FBC is a leader in the emerging fields of structured finance and securitization in Israel.  The firm has been involved in virtually all of Israel's high-profile transactions in this area as attorneys for the securitizing party, for the investors, or for the insurer that supplies credit enhancement for the securitization.  As such, we have considerable expertise in developing business models that are appropriate for the assets to be securitized, in preparing the legal documentation for the transaction, in organizing the efforts of the wide range of entities - rating agencies, investors, trustees, underwriters, the Tel Aviv Stock Exchange, and relevant regulatory authorities - involved in the transaction, and in assisting with ongoing matters after consummation. 

Our experience in this area includes devising innovative structures for transactions that are the first of their kind in Israel, such as the first securitization of municipal property tax receipts and the creation of the first credit insurance policy for securitization in Israel.

In addition to our practical experience, we specialize in developing solutions to new legal issues that arise in the structured finance area.  Through our involvement in a wide range of innovative transactions and projects we have dealt with a broad variety of matters previously uncharted in Israel, such as the secondary market for mortgages, securitization of gas and credit card receivables, and asset-backed commercial paper.

Highlights:

Representation of the municipality of Ramla in a first of its kind securitization of property tax receipts (valued at approximately $40 million).   Representation of Clal Insurance, as credit enhancer in securitization transactions. Representation of Menora Insurance, as investor in various securitization transactions.