Salim Nathoo

Salim Nathoo

Partner

Email

salim.nathoo@aoshearman.com

Phone

+44 20 3088 2838

Offices

London

V-CARD
Salim has over 25 years experienced in structured finance and co-manages the global securitisation team.

His work involves a wide variety of asset classes including residential mortgages (owner occupied, buy to let, equity release, second charge, bridging and development loans), auto finance (retail and wholesale), consumer and credit card receivables (including mobile handset, student loans and solar panel lending), premium finance and broker commission, salary sacrifice and supply chain and trade receivables. Salim also specialises in Islamic structured finance.

Salim’s practice is balanced between acting for established bank and non bank originators, emerging specialty finance and fintech platform lenders, private equity and credit investors as well as leading investment banks and bank lenders.

He works with a variety of structures including master trusts, repackaging structures, public securitisations, portfolio acquisitions, forward flow transactions and private securitisations/warehouse facilities. In addition he works on covered bond programmes in the UK and in Europe. Salim works on capital relief trades both synthetic and true sale.

Salim’s practice covers the UK, Ireland, the Scandinavian markets, the Middle East (mostly GCC) though he has also worked on the transactions in the US, Australia, Korea, Singapore and Japan. He regularly works with our teams in Europe notably Sapin, France, Germany, Italy , The Netherlands, Belgium, Luxembourg and Poland.

Salim participates actively in industry associations and is on the AFME securitisation board, the ICMA securitisation committee and the PCS board as well as being an active participant in the UK’s Regulated Covered Bond Council. He speaks regularly at conferences.

Experience

Representative matters

  • Residential mortgage master trust programmes for clients such as a group of financial institutions, as well as the Abbey’s RMBS de-linked master trust programme, which was the first ever SEC-registered European mortgage-based securitisation.
  • High-profile transactions involving credit card receivables, including the updates, restructuring and issuances of a subsidiary of a global retail company’s master trust programme over the past decade, and the USD10bn securitisation of a global financial institution’s credit card portfolio (the first credit card securitisations undertaken by the institution), using a master trust structure.
  • Many significant RMBS programmes, acting for either originator or arrangers such as a group of financial institutions. This has included the inaugural RMBS transaction of buy-to-let mortgage loans originated by LendCo Limited, One Savings Bank on its inaugural Canterbury Finance securitisation and the five subsequent securitisations, and the arranger and lead managers in connection with- a RMBS of mortgages originated by Lend Invest BTL Limited.
  • Auto finance funding programmes, acting for either originator or lenders. Highlights include advising Vauxhall Finance on wholesale and retail financings, a subsidiary of a multinational financial institution on the securitisation of UK hire purchase auto receivables and a global financial services group on the GBP720m (featuring Sterling and Euro tranches) refinancing of an existing facility made to Iveco. The new facility is secured on truck lease receivables originated in France, Germany, Italy and the UK, through the use of typical securitisation structures in France (where a FCT vehicle is used) and Italy (where a section 130 company is used).
  • Covered Bonds programmes establishment and subsequent issuances globally, including for Nationwide (the first covered bond to be issued by a UK building society and only the fifth by a UK mortgage lender), TSB (a GBP30bn global covered bond programme), Arion Banki (the first time an Icelandic bank has accessed the Euro covered bond market), and Islandsbanki (a EUR2.5bn international covered bond programme).
  • Utilising securitisation as a tool to unlock capital for sustainable projects in various African countries. This has included acting for lenders funding affordable solar home products via a USD130mn securitisation (the first of its kind in Kenya) as well as other transactions focused on products such as bio digesters.

Speaking Engagements

Salim regularly speaks at industry conferences and in the recent past has spoken at the SFA securitisation conference in Las Vegas, Global Capital’s specialty finance and RMBS conferences in London, SCI’s SRT conference (hosted at A&O Shearman) and the AFME securitisation conference in Barcelona.

Leadership Positions And Professional Affiliations

Salim sits on the AFME securitisation board, the ICMA securitisation committee and the PCS board as well as being an active participant in the UK’s Regulated Covered Bond Council.

Recognition

“Recognised as a “Leading Individual” in Securitisation”
Legal500 UK 2024
“Band 1”
Chambers UK 2024

Qualifications

Admissions

Admitted as solicitor, England and Wales, 1992

Academic

LLB, University of London, 1989

The College Of Law, London, 1990

Languages

English
Disclaimer
A&O Shearman was formed on May 1, 2024 by the combination of Shearman & Sterling LLP and Allen & Overy LLP and their respective affiliates (the legacy firms). Any matters referred to above may include matters undertaken by one or more of the legacy firms rather than A&O Shearman.