finance transactions, as well as provide compliance and regulatory advice on the impact of U.S. and EU risk-retention requirements, the Volcker Rule and other regulatory initiatives. This has included playing a leadership role with industry associations such as the Loan Syndications and Trading Association (LSTA) and the Securities Industry and Financial Markets Association (SIFMA) regarding major issues of concern to the structured finance market.<p>We often work closely with colleagues in our European offices on cross-border regulatory issues affecting structured finance transactions, including the evolving standards for European risk retention and Simple, Transparent and Standardized securitization.</div></section><section class="content-section notable-experience section-expandable"><div class=section__header><p class=content-section__header>Notable Experience</p><button class=section-expandable__trigger>trigger</button></div><div class=section__content><div class=notable-experience__experience-item><h3 class=experience-item__title>Regulatory Highlights</h3><div class=truncated-list><ul class="indented-list truncated-list__content"><li class="indented-list__item truncated-list__item"><p>Counsel to several non-U.S. banks and other nonadvisers on compliance with Advisers Act requirements, including registration and exemption issues.<li class="indented-list__item truncated-list__item"><p>Counsel to a major financial institution in connection with novel arrangements with a specialty broker-dealer to acquire senior debt of the specialty broker-dealer which would provide capital support for repurchase transactions with customers referred by the broker-dealer affiliate of the financial institution.<li class="indented-list__item truncated-list__item"><div>Crescent Capital in obtaining a significant no-action letter from the SEC establishing the conditions for exempting from the U.S. risk retention rules refinancings of CLO debt that occur following the effective date of those rules.<br></div><li class="indented-list__item truncated-list__item"><p>Several major private equity funds, hedge funds and financial services firms on enforcement and regulatory issues, including the Investment Advisers Act and Investment Company Act, arising from Dodd-Frank and regulatory reform.<li class="indented-list__item truncated-list__item"><div>SIFMA in an engagement with <em>Bloomberg</em> and a consulting firm to classify issuers in the trading context for purposes of Volcker Rule compliance, including criteria to support new “tagging” procedures for trading screens that will be used by market participants.<br></div><li class="indented-list__item truncated-list__item"><p>Counsel to major investment banks and asset managers in responding to inquiries from U.S. federal, state and non-U.S. regulators concerning structured finance products and in performing internal reviews of structured products.<li class="indented-list__item truncated-list__item"><p>Regular counsel to numerous international banks on the application of the Volcker Rule to a wide variety of structured finance products, including the impact of the Volcker Rule on CLOs.</ul><a href=# class="content-section__see-more truncated-list__trigger">See More</a></div></div><div class=notable-experience__experience-item><h3 class=experience-item__title>Transactional Highlights</h3><div class=truncated-list><ul class="indented-list truncated-list__content"><li class="indented-list__item truncated-list__item"><p>Citigroup and StoneCastle Financial Corp. in the origination and securitization of Tier 2 qualified subordinated loans to community banks. The initial securitization in October of 2015 was the first such securitization of subordinated bank debt since the financial crisis.<li class="indented-list__item truncated-list__item"><p>Counsel in the structuring and offering of more than $70 billion in CLO transactions in 2016–2018. Underwriters include Bank of America Merrill Lynch, Citigroup, Credit Suisse, Goldman Sachs, Natixis and Nomura; collateral managers include Gallatin Loan Management, CVC Credit Partners and Invesco.<li class="indented-list__item truncated-list__item"><p>Counsel to the underwriters on more than $1.5 trillion in Fannie Mae, Freddie Mac and Ginnie Mae mortgage-backed transactions since 2009, including approximately $331 billion in 2016–2018. Clients include Amherst Pierpont, Citigroup, Deutsche Bank, Goldman Sachs, Jefferies, JP Morgan, MUFG, Mizuho, Morgan Stanley, Nomura, RBC and RBS.<li class="indented-list__item truncated-list__item"><p>Verizon Communications in the establishment of a platform for the sale to a variety of banks and their asset-backed commercial paper conduits of installment receivables generated by their sale of wireless equipment.<li class="indented-list__item truncated-list__item"><p>Strategic Credit Partners Holdings LLC, a joint venture between CIT Group and Sixth Street Partners, in a $100 million revolving secured credit facility for the acquisition of middle-market loans.<li class="indented-list__item truncated-list__item"><p>Bank of America Merrill Lynch in over $3 billion of asset-based lending and structured credit arrangements.<br><li class="indented-list__item truncated-list__item"><p>Goldman Sachs as placement agent in the re-pricing of a debt class of the Emerson Park CLO—the first re-pricing to be completed in the CLO market.<br><li class="indented-list__item truncated-list__item"><p>Goldman Sachs in connection with various esoteric structured financings, including patent receivables; aircraft, license, and film finance; and Brazilian real-denominated securities backed by a revolving portfolio of payroll deductible loans.<br><li class="indented-list__item truncated-list__item"><p>Regular counsel to numerous international banks on the application of the Volcker Rule to a wide variety of structured finance products, including the impact of the Volcker Rule on CLOs.</ul><a href=# class="content-section__see-more truncated-list__trigger">See More</a></div></div></div></section><section class="content-section content-list section-expandable section-publications"><div class=section__header><p class=content-section__header>Publications</p><button class=section-expandable__trigger>trigger</button></div><div class=section__content><div class=truncated-list><ul class=truncated-list__content><li class=content-list__item><p><a href=/news-and-insights/publication-listing/alternative-asset-manager-governance-and-succession-founder-overview>Alternative Asset Manager Governance & Succession: Founder Overview</a><li class=content-list__item><p><a href=/news-and-insights/publication-listing/post-ipo-liquidity-roadmap-for-pre-ipo-equity-investors>Post-IPO Liquidity Roadmap for Pre-IPO Equity Investors</a><li class=content-list__item><p><a href=/news-and-insights/publication-listing/new-business-law-section-book-reveals-richness-and-complexity-of-commercial-law-globally-through-the-lens-of-financial-collateral>New Business Law Section Book Reveals Richness and Complexity of Commercial Law Globally Through the Lens of Financial Collateral</a></ul><a href="/search-results?categories=publications&search=Structured+Finance&practiceName=d395a85b8fe54a6085762484e642ad64&filter=related_practices" class=content-section__see-more> View All </a></div></div></section><section class="content-section content-list section-expandable section-events"><div class=section__header><p class=content-section__header>Events</p><button class=section-expandable__trigger>trigger</button></div><div class=section__content><div class=truncated-list><ul class=truncated-list__content><li class=content-list__item><h4 class=content-list__item-header>April 24, 2024</h4><p><a href=/news-and-insights/events-listing/fias-law-and-compliance-division-conference-2024>FIA’s Law & Compliance Division Conference 2024</a><li class=content-list__item><h4 class=content-list__item-header>December 3, 2023</h4><p><a href=/news-and-insights/events-listing/clo-summit-2023>CLO Summit 2023</a><li class=content-list__item><h4 class=content-list__item-header>October 23, 2023</h4><p><a href=/news-and-insights/events-listing/imns-29th-annual-abs-east-conference>IMN’s 29th Annual ABS East Conference</a></ul><a href="/search-results?categories=events&search=Structured+Finance&practiceName=d395a85b8fe54a6085762484e642ad64&filter=related_practices" class=content-section__see-more>View All</a></div></div></section> </div> <div class="col col--side"> <aside class="side-section related-link"><h3 class=related-link__title><a href="/professionals?experience=d395a85b8fe54a6085762484e642ad64" class=related-link__title--link>Related Lawyers</a></h3></aside><aside class="side-section complex-list section-expandable"><header class=section__header><h3 class=side-section__header>Honors and Distinctions</h3><span class=section-expandable__trigger>trigger</span></header><div class=section__content><div class=truncated-list><ul class=truncated-list__content><li class="complex-list__item truncated-list__item"><p class="complex-list__item-title no-margin">Tier 1 for Structured Finance: Derivatives and Structured Products<div class=rtf-is-expandable><p><em>The Legal 500 U.S., 2016-2024</em><br></div><li class="complex-list__item truncated-list__item"><p class="complex-list__item-title no-margin">Leading Firm for Structured Finance: Securitization<div class=rtf-is-expandable><p><em>The Legal 500 U.S., 2024</em><br></div><li class="complex-list__item truncated-list__item"><p class="complex-list__item-title no-margin">Leading Firm for Capital Markets: Securitisation: CLOS; Structured Products<div class=rtf-is-expandable><p><em>Chambers USA, 2024</em></div><li class="complex-list__item truncated-list__item"><p class="complex-list__item-title no-margin">Leading Firm for Capital Markets: Structured Finance, Securitisation & Derivatives<div class=rtf-is-expandable><p><em>Chambers Global, 2024</em></div><li class="complex-list__item truncated-list__item"><p class="complex-list__item-title no-margin">Finance Team of the Year<div class=rtf-is-expandable><p><em>Legal Business Awards, 2023</em></div><li class="complex-list__item truncated-list__item"><p class="complex-list__item-title no-margin">Leading Firm for Capital Markets: Structured Finance & Securitization<div class=rtf-is-expandable><p><em>IFLR1000, 2022</em></div><li class="complex-list__item truncated-list__item"><p class="complex-list__item-title no-margin">Debt and Equity Linked Team of the Year<div class=rtf-is-expandable><p><em>IFLR Americas, 2017</em><br></div><li class="complex-list__item truncated-list__item"><p class="complex-list__item-title no-margin">No. 3 U.S. CLO Arranger’s Counsel<div class=rtf-is-expandable><p><em>CreditFlux, 2017<br> </em></div><li class="complex-list__item truncated-list__item"><p class="complex-list__item-title no-margin">No. 3 Global CLO Arranger’s Counsel<div class=rtf-is-expandable><p><em>Creditflux, 2017<br> </em></div><li class="complex-list__item truncated-list__item"><p class="complex-list__item-title no-margin">No. 2 Underwriter Counsel for CLOs<div class=rtf-is-expandable><p><em>Asset-Backed Alert, 2015</em><br></div><li class="complex-list__item truncated-list__item"><p class="complex-list__item-title no-margin">“[Cleary’s] structured finance and derivatives group exhibits ‘significant business acumen and industry knowledge,’ and is renowned for its work in equity and credit derivatives, its CLO experience and an overall understanding of Dodd-Frank implementation.”<div class=rtf-is-expandable><p><em>The Legal 500 U.S.</em></div></ul><a href=# class="side-section__see-more truncated-list__trigger">See More</a></div></div></aside><aside class="side-section simple-list section-expandable" data-conditional-start-closed=1><header class=section__header><h3 class=side-section__header>Related Topics</h3><button class=section-expandable__trigger>trigger</button></header><div class=section__content><ul><li class=simple-list__item><a href=/practice-landing/capital-markets> Capital Markets </a><li class=simple-list__item><a href=/practice-landing/debt-finance> Debt Finance </a><li class=simple-list__item><a 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