A&O Shearman advises on landmark EUR 1billion multi-bank project finance and infrastructure credit risk transfer transaction

The transaction represents the first multi bank SRT of its kind. The reference portfolio combines infrastructure loans originated by a leading global infrastructure bank with loans acquired from another major infrastructure lender, bringing assets from two distinct origination platforms within a single credit risk transfer transaction. Funds managed by Golub Capital have provided credit protection in respect of the first loss tranche of the combined portfolio. 

The transaction demonstrates an innovative application of credit risk transfer technology, enabling infrastructure loans originated by different banks to be aggregated and de-risked through a single bespoke structure. This approach expands the potential scope of the SRT market beyond portfolios originated by a single institution and creates a framework that could be replicated across other banking relationships and asset classes. 

The A&O Shearman team was led by partner Pietro Bellone and comprised counsel Robert Simmons and senior associates Giovanni Chiarli and Martina Gullino. A tax team comprising partner Isabelle Panis and counsel Elia Ferdinando Clarizia handled tax matters. Partner James Bryson advised on U.S. aspects.