Baker & McKenzie announced the formation of its new covered bond group, which will be headed by Richard Rudder, the law firms global co-head of securitization and partner.
Working with Jamie Kocis, another securitization professional, the group will focus upon this specialized financial product leveraging on the firms depth of expertise.
Rudder is pleased to return to these transactions which will enhance service to clients, according to a release from the firm.
Working on these deals in the 1970s, when they were called Mortgage-Backed Bonds was extremely innovative for the market, he noted. Its a unique offering that satisfies the need for both meaningful recourse and high quality collateral. I am extremely pleased to revisit this sector, and am very confident our team will excel in this asset class, Rudder added.
Although the U.S. market has had a few such transactions, covered bonds present an opportunity for both the issuers of, and investors in, MBS to diversify their deal structures.