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Michael Cavers

Partner

CMS Cameron McKenna Nabarro Olswang LLP
Cannon Place
78 Cannon Street
London
EC4N 6AF
United Kingdom
Languages English, French

Michael Cavers is a partner in the Financial Services and Products Group. Having joined CMS in 2002, he became a partner in 2012 and has extensive experience advising on a range of debt capital markets, derivatives and structured finance transactions.

He advises banks, issuers and trustees on the issue and restructuring of standalone debt issues and debt issuance programmes, including project bonds, retail bonds and medium term note programmes. He also has extensive experience advising on securitisation transactions and is recognised in this field by The Legal 500 (2012) for his “fantastic attention to detail”. 

Michael has particular experience of infrastructure and project finance transactions, having advised on a number of restructurings and issues in this sector.  He also advises on fund and other derivatives transactions. He has a range of experience covering deals including loan-linked hedging, credit linked notes, a large range of retail structured products issuances and various equity-linked derivative transactions.

Michael has spent time on secondment to clients Lloyds TSB, HSBC and J.P. Morgan and to the finance department of our Budapest office. Michael is actively involved in our CSR initiatives. Amongst other things, he is a proud mentor of a winner of our bursary scheme and is a member of the firm’s diversity committee.

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For securitisation, the team is noted as being “willing to think creatively, and is excellent value for money” (2015) and Michael is recognised for his “fantastic attention to detail” (2012).

Legal 500

In the debt capital markets area, the team “gives clear and commercial advice and has excellent knowledge of capital markets” (2015).

Legal 500

Recommended in The Legal 500 for derivatives and structured products work, where the CMS team has a Tier 2 ranking, with clients noting that “without exception, the partners and associates take a down-to-earth approach to client relationships”.

Legal 500

Relevant experience

  • The Bond Trustee and Global Security Trustee in relation to the refinancing of the debt of air traffic control group NATS.
  • Northumbrian Water on three bond issues and its water resources operating agreement securitisation and amendments to it.
  • An international investment bank on a range of retail structured products in note, certificate and warrant form linked to a range of underlying asset classes including equities, equity and proprietary indices and commodities.
  • Deutsche Bank AG, London Branch on the restructuring and issuance of notes under their hedge fund derivatives funding programmes.
  • Enterprise Inns plc on an ongoing basis on its debt arrangements including its various bond issues and the Unique securitisation.
  • HSBC Bank plc as Lead Manager on a property securitisation transaction of an important UK government department building.
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Education

  • Jesus College, Oxford (Law)
  • Oxford Institute of Legal Practice (LLP)
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June 2018
CMS in­tro­duces Private Place­ments on­line Ques­tion­naire
Private place­ments are in­creas­ingly be­ing used for debt fund­ing as an al­tern­at­ive to bank fin­an­cing Find the right one for you! The mar­ket of­fers a large num­ber of Private Place­ment (PP) products...

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09 December 2020
ISDA IBOR Fall­backs Pro­tocol and Sup­ple­ment We­bin­ar
In this we­bin­ar, part­ners from our Fin­ance Prac­tice will provide an over­view of the ISDA IBOR Fall­backs Pro­tocol and Sup­ple­ment, in­clud­ing an up­date on ad­her­ence to the pro­tocol, fol­lowed by a dis­cus­sion...
13 October 2020
ISDA launches IBOR Fall­backs Sup­ple­ment and Pro­tocol: next steps and is­sues
ISDA has pub­lished a state­ment from its Board of Dir­ect­ors an­noun­cing that on 23 Oc­to­ber 2020 it will launch the ISDA 2020 IBOR Fall­backs Pro­tocol and IBOR Fall­backs Sup­ple­ment to the 2006 ISDA Defin­i­tions...
05 May 2020
Cov­id-19 Li­quid­ity, Debt and Em­ploy­ment Meas­ures
The Cov­id-19 Li­quid­ity, Debt and Em­ploy­ment Meas­ures brief­ing from CMS can be down­loaded be­low and con­tains  in­form­a­tion about the fol­low­ing:Li­quid­ity and Work­ing Cap­it­al Sup­port - in­clud­ing de­tails...
19 March 2020
Help for busi­nesses in dis­tress due to COV­ID-19
The Gov­ern­ment and Bank of Eng­land have an­nounced a num­ber of schemes and meas­ures to sup­port busi­ness dur­ing the “Cov­id-19 shock”. The de­tails are be­ing de­veloped but what is known so far is sum­mar­ised...
2 March 2020
Trans­ition to SO­NIA gath­ers mo­mentum
As men­tioned in our re­cent Law-Now, one of the doc­u­ments pub­lished in Janu­ary by the Bank of Eng­land, the FCA and the Work­ing Group on Ster­ling Risk-Free Ref­er­ence Rates (Ster­ling Work­ing Group) is a...
21 January 2020
The world's most talked about num­ber: LIBOR 2020
Yes­ter­day, LIBOR trans­ition was firmly high­lighted as a key top­ic for 2020 with the Bank of Eng­land (the Bank), the Fin­an­cial Con­duct Au­thor­ity (FCA) and the Work­ing Group on Ster­ling Risk-Free Ref­er­ence...
11 June 2019
LIBOR dis­con­tinu­ation: first float­ing rate note amend­ment to com­poun­ded...
As­so­ci­ated Brit­ish Ports (“ABP”) have suc­cess­fully car­ried out a con­sent so­li­cit­a­tion pro­cess in re­la­tion to some LIBOR-linked notes is­sued by their spe­cial pur­pose fin­an­cing vehicle, ABP Fin­ance...
29 April 2019
Sus­tain­able Fin­ance: Driv­ing Trans­form­a­tion
Sus­tain­ab­il­ity is a pri­or­ity fo­cus area for gov­ern­ments across the globe and there is no ques­tion that ‘sus­tain­able fin­ance’ and ‘en­vir­on­ment­al, so­cial and gov­ernance’ (ESG) linked per­form­ance...
12 April 2019
Meet­ing the Fund­ing Gap: UK Mu­ni­cip­al Bonds Agency & Pub­lic Works Loan...
Ac­cord­ing to the Loc­al Gov­ern­ment As­so­ci­ation (LGA), by 2020 loc­al au­thor­it­ies will have lost 60p in every £1 they were al­loc­ated by cent­ral gov­ern­ment a dec­ade ago. Not­with­stand­ing this re­duc­tion in...
21 March 2019
Struc­tured Fin­ance and Cap­it­al Mar­kets we­bin­ar series
CMS will be run­ning a Struc­tured Fin­ance and Cap­it­al Mar­kets we­bin­ar series, start­ing this Au­tumn. Each month you will have the op­por­tun­ity to listen in on a dif­fer­ent hot top­ic, presen­ted by ex­perts...
10 September 2018
In­ter­na­tion­al Cap­it­al Mar­kets Group
De­liv­er­ing true depth of ex­pert­ise and re­sources across the globe We are de­lighted to in­tro­duce you to the latest edi­tion of the CMS In­ter­na­tion­al Cap­it­al Mar­kets Con­tacts Book. Our 2017 three-way mer­ger...
June 2018
CMS in­tro­duces Private Place­ments on­line Ques­tion­naire
Private place­ments are in­creas­ingly be­ing used for debt fund­ing as an al­tern­at­ive to bank fin­an­cing Find the right one for you! The mar­ket of­fers a large num­ber of Private Place­ment (PP) products...