Specialty group emerges within securitization practice

New York, New York, August 5, 2008 - Baker & McKenzie LLP announced today the formation of a Covered Bond Group, which Partner Richard Rudder, the Firm’s Global Co-Head of Securitization practice, will also lead.  Working with securitization associate Jamie Kocis, the group will focus on this specialized financial product while leveraging the Firm’s depth of experience.

Mr. Rudder, a 30 year veteran of the securitization market, will return to these transactions which will enhance service to clients.  “Working on these deals in the 1970’s, when they were called “Mortgage-Backed Bonds” was extremely innovative for the market,” he noted.  “It’s 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.”

Although the U.S. market has had a few such transactions, covered bonds present an opportunity for both the issuers of, and investors in, mortgage-backed securities to diversify their deal structures.  Baker & McKenzie is uniquely positioned to help develop this new market and will draw on not only its proven ability to create esoteric and innovative products, but also on the expertise of its global securitization practice, particularly in Europe where covered bond transactions are much more commonplace.