Linklaters has advised Cerberus European Residential Holdings and FirstKey Mortgage, LLC on the £6.1 billion securitisation of a portfolio of UK residential mortgage loans, the largest transaction of its kind since the global financial crisis.

The bonds are backed by a pool of mortgages from the legacy book of NRAM, the former Northern Rock mortgage business which was nationalised in 2008, and acquired by Cerberus in November 2015. Linklaters advised Cerberus on the acquisition of NRAM and its £13 billion loan portfolio.

Adam Fogarty, Structured Finance partner at Linklaters, who advised Cerberus on the deal, said: “This is a significant transaction in what have been relatively quiet markets for primary issuance this year, and shows that there remains strong demand for high-quality securitisation in Europe.”

The Linklaters team was led by London Structured Finance partner Adam Fogarty and New York Capital Markets partner Caird Forbes–Cockell, and included managing associates Lucy Sidey and Catherine Russ.