Image of Caird Forbes-Cockell

Caird Forbes-Cockell

Head of U.S. Capital Markets, New York

Overview

Professional experience

Education and qualifications

Overview

Caird has over 37 years’ experience advising supranationals, banks, corporations and funds on transactions involving international capital markets, banking, structured finance products, structured notes, derivatives, commodities, hedge fund financing, fund-linked products and securities lending and clearing services. 

Caird acts for  issuers or managers on international debt offerings or establishment of, and draw-downs under, medium-term note programs and commercial paper programs by supranationals, banks and corporations; arrangers or fund investors on complex structured financings, covered bond issues, credit-linked instruments, structured notes, receivables financings and other complex capital markets and loan instruments; arrangers or lenders on loans; arrangers or lenders on hedge fund liquidity or leverage, whether in the form of loans, securities or derivatives; banks and counterparties on a variety of OTC derivatives; banks and trading houses on commodities acquisitions and financings; and banks on restructuring and liability management transactions. 

Work Highlights

Caird has advised on many significant transactions. Highlights include advising:

  • the arranger of a commodity financing transaction involving a spot purchase and forward sale of the commodity through a special purpose vehicle, with funding provided by third party lenders; the first of its kind for this particular commodity
  • International Finance Corporation on its issuance of US$152m Forests Bonds due 2021, the first carbon credit deal of its kind and the winner of multiple awards including Best SRI Bond from Global Capital’s Best Deals of 2016 and Environmental Finance Carbon Finance Deal of the Year for 2016
  • International Bank for Reconstruction and Development on various series of its Pilot Auction Facility Emission Reductions Notes due 2018-2020 and the winner of mtn-i’s 2016 Editor’s Award
  • a trading house on its prepaid commodities contract and related financing with a Latin American oil company
  • a financial institution on its US$7bn structured note programme update and drawdowns
  • the firm’s London office, acting for a fund with a series of securitizations of UK and European RMBS assets

Professional experience

Caird was an Adjunct Professor at Columbia Law School in New York from 2005 to 2015.

Caird has co-authored  many client memoranda and articles published in various industry publications, including:

  • “The U.S. Margin Requirements: The Treasury Affiliate Exclusion and the Captive Finance Company Exclusion,” Linklaters U.S. Alert, April 2017
  • “The U.S. Margin Requirements: The Impact on Special Purpose Vehicles (SPVs) used in Securitizations, Repackagings and other Structured Products,” Linklaters U.S. Alert, November 2016
  • “Applying the Volcker Rule’s Covered Fund Definition Separately to Individual Asset Pools within Multi-Issuance Special-Purpose Vehicles”, The Journal of Structured Finance, Vol. 20, No. 4, Winter 2015: pp. 41 – 57

Education and qualifications

Caird received a first class honours degree (Licentiate in Laws) from Buckingham University and attended College of Law where he completed the Law Society Part 2 examinations.