Capital Markets & Derivatives

We advise on all areas of retail and wholesale securitised derivatives and structured products from flow issuances of retail structured notes, warrants and certificates to highly bespoke structured deposits, repackagings, equity, credit and fund linked notes and CPPI products. 

We advise on credit, equity, fund, commodity, interest rate, currency, weather, energy, property, inflation and other over-the-counter (OTC) derivatives and regularly prepare and negotiate all forms of documentation in the derivatives market. We also regularly advise clients on the termination and restructuring of derivatives positions.

We advise on public and private securitisations covering a range of asset classes, including real estate, whole business, consumer credit, NPLs and structured products including both cash and synthetic CLOs. We also have extensive experience in asset backed commercial paper, conduits and conduit trades.

Our team has broad experience establishing repackaging programmes and advising on issues under repackaging programmes including those listed in regulated markets in Luxembourg, Ireland and Germany. 

Our team has market leading expertise and regularly advises leading investment banks in relation to proprietary indices referencing commodities, rates, FX, credit and equities and bespoke derivative transactions and structured products referencing such strategies.

We advise on bespoke, strategic equity financing and refinancing transactions funded by equity derivatives, as well as stakebuilding transactions, share buybacks, convertible bond hedging and other corporate finance strategies.

Our team combines leading derivatives, clearing, regulatory and insolvency expertise to advise on developments in the clearing of OTC derivatives, membership of central clearing houses, clearing rules, collateral transformation and regulatory change.

We advise leading investment banks, funds and financial institutions on prime brokerage agreements, give-up agreements, cross-netting agreements, cross-margining agreements and futures.

We advise on all forms of sale and repurchase and stock lending arrangements, including their use in innovative structured transactions to manage credit risk and provide funding solutions.

Our team advises a range of clients on all aspects of the implementation of regulatory reform projects (e.g. review of regulatory requirements, large scale due diligence projects in respect of existing arrangements and negotiating implementing documentation) including, without limitation, LIBOR transition and the EMIR regulatory initial margin requirements.

Our team provides support for the global CMS finance practice, advising clients on interest rate, currency, inflation and commodity hedging aspects of their financing transactions and securitisations (including deal contingent hedging transactions). Our team also has considerable experience of managing large due diligence projects in respect of CDOs, CLOs and securitisations following downgrades of swap counterparties over the past four years.

We advise on all forms of funded and unfunded credit risk mitigation structures, including synthetic securitisations, regulatory capital CDS, CLO transactions and bespoke financial guarantees (often using credit derivative technology). 

We advise on secured funding and liquidity transactions effected through structured repos, securities lending, collateralised bonds, CLOs, total return swaps and other similar arrangements. We also have expertise in advising on collateralised funding platforms and structures for access to the central bank liquidity schemes.

Our Regulatory team is a market leader in providing advice to financial institutions on a wide range of regulatory matters on both the non-contentious side (e.g. arising out of the Prospectus Regulation, the Benchmarks Regulation, MiFID and EMIR) and contentious side (e.g. arising out of any enforcement matters from potential or actual breaches, market abuse issues).

Our team has advised many of the leading players in relation to the purchase and trading of Lehmans derivative and structured product claims and claims relating to Icelandic banks. Our clients also use our combined expertise in securitised derivatives and structured products, to produce specific solutions for funding purchases of claims. 

Our team negotiates a wide range of master agreements (including ISDA, GMRA, GMSLA, EFET, GTMA, IETA) on behalf of a range of banks, corporates and investment managers.