Milbank Again Garners #1 Position Across Global, US and European CLO Rankings in Creditflux and 9fin

Milbank LLP’s Structured Credit team has again earned its place at the top of CLO league table rankings for 2024. The team was ranked as the #1 CLO Manager counsel globally, #1 CLO Manager counsel in the US and #1 CLO Manager counsel in Europe in Creditflux’s 2024 year-end law firm rankings. Milbank has remained at the top of the publication’s global CLO rankings for the last eight years.

With a dominating share of the broadly syndicated (“BSL”) CLO global market, the Milbank team was also ranked in 9fin’s year-end legal league tables, as #1 Manager Counsel for CLOs globally, #1 Manager Counsel for US BSL CLOs, capturing 24% of the market share and #1 Manager Counsel for European BSL CLOs, capturing 26% of the market share. The publication reports that Milbank advised on 302 CLO issuances valued at over $136.58 billion throughout 2024, which is in addition to Milbank’s significant representation of arrangers and anchor investors on CLOs.

Milbank’s globally recognized structured credit practice is led by partner Sean M. Solis, and includes partners Martin Brennan, Catherine Leef Martin, Brett Stone and Brian Troxler in New York, and James Warbey, Claire Bridcut and Alex Martin in London, along with a team of special counsel and associates across offices. Positioned at the forefront of structured finance since the inception of CLOs, Milbank’s global team represents market-leading collateral managers, arrangers, issuers, risk retention lenders, anchor investors and derivatives counterparties on a multitude of structured finance transactions involving a diverse array of asset classes, including broadly syndicated loans, middle market loans, aircraft finance loans, real estate loans, infrastructure loans, sovereign loans, private fund investments and consumer loans.

Mr. Solis, who is also Practice Group Leader of the firm’s Alternative Investments Practice, commented, “Our goal is, and will continue to be, guiding our clients towards the most successful outcome on each transaction by crafting bespoke solutions to unique and often first-of-its kind transactions. On behalf of our entire global team, we are grateful for the continued opportunity to work alongside each of our accomplished clients, year after year, and for the remarkable recognition by Creditflux and 9fin as the top legal counsel to Managers across the globe. Milbank’s success is a testament to our team and our commitment to the absolute best-in-class client service.”

With the surge in repricings and resets in the CLO market in 2024 as reported by 9fin, Mr. Martin, based in Milbank’s London office, discussed resets with the publication, covering the changes seen in how CLOs treat distressed assets. He noted, “The asset is given zero credit for the purposes of the deal tests until such time as the borrower comes out of distress and the asset no longer constitutes a defaulted obligation.” “At this time, the asset is once again performing like a normal non-distressed senior secured obligation, so is treated again as such and given full credit,” which is beneficial for the equity.

Named “Structured Finance and Securitization Team of the Year” at the 2024 IFLR Americas Awards, the practice and individual partners are also highly ranked in structured finance and securitization by Chambers, Legal500 and IFLR1000.