Main page content begins

Structured Finance and Derivatives 

The U.S. structured finance and derivatives team handles domestic and international securitizations; distressed transactions; repackagings and other structured products; risk-based capital and balance sheet relief transactions; transactions involving commodity, carbon, equity and insurance-linked exposures; hedge-fund-linked and hedge fund finance products; repos and securities lending; treatment of derivatives under the U.S. insolvency regime including netting and other opinions; and regulatory advice in respect of a wide array of clearing, derivatives and securitization matters (including in respect of Title VII and Title IX of the Dodd-Frank Act, the Commodity Exchange Act and U.S. securities laws).

Recent experience includes advising on: 

  • Regulatory capital relief: handled nearly a half-dozen trades for a large asset manager, ranging from regulatory capital relief transactions through bank issued structured notes to more traditional exposures to loan portfolios
  • Hedge fund financing: advised bank lenders lending to U.S. and international hedge funds and private equity funds in the form of various funding notes, credit facilities and/or derivatives, both bilateral and syndicated
  • Structured notes: advised various major banks in connection with the establishment and updating of structured note and repackaging platforms and the drawdowns of a wide variety of different types of debt and equity-related structured notes under these programs
  • Structured products: advised a bank in connection with conduit lending to a state-owned energy company in Latin America
  • Transactional derivatives:
          • worked on derivatives for large banks and other market participants ranging from IRS, to FX to CDS and TRS
          • acted for a large bank in connection with a US$1bn synthetic repo transaction documented in the form of a TRS
  • Derivatives netting and regulatory matters:
          • provided U.S. netting opinions to various market participants and regulatory capital opinions to various foreign bank customers of futures commission merchants ("FCMs") in respect of the U.S. FCM model
          • provided Dodd-Frank related advice in respect of derivatives, commodity pools, CPOs, reporting and related regulatory matters under Title VII of the Dodd-Frank Act
  • Other regulatory matters: provided advice to various clients in connection with Title IX of the Dodd-Frank Act, including in respect of potential risk retention rules, Rule 15Ga-1 and other securitization related rules
  • OTC clearing and execution:
          • advised a bank in connection with multiple Cleared OTC Derivatives Execution Agreements and related clearing matters
          • advised various market participants in connection with entering into Futures and Options Agreements and related Cleared OTC Derivatives Addenda
  • Commodities: advised various market participants in connection with assorted structured commodity and commodity-linked transactions, including precious and base metals and a variety of other commodities ranging from fuel oil to cardbon credits
  • CLOs: frequently act as review counsel for the equity in CLOs and have historically acted as deal counsel and review counsel for the manager and the underwriter of many CDOs and CLOs

Contacts

Jonathan Ching

Counsel, New York
(1) 212 903 9170

jonathan.ching@linklaters.com