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Portrait ofMichael Cavers

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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13/06/2018
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 with...

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23/05/2023
Sustainability KPIs in finance transactions
Sus­tain­ab­il­ity-linked financing is still in its infancy, but it is already an integral part of today's financing landscape and looks set to remain into the future. Plenty of data and information exists, particularly on the KPIs of sus­tain­ab­il­ity-linked financings, but it is scattered. In this guide we have compiled, analysed and commented on all aspects of sus­tain­ab­il­ity-linked financing to give you access to everything you need to know.
13/04/2022
€180 million new bond issue by the Paragon group and related debt push-down...
In July and December 2021, the Paragon group successfully issued bonds in an aggregate amount of €180 million in two tranches on the Euro PP market. The bonds were issued by PCC Global Plc, an English...
11/11/2021
CMS advises EBRD on investment in first sus­tain­ab­il­ity-linked bond issued...
International law firm CMS Cameron McKenna Nabarro Olswang has advised the European Bank for Reconstruction and Development (EBRD) on its USD $75m investment in the USD $825 million sus­tain­ab­il­ity-linked...
05/03/2021
LIBOR: the end is (formally) nigh
Today marks an important milestone in LIBOR transition, with a formal announcement from the FCA that publication of most LIBOR settings will cease at the end of 2021. In a smoothly orchestrated move highlighting...
05/03/2021
LIBOR: the end is (formally) nigh
The announcement constitutes a formal index cessation event for documentation including the ISDA IBOR Fallbacks Supplement and results in the credit adjustment spreads that will be applied to risk-free...
16/02/2021
Synthetic LIBOR and tough legacy contracts - FCA's enhanced powers
Last June the UK Government announced that it would take legislative steps to assist with a narrow pool of “tough legacy” contracts that cannot transition from LIBOR by the current deadline of end-2021...
16/02/2021
Synthetic LIBOR and tough legacy contracts - FCA's enhanced powers
On 21 October 2020 the UK Government introduced the Financial Services Bill to Parliament. This Bill includes amendments to the Benchmarks Regulation as it now forms part of UK domestic law (“UK BMR”)...
11/12/2020
FCA confirms final rules for ban on marketing of speculative illiquid securities,...
The FCA yesterday published its final rules on the marketing of speculative mini-bonds to retail investors, which will apply from 1 January 2021. This follows the FCA’s introduction of temporary rules...
11/12/2020
FCA confirms final rules for ban on marketing of speculative illiquid securities,...
In summary, the final rules: 1. allow the marketing of speculative illiquid securities to retail investors only when they are classified as: a. certified sophisticated investors, or b. certified high-net...
09/12/2020
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...
13/10/2020
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...
13/10/2020
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...