CMS advises Siegfried Service Ltd on USD 4bn trade receivables securitisation

International law firm CMS has advised Siegfried Service Limited on a USD 4bn trade receivables securitisation tap programme. 

Trade receivables securitisations are increasingly popular among organisations seeking to unlock working capital. This securitisation, which is thought to be one of the largest since the Covid-19 pandemic, involves high-quality retail brands across the USA and Europe.

CMS acted as counsel for the transaction, which closed on 27 July 2023, with further note issuances expected over the coming months.

Kingsley Ong, partner and head of structured finance at CMS Hong Kong, commented: “At a time of unprecedented challenges, securitisation continues to provide an attractive means for financing international trade and facilitating supply chain management. We congratulate Siegfried on this successful transaction.”

The CMS Hong Kong team was led by partner Kingsley Ong, with support from Simon Barrell and Andrew Lam (Finance). 

The transaction also involved Fasanara Capital Ltd as the arranger and note trustee, Citicorp International Limited, advised by Tiang & Partners, as the registrar, principal paying agent and transfer agent, and Ogier, who advised on Cayman law.