Andrew Traynor

Andrew Traynor

Partner

T +353 1 470 6632
M +353 86 021 8727
E andrew.traynor@walkersglobal.com

Practice Areas

Andrew Traynor is based in the Irish office where he is a partner in the Finance & Capital Markets team. Andrew’s principal practice areas are structured products & capital markets, securitisation, insurance-linked securities (ILS), distressed investment, finance, private equity and restructurings.

Andrew advises issuers, managers, sponsors, arrangers, trustee houses & agents, financial institutions and investors on a broad range of finance and capital markets transactions (both public and private) with a particular focus on debt capital markets, securitisation, insurance-linked securities (ILS), structured credit, distressed investment, restructurings and work-outs.

He has acted for domestic and international clients on a variety of cross-border securitisations, structured products and debt offerings including:

  • ABS, RMBS, CMBS;
  • LPNs & quoted Eurobonds;
  • CDOs / CLOs;
  • Commercial paper and ABCP;
  • MTNs (both on a stand-alone and programme basis);
  • Catastrophe bonds and other ILS products issued via SPVs and SPRVs;
  • Convertible offerings;
  • Discrete secured and unsecured bond/note issuances;
  • Repackagings;
  • Hybrid-type securities and other complex products; and
  • Fixed/floating rate note (FRN) issuances. 

Andrew also provides Irish legal and structuring advice on a variety of bespoke, tax efficient financing and investment platforms. He regularly acts for leading hedge funds, private equity outfits, credit opportunity funds and other market participants with respect to their joint-ventures, acquisition, servicing and/or disposal of non-performing loan portfolios, investments and other receivables in Europe and Asia. 
Andrew has recently acted on a number of high profile and market-first transactions including:

  • Acting as lead counsel to a US$5 billion US hedge fund in relation the acquisition and on-going work-out of a US$1 billion portfolio of distressed Spanish loans and listing of related financing notes on the Global Exchange Market (GEM) of the Irish Stock Exchange (ISE);

  • Acting as lead counsel to a UK fund manager in connection with the issuance of €300 million Senior Secured Notes and £300 million Senior Secured Notes by an Irish special purpose vehicle which listed on GEM. The note proceeds have been used to acquire a diverse portfolio of European commercial real estate loans backed by core / core+ collateral;

  • Acting as lead counsel to a leading Asian alternative investment manager in relation to the establishment of a US$10 billion ABS programme backed by Chinese listed securities. This was a landmark transaction and the first of its kind both in Ireland and the People's Republic of China.

  • Acting as lead counsel in connection with a €5 billion secured obligations programme which is dual-listed on the Main Securities Market (regulated market) of the ISE and GEM;

  • Acting as issuer counsel and advising a major European reinsurer in relation to US$337 million catastrophe bond issuance (US hurricanes and earthquakes and European windstorms) by an Irish issuer which listed on the MSM;

  • Acting as issuer counsel and advising a major European insurer in relation to the €350 million catastrophe bond issuance (European windstorm) by an Irish issuer which listed on the MSM. This was, at the time of issuance, the largest Euro denominated catastrophe bond ever issued and included a novel variable reset mechanism;

  • Acting as issuer counsel and advising a major European bank in connection with a €480 million Norwegian auto loan securitisation which listed on the MSM;

  • Acting as issuer counsel and advising a major European bank in connection with a €513,555,000 Finnish auto loan securitisation which listed on the MSM. This was the first ever publicly placed Finnish auto ABS deal and was the first deal to receive a PCS label under the revised criteria adopted by the PCS in October 2013;

  • Acting as issuer counsel and advising a major European bank in connection with a DKK 5.96 billion securitisation of its Danish auto-loan book through an Irish special purpose vehicle and acting as listing agent for the notes which listed on GEM. This was the first ever Danish auto loan securitization;

  • Acting as trustee counsel in connection with the issuance of US$22 billion unsecured listed notes by two Irish special purpose vehicles backed by a diverse portfolio of emerging markets and global credit opportunities including debt/equity conversions, rescue finance, restructuring/recapitalisation, special situations, distressed and hedging positions;

  • Acting as trustee counsel in the connection with the issuance of €60,300,000 zero coupon notes issued by an Irish issuer. The note proceeds were used to fund a facility to a major European bank which, in turn, was collateralised by loan to a global steel manufacturer and backed by an ECA guarantee;

  • Acting as trustee counsel in connection with a €5 billion note programme governed by Irish law;

  • Acting as issuer counsel and advising a major European bank in connection with a £210 million single commercial real estate loan backed securitisation by an Irish issuer, financed through A £145 million class A tranche, a £30 million class B tranche and a £35 million class C tranche which have each been admitted to the Official List of the ISE and to trading on its regulated market, the Main Securities Market;

  • Acting as issuer counsel and advising a major European bank in connection with the amendment and restatement of US$470 million LIBOR plus Notes Margin Notes due 2016 and related Transaction Documents and tap issuance of new fungible US$198,729,160 LIBOR plus Notes Margin Notes due 2019 to form a single class of US$668,729,160 LIBOR plus Notes Margin Notes due 2019 which are listed on the MSM and were issued for the purposes of granting a loan to a major European bank which is backed by certain export loans;

  • Acting as lender counsel in connection with a US$200 million secured revolving facility granted to an Irish borrower of a major global private equity group;

  • Acting as borrower counsel to a leading European private equity group in connection with a US$160 million secured revolving facility and related security;

  • Acting as general corporate and finance counsel for a large Irish corporate group with an annual turnover of €90 million per annum.

Prior to joining Walkers, Andrew was a member of the finance group of a leading Irish law firm.​

Admitted In:
England and Wales (not practising)
Ireland

Qualifications:
LLB (Hons), University of Wales, Cardiff

2017 IFLR 1000 - Leading Lawyer

2016 Legal 500 - Recommended Individual: "Andrew Traynor is ‘very considered and responsive’."

2016 Chambers Global - Andrew Traynor has a growing presence in the DCM sphere, coming recommended for his work on securitisation and insurance-linked securities, amongst other areas. He receives wide-ranging praise from clients for his approach to his caseload, with sources saying: "He is thoughtful, very pleasant to work with, really knows his stuff, and comes across as someone you can trust and would not doubt."

2015 IFLR 1000 - “Walkers service is exemplary. Swift to respond, clear and sensible analysis,” notes one structured products client. While another, who used the firm for a securitisation, says: “The services of Walkers are outstanding. High technical quality, client focus and experience are their most remarkable virtues.” Recent work highlights for the practice included Andrew Traynor’s advice to Santander on a static cash securitisation of auto loans to obligors in Finland valued at almost €500 million".

2015 Legal 500 - “Ranking among the best internationally’, Walkers Ireland’s ‘top-league team’ stands out for its ‘impeccable service levels’. The firm advised Banco Santander on the first ever auto loan securitisation in Denmark...Andrew Traynor is ‘commercial and practical’.

Andrew regularly tutors at the Law Society of Ireland in a variety of disciplines and has presented at industry events and seminars. He is also regularly published in industry publications.

Andrew is a member of the Law Society of Ireland, Dublin Solicitors Bar Association and the Law of Society of England and Wales.

 

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