By Raphaël MORENON
3 August 2025
Securitisation is a sophisticated financial engineering operation that transforms illiquid assets into marketable securities. To better understand securitisation in its entirety, it is essential to look at the structure of the vehicle that supports it: the securitisation vehicle (SPV). Its effectiveness is based on a principle that is simple in appearance, but complex in execution: the creation of a special purpose vehicle that is completely separate from that of the company selling the assets. But what do you actually find on either side of your balance sheet? An analysis of the securitisation vehicle's assets and liabilities reveals precise legal mechanisms designed to secure the transaction for both the seller and the investors. Drawing up this legally regulated balance sheet requires a detailed knowledge that only solent avocats' expertise in banking and finance law can guarantee. Composition of the assets of securitisation undertakings The assets of a securitisation...
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