Securitization and Structured Finance

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Osler is a recognized leader in Canadian asset securitization and structured finance, advising financial institutions, corporate issuers, underwriters and other participants. Our experience includes both single-seller and multi-seller structures in a range of asset classes, such as credit card receivables, residential and commercial mortgages, trade accounts receivables, auto and equipment loans and leases, rental cars, mutual fund fees and wholesale dealer loans. We also advise participants in a range of structured finance transactions, including covered bond issuances. Our experience further includes the financing of specific assets, such as rail cars, aircraft and other equipment.

To excel in this multi-disciplinary field, Osler draws upon its depth of legal expertise in all areas of corporate and commercial law, including securities, tax, banking, investment dealer regulation, bankruptcy and personal property security. We have assisted in the development and execution of many innovative and tax efficient products and solutions for our clients and their securitization programs.

Asset Securitization

Osler’s leading Canadian securitization practice dates back to the inception of this business in Canada more than 20 years ago. We have adopted U.S. structures for use in Canada while also developing uniquely Canadian structures. Commercial paper conduits have been established and restructured to match changing regulatory and accounting environments. We have acted on all types of public and private placements of asset-backed securities.

Structured Finance

Osler is an industry leader in the development of covered bond issuances by Canadian financial institutions. We have advised arrangers, issuers, sellers and rating agencies on issuances of these debt obligations that are secured by a portfolio of specific mortgage assets. 

As well, Osler has advised numerous banks, investment banks, equity investors and corporate clients on sophisticated domestic and cross-border lease financings (including synthetic and leveraged leases) of plant and equipment, rail cars, aircraft and other capital assets.

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Peter Milligan

Partner, Financial Services

Toronto

Rick Fullerton

Partner, Financial Services

Toronto

Constantine Troulis

Partner, Financial Services

Montréal

  • Borrowell Inc.

    Borrowell Inc. in connection with its $12 million Series A round of financing led by Portag3 Ventures LP, Equitable Bank and White Star Capital and $45 million in new credit facilities provided by Concentra and FirstOntario Credit Union

  • RBC Dominion Securities Inc.

    RBC Dominion Securities Inc. and the underwriting syndicate in all public offerings by Golden Credit Card Trust of credit card receivable-backed notes.

  • Master Credit Card Trust and Master Credit Card Trust II

    Master Credit Card Trust and Master Credit Card Trust II in each of their public and private offerings of credit card receivable-backed notes.

  • Counsel to the underwriters

    Counsel to the underwriters for each public offering by Ford Auto Securitization Trust (FAST) of asset-backed notes in Canada.

  • CNH Capital Canada Receivable Trust

    CNH Capital Canada Receivable Trust in its public offering of $465 million of asset-backed notes, Series 2013-2, in November 2013, along with each of its previous public and private offerings of asset-based notes.

  • RBC Dominion Securities Inc.

    RBC Dominion Securities Inc., as placement agent in the private placement of commercial mortgage-backed securities completed in September 2013.

  • An automotive finance company

    An automotive finance company in connection with the completion of a private placement of variable funding dealer floorplan receivables-backed notes in June 2013.

  • Bank of Montreal

    Bank of Montreal as the issuer in the establishment of a €7 billion covered bonds program and its issuance of covered bonds thereunder.

  • The Bank of Nova Scotia

    The Bank of Nova Scotia as the issuer in the issuance of covered bonds under its €15 billion covered bonds program.

  • Bank of Montreal and The Bank of Nova Scotia

    Counsel to each of Bank of Montreal and The Bank of Nova Scotia in connection with the establishment of their legislative covered bond programs under the new Canadian covered bond legislation.

  • Find More

  • The Canadian Legal Lexpert Directory: Recognized in Asset Securitization (Toronto, Ontario; Montreal, Quebec)