A&O Shearman represented Bank of Ireland on landmark master issuer securitisation programme

The transaction marks a significant milestone as it represents only the third master issuer securitisation programme to be established in the UK market and, notably, the first to be launched by a bank rather than a building society. This achievement further consolidates A&O Shearman’s position as a pre-eminent adviser in the securitisation market, having acted as drafting counsel on two of the three existing master issuer securitisation programme.

This transaction is the first public securitisation that A&O Shearman has undertaken for Bank of Ireland, although the firm has advised the bank on other matters previously. The successful launch and pricing of the GBP350m Series 2025-1 Class A Notes underscores both the strength of Bank of Ireland’s offering and A&O Shearman’s expertise in structuring and executing complex securitisation transactions.

Sally Onions, partner and UK co-head of Global Financial Markets said: “We are delighted to have supported the Bank of Ireland team in achieving this significant milestone. This transaction represents only the third master issuer securitisation programme established in the UK and, notably, it is the first to be launched by a bank rather than a building society. Our role as drafting counsel on two of these groundbreaking transactions underscores our deep expertise and leadership in this area. We remain committed to delivering innovative solutions for our clients and look forward to building on this success in future collaborations with Bank of Ireland and others in the financial sector.”

The A&O Shearman team in London was led by securitisation partner Sally Onions, supported by senior associate Graeme MacDonald, and associate Chau Uong. London tax advice was provided by partner Chris Harrison and associate Lachlan Black, while U.S. legal advice was delivered by partner John Hibbard. Derivatives aspects of the transaction were handled by partner Paul Allan, senior associate Raman Kamboh, and associate Marcel Wibawa.