Credit derivatives

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What is a direct agreement?Direct agreements are very common in project finance transactions. A direct agreement is an agreement which gives the...
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9th Nov
Practice notes
BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...
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9th Nov
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This Practice Note covers the typical structure of facility agreements and the key terms and provisions that will be included. It examines the process...
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9th Nov
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This Practice Note explains the features of three common types of loan facility:•overdrafts•term loans, and•revolving credit facilities (RCFs)It also...
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9th Nov
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Assignments by way of security can take different forms and it is important to understand how they are created and their effect. Security over choses...
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9th Nov
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Subordination is a way of changing the priority of claims against a debtor so that one creditor or group of creditors (the junior creditor(s)) agree...
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9th Nov
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In many commercial finance transactions, lenders expect to be given some form of credit support to increase their confidence in being able to recover...
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9th Nov
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Coronavirus (COVID-19): The ICC has issued a guidance paper on the impact of COVID-19 on trade finance transactions issued subject to ICC rules. For...
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9th Nov
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This Practice Note lists hot topics (with links to the appropriate materials) that may be of interest to Banking & Finance lawyers. It is updated...
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9th Nov
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Sub-participation is a means by which a lender can transfer its risk in a loan to another lender. For an overview of the reasons why a lender might...
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9th Nov
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Assignment is a means by which a lender can transfer its interest in a loan to another lender.For an overview of the reasons why a lender might...
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9th Nov
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What are they?A bridge to bond facility is a type of acquisition financing where the buyer requires the certainty of a fully committed financing...
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Produced in partnership with Cleary Gottlieb and Ian Chin of Morrison & Foerster 9th Nov
Practice notes
A 10b-5 letter (also referred to as a 'disclosure letter') is a letter delivered to the underwriters by issuer's and underwriters' counsel in...
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Produced in partnership with Charles Farnsworth of Baker McKenzie and Adam Farlow of Baker McKenzie 9th Nov
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In summary, a market disruption clause sets out how interest is calculated for a loan if a lender’s cost of funding the loan is in excess of London...
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9th Nov
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Legal opinions are one of the key documentary conditions precedent in loan transactions. The legal opinion is a letter which sets out opinions as to...
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9th Nov
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This Practice Note considers the main terms included in standard form shipbuilding contracts. In particular, it looks at:•standard forms of the...
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9th Nov

Most recent Credit derivatives content

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What is a CDO?Core conceptsCollateralised debt obligations (CDO) are complex, high-value transactions involving numerous parties, extensive...
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29th Nov
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What is a credit default swap?A credit default swap (CDS) is a form of credit derivative agreement, under which the buyer will make regular premium...
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29th Nov
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Short selling, or 'going short', is a technique whereby traders sell shares or debt instruments ('securities') which they do not own at the time of...
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Produced in partnership with Orrick, Herrington & Sutcliffe (Europe) LLP 29th Nov
Q&As
What is a qualifying guarantee?A qualifying guarantee is an instrument that constitutes a guarantee of a reference entity under the 2014 ISDA Credit...
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28th Nov
Q&As
What is an ISDA protocol?The International Swaps and Derivatives Association Inc. (ISDA) publish protocols from time to time. Protocols are a means of...
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28th Nov
Practice notes
What are credit derivatives and what are credit events?What is a credit derivative?A credit derivative is a bilateral transaction which takes its...
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25th Nov
Practice notes
Step-by-step guide•Protection seller (party A) and protection buyer (party B) enter into an ISDA Master Agreement, Schedule and confirmation with each...
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25th Nov
Practice notes
BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...
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25th Nov
Practice notes
Settlement methodsOnce a credit derivative transaction has been triggered, the parties to that transaction will want to settle it so that they each...
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25th Nov
Practice notes
What is a total return swap?A total return (or total rate of return) swap, (TRS), is a method of transferring the credit and market, risk of an asset...
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25th Nov
Practice notes
BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...
Read More >
25th Nov
Practice notes
BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...
Read More >
25th Nov
Practice notes
Step-by-step guide•Protection seller (party A) and protection buyer (party B) enter into an ISDA Master Agreement, Schedule and confirmation with each...
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25th Nov
Practice notes
How is a credit event determined?Article 4 of the 2014 ISDA Credit Derivative Definitions (the 2014 Definitions) sets out the types of credit event...
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25th Nov
Practice notes
BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...
Read More >
25th Nov
Practice notes
Step-by-step guide•Protection seller (party A) and protection buyer (party B) enter into an ISDA Master Agreement, Schedule and confirmation with each...
Read More >
25th Nov
Practice notes
BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...
Read More >
25th Nov
Practice notes
How a total return swap works•The TRS payer is a bank, A, and the TRS receiver is a hedge fund, B.•A holds the reference asset on its balance sheet.•A...
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25th Nov
Practice notes
The background to the 2014 ISDA Credit Derivatives DefinitionsIn 1999 the first set of credit derivatives definitions were published which were...
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25th Nov
Practice notes
What is a CPPI transaction?'CPPI' stands for constant proportion portfolio insurance, and refers to a form of investment strategy. 'Constant...
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17th Nov

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