Structured Finance & Securitisation

William Fry acts for issuers, sponsors, managers, derivative counterparties, monolines, rating agencies and administrators involved in the structuring and implementing of innovative and complex transactions in securitisations (in many asset classes including, in the insurance market, catastrophe risk and XXX) derivatives and tax-driven schemes. We have a niche practice in structured insurance and reinsurance transactions and have advised on almost all insurance-linked securitisation deals in the Irish market to date.

Ireland is well established as a favourable regime for the location of issuers and the Irish Stock Exchange Rules and responsive turnabout times has lead to an increasing number of issuers listing their notes on the Irish Stock Exchange.

We have been acknowledged as a leading firm in structured finance and have a reputation for providing innovative solutions on complex transactions.  We work closely with our Tax and Financial Regulation lawyers to provide comprehensive advice to clients on structures.  An increasingly regulated market and the demand for more competitive products has emphasised the need for experienced lawyers who understand all aspects of a transaction.


Our experience includes advising:

  • Ardagh Glass Finance plc on of its offering of €300m First Priority Senior Secured Loan Notes due 2016 and its offering  8.75% of €180m Senior Notes due 2020.  Ardagh Glass plc is a major European glass container manufacturer that supplies companies such as Heineken and Coca Cola
  • Duke Street on the restructuring of the Payzone Group, Europe’s largest consumer payments acceptance network, in conjunction with the senior debt funders to the Payzone Group resulting in Duke Street acquiring a controlling interest in the Payzone Group, a substantial senior debt write down and the syndicate lenders becoming shareholders in the restructured group
  • INEOS Group Limited in relation to the reorganisation of its financing arrangements including a secured bond issue
  • Smurfit Kappa Acquisitions plc, a wholly owned subsidiary of Smurfit Kappa Group, on its issuance of €1bn Senior Secured Notes in two series - €500m 7.25% Senior Secured Notes due 2017 and €500m 7.75% Senior Secured Notes due 2019.  The Notes are listed and traded on the Global Exchange Market of the Irish Stock Exchange
  • SCOR on its latest catastrophe bond, Atlas Capital VI Limited, which provides €75m of coverage to the SCOR Group in respect of certain European windstorm and Japanese earthquake risks for a risk period ending 31 March 2013
  • DCC plc as Irish counsel for DCC plc, DCC Treasury 2010 Limited as issuer, and associated group companies in a US dollar and euro denominated privately held debt note programme, placed with US and UK financial institutions
  • Smurfit Kappa on a €100m senior debt buyback by reverse Dutch auction
  • NTMA and NAMA in respect of structuring NAMA’s special purpose vehicle which will be responsible for the purchase, management and disposal of loan assets identified and valued by NAMA and the financing of such purchases through the issuance of debt securities which will consist of securities guaranteed by the Irish government
  • United Business Media Limited on its quoted Eurobond 

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We are consistently ranked as one of the leading Banking & Financial Services law firms in Ireland.


  •  William Fry's Banking department have been described by clients as "excellent to deal with. Their level of market knowledge is very high, and they are proactive at finding solutions to problems  and good at pushing the transaction to close." Other clients adds that they are "very knowledgeable and have the capability to manage large and complex transactions seamlessly," as well being "massively respected by the team on the other side of the transaction." The team is also known for being a "very well-resourced team, providing excellent turnaround times and always ensuring partner availability." Legal 500 2020
  • "Excellent and no weaknesses." says one interviewee IFLR 2020
  • A client states "The team that I primarily deal with are excellent. The team is partner driven, and I can always get access when needed. Their attention to detail is first class but they explain it in layman terms. They are very well regarded within the legal community, and this can be of huge assistance when negotiating and closing complicated deals." Another clients states: "William Fry (partners David Maughan and Mary Ward) provide unparalleled service on Irish law matters. Their advice is always on the spot, and they are always available. I only go to other firms if William Fry is conflicted from advising my client.". With another saying: "Very professional firm with a good team in place. Their strength is their people and breadth of experience on various projects." IFLR 1000 2019
  • "They are very easy to deal with, you can pick up the phone to any of them and they are quick to come back and respond, even on small queries. They are very thorough, client friendly and they put time into developing the relationship". An interviewee appreciated that "the client service was very strong, they had an excellent understanding of the transaction and they showed good responsiveness to requests". Chambers Europe 2019
  • One happy client says: "Their legal expertise, service levels and business-friendly approach sets them apart. I have recommended the team to other parties and continue to do so." Another source notes: "The firm is committed to its clients and develops strong relationships with them." Chambers Europe 2018
  • "They were very commercial on complex deals, extracted the important parts, were very proactive and made sure that nothing slipped away." Clients also point out that "they have a nice house style: professional, friendly and courteous." Chambers Europe, 2017 
  •  "The lawyers took a personal interest in the work and the overall objective was always in their minds. There was a big team offering a lot of strength throughout." 
    "This firm had the size and skills to handle a particularly complex transaction, and the commitment to throw the necessary resources at the job." Chambers Europe 2016
  • William Fry is an "excellent practice". Legal 500 EMEA 2016


Elaine Hanly

  • "Elaine Hanly has a long-standing presence in the market, advising borrowers on acquisition finance and refinancing. She also acts for lenders on project finance matters." Chambers Global 2020
  • "Ms Hanly's perspective and experience on banking issues is unmatched." IFLR 1000 2020 
  • Elaine has a "very strong technical understanding, is solution-driven and will seek to be very commercial in assessing transactions." Chambers Europe 2019
  • Sources say she is "pragmatic, diligent and goal-oriented," adding: "She tries to work with clients to find solutions rather than throwing up problems for the client and is comfortable driving an aggressive timetable." Chambers Global 2018 
  • William Fry excels in real estate finance, where practice head Elaine Hanly is "an excellent and thorough banking lawyer." Legal 500 EMEA 2017

David Maughan

  • David has been ranked in both Chambers Europe 2020 and Chambers Global 2020. Clients especially highlight him for his "excellent technical skills and strong commercial understanding of the aviation sector." Another client said that David "provides hands-on, pragmatic and on-the-point advice."
  • According to Legal 500 2020, David is "extremely knowledgeable and always has a practical solution to problems encountered" and "provides excellent commercial advice."
  • David is a widely respected figure in the market, particularly in relation to asset finance mandates including securitisations and structured finance deals. Interviewees attest that he "knows his stuff and is very approachable." Chambers Global 2019
  • David Maughan's practice revolves around the financing of aircraft and other assets. He also handles leases, joint ventures, refinancing and securitisations.  Sources see him as "a technically good lawyer." Chambers Global 2018
  • Clients say that David Maughan is "very approachable, responsive, easy to worth with, commercial and pragmatic." Chambers Global 2017
  • David takes an “excellent commercial approach”. IFLR 1000 2017
  • David is renowned for his experience of mandates in the aviation sector, as part of a wider structured finance practice. Sources say: "His advice is top-notch, and his communication is strong." Chambers Europe 2016 

Key Contacts

David Maughan Partner

Elaine Hanly Consultant