Credit derivatives

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Practice notes
Incremental debt flexibility or accordion featuresWhat are incremental facilities?An incremental facility is feature included in a credit agreement...
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Produced in partnership with Max Millington of Osborne Clarke 19th May
Practice notes
An introduction to securities lending transactions and the Global Master Securities Lending Agreement (GMSLA)Coronavirus (COVID-19): This Practice...
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Produced in partnership with Joseph Wren of Travers Smith and Jonathan Gilmour of Travers Smith 19th May
Practice notes
What is securitisation?Securitisation is a financing techniqueSecuritisation is a technique used to finance the ownership or sale of types of assets...
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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
Events of defaultThis Practice Note considers:•the purpose of events of default included in facility agreements•common events of default relating to...
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19th May
Practice notes
Bilateral, syndicated and club arrangementsOne of the features used to categorise loans is the number of lenders involved. A loan involving one lender...
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19th May
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Increased costsThis Practice Note considers the costs that a lender will incur when providing funding to a borrower and the steps that it will take...
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19th May
Precedents
This Deed of guarantee and indemnity is made on [insert day and month] 20[insert year]Parties1[Insert name of Guarantor], a company incorporated in...
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19th May
Practice notes
Loan Market Association (LMA)—news on documentation [Archived]This Practice Note is an archive of news from the Loan Market Association (LMA) on LMA...
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19th May
Precedents
[TO BE PRINTED ON THE HEADED PAPER OF THE LENDER][insert name and address of borrower][insert date]Dear [insert full name of borrower]We offer to...
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19th May
Practice notes
Crystallisation of floating chargesThe key feature of a floating charge is that, until it crystallises, the chargor is entitled to deal with the...
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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

Most recent Credit derivatives content

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
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
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 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
Practice notes
An introduction to short sellingShort selling, or 'going short', is a technique whereby traders sell shares or debt instruments ('securities') which...
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31st Jul
Practice notes
Credit linked notesIP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into...
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30th Jul
Practice notes
Total return swap (TRS) structure diagramHow a total return swap works•The TRS payer is a bank, A, and the TRS receiver is a hedge fund, B.•A holds...
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30th Jul
Practice notes
Credit default swap (CDS) structure diagram—auction settlementStep-by-step guide•Protection seller (party A) and protection buyer (party B) enter into...
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30th Jul
Practice notes
An introduction to the 2014 ISDA Credit Derivatives DefinitionsWhy are ISDA definitional booklets needed?The vast majority of derivative transactions...
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30th Jul
Practice notes
Restructuring credit eventWhat are credit derivatives and what are credit events?What is a credit derivative?A credit derivative is a bilateral...
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30th Jul
Practice notes
Credit derivatives—settlement proceduresSettlement methodsOnce a credit derivative transaction has been triggered, the parties to that transaction...
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30th Jul
Practice notes
Credit default swap (CDS) transactionsIP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period...
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30th Jul
Practice notes
CPPI transactionsWhat is a CPPI transaction?'CPPI' stands for constant proportion portfolio insurance, and refers to a form of investment strategy....
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30th Jul
Practice notes
Triggering and settling credit derivativesHow is a credit event determined?Article 4 of the 2014 ISDA Credit Derivative Definitions (the 2014...
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30th Jul
Practice notes
Credit derivatives—credit eventsBREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during...
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30th Jul
Practice notes
What are credit derivatives?What is a credit derivative?A credit derivative is a bilateral transaction which takes its underlying value from the...
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30th Jul
Practice notes
Credit default swap (CDS) structure diagram—physical settlementStep-by-step guide•Protection seller (party A) and protection buyer (party B) enter...
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30th Jul
Practice notes
Credit derivatives—successorsWhat are successors?'Reference entity' is defined in Section 2.1 of the 2014 ISDA Credit Derivatives Definitions (the...
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30th Jul
Practice notes
Credit default swap (CDS) structure diagram—cash settlementStep-by-step guide•Protection seller (party A) and protection buyer (party B) enter into an...
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30th Jul
Practice notes
Total return swapsIP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into...
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30th Jul

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