Derivatives

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Practice notes
Term Loan B facilitiesThis Practice Note discusses Term Loan B (TLB) facilities which frequently appear as a tranche of senior facilities in...
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Produced in partnership with Carlo de Vito Piscicelli of Cleary Gottlieb Steen & Hamilton 19th May
Practice notes
ISDA definitionsThe vast majority of derivative transactions are documented by standard documentation developed and published by the International...
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19th May
Practice notes
Structure of a facility agreementThis Practice Note discusses the usual components of a bilateral, committed facility agreement to a corporate...
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19th May
Practice notes
OTC and exchange traded derivatives—key features and conceptsIP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit...
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19th May
Practice notes
How is a mortgage created?A mortgage is one of the four types of security recognised under English law and described in Types of security.This...
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19th May
Practice notes
WarrantsIP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...
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19th May
Precedents
[To be printed on the headed paper of the lender][insert date]To:[insert name and address of borrower]Dear [insert full name of borrower]1We refer to...
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19th May
Practice notes
Perfecting securityIP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into...
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19th May
Practice notes
Synthetic securitisationsWhat is a securitisation?Securitisation is a technique used to finance the ownership or sale of types of assets that would...
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19th May
Practice notes
The facility agentThis Practice Note covers the duties and role of the facility agent (defined in the Loan Market Association (LMA) documentation as...
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19th May
Practice notes
Borrowing base facilities—structure, key terms and risksWhat is a borrowing base facility?Borrowing base facilities ('BB Facilities') are a type of...
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Produced in partnership with Dentons 19th May
Practice notes
What is credit support and how is it used in the ISDA credit support documentation?What is credit support?Credit support is a means of a party...
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19th May
Precedents
[insert date]To:[insert full name and address of lender]Dear [insert full name of lender]I am a director of [insert full name of borrower] (the...
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19th May
Practice notes
Role of a bond trusteeNot all bond issues involve a trustee. It is up to the issuer to decide whether to appoint a trustee or a fiscal agent—see...
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19th May
Practice notes
Direct agreements in project finance transactionsWhat is a direct agreement?Direct agreements are very common in project finance transactions. A...
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19th May

Most recent Derivatives content

Practice notes
Types of derivativesThe main types of derivatives are:•swaps•forwards •futures, and•optionsThis Practice Note explains the key features of each of the...
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2nd Aug
Q&As
What is an ISDA protocol?What is an ISDA protocol?The International Swaps and Derivatives Association Inc. (ISDA) publish protocols from time to time....
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1st Aug
Q&As
What is a ‘financial asset’ under the Taxation of Securitisation Companies Regulations 2006 (SI 2006/3296)?‘Financial asset’ is defined in regulation...
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1st Aug
Practice notes
P.R.I.M.E. Finance—costsThe P.R.I.M.E Finance Arbitration Rules were revised in early 2016 (with the second edition dated 9 February 2016). The...
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31st Jul
Practice notes
P.R.I.M.E. Finance—procedure and evidenceThe P.R.I.M.E. Finance arbitration rules (the P.R.I.M.E. rules) are a customised version of the UNCITRAL...
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31st Jul
Q&As
What is a contractual stay?The EU Bank Recovery and Resolution Directive 2014/59/EU (BRRD) gives the Bank of England (in certain circumstances, and in...
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31st Jul
Q&As
Where party A in country A enters into a swap contract with party B in country B, what are the applicable rules as to the jurisdiction in which the...
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31st Jul
Practice notes
P.R.I.M.E Finance—appointing, challenging and replacing the tribunalThe P.R.I.M.E. arbitration rules (the P.R.I.M.E. rules) make provision for the...
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31st Jul
Q&As
What is the ISDA SIMM?What is the background to the ISDA SIMM?The financial crisis of 2007 exposed significant weaknesses in the resiliency of banks...
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31st Jul
Q&As
Is it possible to enter into an ISDA confirmation without executing a master agreement?IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end...
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31st Jul
Q&As
Is there a definition anywhere of what constitutes 'plain vanilla' as opposed to 'complex exotic' in terms of derivatives (particularly FX)...
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31st Jul
Q&As
When entering hedging agreements in relation to a lending transaction, should the legal opinion on those hedging agreements or should a separate...
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31st Jul
Q&As
How do I know if my guarantee is a qualifying guarantee under the ISDA 2014 credit derivative definitions?What is a qualifying guarantee?A qualifying...
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31st Jul
Practice notes
Getting the Deal Through: Equity Derivatives 2020Jurisdictions coveredThe following jurisdictions are covered in this report:Australia; Cayman...
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31st Jul
Q&As
Can I amend my 1992 ISDA Master Agreement to reflect the provisions set out in the 2002 ISDA Master Agreement?What are the differences between a 1992...
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31st Jul
Q&As
When negotiating a Schedule to an ISDA Master Agreement, does it matter if I specify an event as an Additional Event of Default or Additional...
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31st Jul
Practice notes
The regulation of equity derivativesWhat is an equity derivative?An equity derivative is a financial instrument that references and offers economic...
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31st Jul
Practice notes
Collateralised debt obligationsWhat is a CDO?Core conceptsCollateralised debt obligations (CDO) are complex, high-value transactions involving...
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31st Jul
Practice notes
Regulation of indirect clearing of derivativesWhat is clearing of derivatives?Clearing is a process which eliminates the normal risk that a party to a...
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31st Jul
Practice notes
Regulation of credit default swaps—the Short Selling RegulationWhat is a credit default swap?A credit default swap (CDS) is a form of credit...
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31st Jul

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