Cadwalader was once again the leading law firm advising across securitization markets, including ABS, CLOs, CMBS, RMBS and GSE multifamily MBS, in 2022.
Based on 2022 industry league tables*, Cadwalader advised issuers and underwriters on the largest number of transactions – 160 transactions as issuer's counsel, valued at approximately $115.8 billion, and 220 transactions as underwriters' counsel, valued at approximately $138 billion.
In the U.S. commercial mortgage securitization space, in 2022 Cadwalader once again ranked at the top of the issuer counsel tables in all three segments of the market: non-agency CMBS, agency deals and CRE CLOs. The firm has now been ranked first in the CMBS issuer counsel category for the past 24 years. The complete 2022 Commercial Mortgage Alert league tables are presented in the article, "Cadwalader Takes CMBS Counsel Ranking Crown Yet Again," available here, in which the publication notes Cadwalader's "dominant position among law firms advising on commercial mortgage securitizations in the U.S. last year, winning the issuer-counsel title for nonagency CMBS and agency deals."
In addition, in 2022 the firm was the most active underwriter counsel for non-agency U.S. CMBS and earned the highest rank in Crediflux's European CLO arranger league tables.
"We are proud to reflect on another year of legal leadership and unparalleled experience in the securitization markets," said Michael Gambro, co-chair of Cadwalader's Capital Markets Group. "Beyond these numbers, we are thankful to have clients who trust us with their innovative and sometimes precedent-setting transactions. We are grateful for that trust, and we will continue to work hard to strengthen our existing relationships and to build new ones."
"While our decades-long reputation for excellence persists, what changes every year is how our deep bench of talent learns and evolves to ensure our clients stay ahead of the curve, in any market environment," said Stuart Goldstein, co-chair of Cadwalader's Capital Market Group. "Whether it's bringing one of the first Term SOFR-based transactions to market, making connections between various ESG parties and capital markets professionals, or seamlessly executing on a complex deal, we thrive on applying our collective knowledge to a wide range of structured finance transactions."
Following is additional industry recognition earned by the Cadwalader Capital Markets practice in 2022:
- Named among the Law360 2022 "Practice Groups of the Year" in the Structured Finance category.
- Named "CMBS Law Firm of the Year" and advisor on "CMBS Deal of the Year" and "Middle Market CLO Deal of the Year" transactions as part of the GlobalCapital 2022 U.S. Securitization awards.
- Named "Team of the Year" in "Structured Finance and Securitization" as part of the International Financial Law Review (IFLR) 2022 Europe Awards.
- Recognized for "Overall Deal of the Year" and "ESG/SRI Deal of the Year" in the GlobalCapital 2022 "European Securitization Awards."
- Earned the highest rank in the 2022 Creditflux European CLO arranger league tables and ranked among the top three in the publication's 2022 rankings for global and U.S. CLO arranger counsel and European CLO manager counsel.
- Ranked first at advocating on behalf of the European CLO industry in the Creditflux 2022 CLO Census.
- Commended by the Financial Times in the "Practice of Law: Overcoming barriers to investment and financing" category for advising on the first CRE CLO in Europe since the global financial crisis, as part of the publication's 2022 "Innovative Lawyers: Europe" awards program and corresponding report.
- CREFC named two Cadwalader attorneys among its inaugural "20 Under 40" list, which features the "future leaders" of the CRE finance industry who have positively impacted the industry.
- CREFC named senior counsel Anna Glick as 2022 "Woman of the Year."
- Law360 named London-based Partner Nick Shiren as a 2022 MVP in "Structured Finance."
- Advised on Structured Credit Investor's "Transaction of the Year" as part of its 2022 "NPL (non-performing loan) Securitization Awards."
* Industry tables include Creditflux, Asset-Backed Alert, Commercial Mortgage Alert (dba Green Street).