International law firm Simmons & Simmons has advised Citi, as arranger and joint lead manager, and BAML, Barclays and J.P. Morgan as joint lead managers on the UK Government’s £3.7bn securitisation of income contingent student loans.

The transaction closed in December 2018 and is the second in a series of securitisations of student loans by the UK Government. The income contingent student loans were sold by the Secretary of State for Education on behalf of the UK Government to the issuer (Income Contingent Student Loans 2 (2007-2009) plc), which issued four tranches of notes. The loans will continue to be serviced by the UK Government.

Commenting on the transaction, partner, Amer Siddiqui said: “We are delighted to have advised Citi, Barclays, J.P. Morgan, and BAML in relation to a significant and high profile transaction involving a complex asset class. This demonstrates the capability of the firm's securitisation practice.”

The Simmons & Simmons team was led by partner, Amer Siddiqui, assisted by Kathryn James (managing associate, structured finance and derivatives) and Annabel Rolls (supervising associate, structured finance and derivatives). Tax advice was provided by Nick Cronkshaw (partner, tax) and Matthew Norris (supervising associate, tax).

The firm also recently advised Citi as arranger and lead manager on Permanent TSB’s €1.3bn securitisation of mortgage loans.