Cadwalader has an outstanding track record for advising on market firsts in credit card securitization. In 1987, our attorneys assisted clients in the creation of the first public credit card transaction. Since then, our attorneys have worked on many new and innovative transactions, including Taiwan’s first cross-border securitization and the first public issuance of notes backed by credit card receivables in Switzerland.

Our roots in credit card securitization provide our practitioners with an in-depth understanding of the fundamental building blocks that form the basis of these complex transactions. We act as counsel to investors and underwriters in connection with a broad range of credit card securitizations established by many of the major issuers.

Experience

• Advised the originators in connection with structuring the first securitisation programme backed by a portfolio of Swiss credit card receivables, Swiss Credit Card Issuance No. 1 (2012-1)
• Advised an asset-backed commercial paper conduit and its sponsor in respect of its purchase of a series of notes issued by Carlisle Castle Funding Group Limited backed by a portfolio comprising credit card receivables originated by Capital One Bank (Europe)
• Advised a leading European bank in connection with its purchase at issue of a series of notes from Penarth Master Issuer Plc and backed by credit card receivables originated or acquired in the United Kingdom by HBOS and Lloyds TSB Bank PLC
• Advised an asset-backed commercial paper conduit purchaser in connection with an issuance under the Arran Cards Funding programme backed by UK credit card receivables originated by The Royal Bank of Scotland plc
• Advised a leading bank and its commercial paper conduit on the purchase of notes issued by Gracechurch Card Funding Programme PLC backed by consumer credit and charge card collections owned by Barclays Bank PLC (acting through its business division Barclaycard)
• Advised asset-backed commercial paper conduits sponsored by Credit Suisse First Boston and Bank of America in connection with the securitisation of present and future credit card receivables originated by Egg Banking plc.
• Advised Morgan Stanley & Co., Inc. as underwriter in connection with multiple issuances from the Discover Card Master Trust I and Discover Card Trust I
• Advised Standard & Poor’s on the issuance by G&M Finance Limited of US$230,000,000 Secured Floating Rate Notes due 2010 originated by Cosmos Bank on a revolving pool of credit card receivables in Taiwan
• Advised Fitch Ratings on the issuance by Shinhan Card 2003-1 Securitization Specialty Co., Ltd. of a €300,000,000 Secured Floating Rate Bond due 2009 originated by Shinhan Card Co., Ltd. on a revolving pool of credit card receivables in Korea
• Advised Fitch Ratings on the issuance by Plus One Limited of US$500,000,000 Secured Floating Rate Notes due 2009 originated by Kookmin Credit Card Co., Ltd. on a revolving pool of credit card receivables in Korea
• Advised an international bank in connection with its derivative positions on a number of credit card master trust transactions
• Advised Chase Securities and Morgan Stanley as underwriters in respect of issuances from the Dillard Credit Card Master Trust
• Advised a commercial paper conduit in connection with the purchase of securities by from First Financial Bank of South Dakota Trust
• Advised HFC Bank PLC on its Affinity 001 PLC £400,000,000 credit card securitisation.

We believe that our continued strength lies in ensuring that we attract, retain, and nurture the very best talent from all backgrounds, and we expect the future complexion of Cadwalader, Wickersham & Taft LLP will, with each passing year, more closely reflect the global community that we serve. 

Cadwalader has worked diligently to promote an inclusive work environment and, over the years, has developed many initiatives to fit our unique goals and challenges on issues of diversity and inclusion.  With the creation of the Cadwalader Center for Diversity & Inclusion (CCDI), a central resource for the firm’s diversity programs, initiatives and policies, we aim to improve upon our successes and follow through on our promise to weave diversity and inclusion principles into the fabric of our culture. 

The mission of the CCDI is to enhance gender, racial/ethnic, and LGBT diversity and inclusion within the firm to create an unrivalled environment that attracts, retains and promotes the best and brightest talent available to serve our clients. Governed by the Global Diversity Committee, chaired by Patrick T. Quinn, Managing Partner, the CCDI is a vehicle to support the work we currently perform, to reinforce our dedication to that work, to recognize outstanding effort and to communicate - to each other and to the clients we serve - our longstanding commitment to diversity and inclusion.

Recent Programs & Events

The Cadwalader Center for Diversity and Inclusion hosts programs and events throughout the year that are designed to increase cultural competence, celebrate history and heritage and educate attorneys on how to work effectively on diverse teams.

From Megan’s Law to Bernie Madoff: A Conversation with Judge Chin

- July 23, 2015

The Cadwalader Asian Pacific American Attorney Resource Group hosted a conversation with the Honorable Denny Chin, United States Circuit Judge for the Second Circuit.  During the interactive conversation, Judge Chin discussed his experiences as a federal judge and his path to the bench. Attendees had the opportunity to network and speak with Judge Chin during the cocktail reception that followed.

The Fight for Marriage Equality in the Supreme Court

- June 9, 2015

The Cadwalader LGBT Network and the Gay & Lesbian Advocates & Defenders (GLAD) hosted a Pride Month event, The Fight for Marriage Equality in the Supreme Court, featuring Mary Bonauto, GLAD’s Civil Rights Project Director and Janson Wu, GLAD’s Executive Director. During the presentation Mary discussed her experience arguing before the U.S. Supreme Court for marriage equality and Janson discussed the future of the LGBT rights movement.

Justice Denied: Wards Cove Packing Co. v. Atonio

- May 12, 2015

Members of the Asian American Bar Association of New York, including Cadwalader attorneys and the Honorable Denny Chin of the U.S. Court of Appeals for the Second Circuit presented a case reenactment of Wards Cove Packing Co. v. Atonio, a landmark employment discrimination case. The presentation told the story of the Wards Cove workers through narration, reenactment of court proceedings, and historic photographs. To view the performance, click here.

The Partner Track

- May 5, 2015

The Cadwalader Asian Pacific American Attorney Resource Group and the Women’s Leadership Initiative co-hosted a panel discussion with Cadwalader Partners, Ingrid Bagby, Kathy Chin and Athena Eastwood, focusing on their career experiences and paths to partnership. The panel was moderated by Helen Wan, author of The Partner Track, a fictional story about a young Asian-American corporate associate up for partner at her New York law firm.

“From Selma to Ferguson to Today: Why Civil Rights Matter,” featuring Professor Charles Ogletree, Harvard Law School

- April 29, 2015

The Cadwalader Black and Latino Association hosted a conversation with Charles Ogletree, Harvard Law School Jesse Climenko Professor of Law, and Founding and Executive Director of the Charles Hamilton Houston Institute for Race and Justice.  The conversation was followed by a cocktail reception where attorneys had the opportunity to network  and speak with Professor Ogletree.

The Art of Building Business Relationships and Executive Presence

- March 25, 2015

The Women’s Leadership Initiative and Diane Darling, Founder of the Darling Institute, hosted a workshop on building business relationships and executive presence.  This interactive presentation explored how professionals at all stages of their career can integrate networking and relationship-building into their everyday lives. 

WLI London Client Event: “Walking the Nile” by Levison Wood

– March 12, 2015

The Women’s Leadership Initiative hosted a special evening at our London office with Levison Wood, explorer, writer, and photographer. Formerly an officer in the British Parachute Regiment, Wood has led pioneering journeys into undiscovered regions, travelling to more than 80 countries. His nine-month walk along the length of the Nile, from source to sea, is chronicled in a recent Channel 4 documentary. During the presentation Wood described the amazing people, breathtaking places and shocking sights he encountered on his ground-breaking expedition.