Financial Markets

Our Practice

The international practice has expanded rapidly over the last few years and is now the eighth largest finance practice by turnover in the City of London, comprising over 200 lawyers, including 74 partners.

The features that mark us out from our competitors are: a reputation for developing new approaches to traditional financial products; the quality of our relationships with leading financial institutions; and a very strong investment bank-based practice.

Experience

The following highlights illustrate some of our recent experience:

A major investment bank

  • on the €155m AshOak synthetic CDO, comprising the issuance of a combination of five tranches of notes and swap obligations
  • on the Elm B.V. - Crossbow Notes of static semi-public series of five single tranche CDOs of ABS and CDOs which used contingent cross subordination techniques.

Bank of America

  • in relation to the United Multi-Sector CDO, the first managed multi-sector synthetic CDO transaction for investors in Asia, and the United Global CDO12 III, both managed by UOB Asset Management
  • as arranger on the establishment of the Anchor CDO programme and seven synthetic CDOs of ABS and corporate portfolios issued under it.

Barclays

  • on the restructuring of an £18m loan facility in respect of a leveraged transaction. The Bank was awarded Turnaround Finance Team of the Year 2004 by the Society of Turnaround Practitioners for its work
  • on the reorganisation of its existing range of Irish UCITS funds into an Irish domiciled multi-manager fund complex
  • on its Vantage, Grafton and Umbria CDO transactions under the ARLO note issuance platform. These were synthetic CDOs of portfolios of ABS and baskets of corporate names
  • on a £2bn synthetic collateralised loan obligation in respect of its portfolio of loans to small and medium-sized enterprises. This is the first public synthetic securitisation of an SME portfolio by a UK bank.

Citigroup

  • as indenture trustee in connection with the restructuring of €4.5bn bonds issued by United Pan-European Communications (UPC)
  • as lead bank, on the insolvency of KPNQwest, a major pan- European telecoms company
  • on the first ever private debt placement into the US by a Portuguese company, for Cimpor, the largest Portuguese cement manufacturer, valued at US$404m.

Deutsche Bank

  • as arranger on a number of cash CDOs backed by Genußchein, Schuldschein and German corporate debt.

JP Morgan

  • as arranger on the establishment of its Corsair platform and multiple managed and static CDOs issued under it
  • in relation to issuance of more than 15 separate issues of managed synthetic CDOs by Saphir CDO (Ireland) Plc and Quartz CDO (Ireland) plc.

Merrill Lynch

  • as arranger and HSBC Trustee (C.I.) Limited as trustee on a series of Japanese consumer loans. The overall transaction is valued at US$3.2bn and is the largest ever asset securitisation transaction in Japan
  • in relation to the claim brought against it by the Unilever PLC pension fund.

WestLB

  • on litigation and related issues arising out of a complex and innovative US$1.3bn securitisation of the cashflows of the UK’s leading television rentals business
  • in relation to its debt in Odeon Cinemas during an auction of the Odeon Group and its subsequent sale to Terra Firma Capital for £400m.