Nomura Securities And Barclays Capital’s Novel 144A Transaction

Sidley advised Nomura Securities International, Inc. and Barclays Capital Inc. on the deal.

Nomura Securities International, Inc. and Barclays Capital Inc. acted as initial purchasers for a novel US$442 million Rule 144A structured finance transaction that closed in December 2021. The Notes issued are collateralized by home equity option contracts originated by Unison Origination Corp. As a consequence of their terms, the home equity option contracts entitle the owner of the investment to a share of the appreciation on residential properties. The transaction was the second of its kind and the first collateralized by Unison-originated assets. Unison Origination Corp. is a San Francisco-based company which invests in equity in homes and provides access to residential real estate.

The Sidley team was led by David Sylofski (Global Finance, Picture) with assistance from Diana Moreno, Myles Pollin, and Bill Shirley (Global Finance); Ellen Pesch (Insurance); John Van De Weert and Kerry Nilsen (Banking and Financial Services), Jim Huizinga (retired); Tom Ward (Banking and Financial Services); Brian Kaplowitz (retired); Rob Hardy (Banking and Financial Services); Robert Kreitman and Zuza Savoff (Tax); and Pietro Fontana and David Solow (Global Finance).

Involved fees earner: Pietro Fontana – Sidley Austin LLP; Robert Hardy – Sidley Austin LLP; Robert Kreitman – Sidley Austin LLP; Diana Moreno – Sidley Austin LLP; Kerry Nilsen – Sidley Austin LLP; Ellen Pesch – Sidley Austin LLP; Myles Pollin – Sidley Austin LLP; Zuza Savoff – Sidley Austin LLP; William Shirley – Sidley Austin LLP; David Solow – Sidley Austin LLP; David Sylofski – Sidley Austin LLP; John Van De Weert – Sidley Austin LLP; Thomas Ward – Sidley Austin LLP;

Law Firms: Sidley Austin LLP;

Clients: Barclays Capital ; Nomura Securities International Inc.;

Martina Bellini

Author: Martina Bellini