Stenn’s trade receivables securitisation programme was recognised as a “Deal of the Year 2020 Europe” in the Structured Finance and Securitisation category by the International Financial Law Review (IFLR). The awards, granted by an internal judging panel of IFLR journalists and editors, recognises legal innovation in cross-border transactions across Europe, commending the deals, teams, and law firms for a particular project.
The Stenn deal concerned the establishment and refinancing of a trade receivables securitisation platform backed by receivables in over 50 jurisdictions. IFLR noted the complexity of program in its review, citing the required analysis of receivables contracts and on-sale agreements in numerous jurisdictions, intermediary involvement before the receivables are sold to Stenn, and the need to incorporate multiple funding instruments.
Chris Rigby, Global Head of Finance & Capital Markets at Stenn, commented: “We are gratified to receive this award from IFLR and congratulate the participating law firms. Through this securitisation, Stenn broadened its investor base with top-tier financial institutions and created an efficient and innovative financing architecture to support future growth.”
Law firms noted for their work on this deal were Arthur Cox - Issuer (Stenn Assets Funding Designated Activity Company); Clifford Chance - Natixis, NN Investment Partners and M&G Investments; TMF (security trustee and cash manager); Dentons - Originator (Stenn Assets UK); Latham & Watkins - Originator (Stenn Assets UK); Norton Rose Fulbright - Credit insurer (AIG); Pinsent Masons - Issuer account bank (Barclays); and Walkers - Performance guarantor (Stenn Holdings).