Structured Finance/Debt Capital Markets Team of the Year

The winning team will operate at the vanguard of structured finance and debt capital markets work, and have the requisite client list and transactional track record. The Judges will seek evidence of a team's reputation for innovation and ability to handle highly complex products. In a market that has been left battered by the credit-crunch, strong evidence that the team has remained relevant to clients by retaining market share and/or by re-focusing on new products is essential.

 

Previous Winners


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The credit crunch has seen governments around the world introduce new regulations and measures in an attempt to better safeguard their financial systems against future collapse. Shearman’s advice to ICE Clear Europe on its establishment of a credit default swap (CDS) clearing service – the only successful European CDS clearing service to date – is a hugely significant step towards reducing such risk.

It sees ICE perform as intermediary in CDS trades – acting as protection seller to every protection buyer, and vice versa – allows members to net their CDS exposures to ICE and collateralises these exposures to ensure its ability to pay out in the event of a default.

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Shearman’s expert advice allowed ICE to succeed where many others have failed, and the service has already cleared over $3.5 trillion in CDS indexes. The firm simultaneously advised ICE Trust US on establishing a dedicated CDS clearing house – the only one currently operating in the US.

HIGHLY COMMENDED

ALLEN & OVERY
David Benton

A&O advised the International Swaps and Derivatives Association on the so-called ‘Big Bang Protocol’ – a decision-making and dispute resolution system designed to enable the credit default swap industry to deal with the increase in settlement events as a result of the financial crisis. Over 2,000 institutions have agreed to adhere to the protocol, which Benton’s team completed in just two months.

ASHURST
Michael Logie

With complex financial instruments now facing enhanced regulatory scrutiny, Ashurst advised J.P. Morgan on a head-to-toe restructuring of its various structured products programmes. The complex reorganisation consolidated J.P. Morgan’s nine existing European and Asian programmes into a single, investor-friendly platform.

DENTON WILDE SAPTE
Chris Borg

DWS advised ETF Securities on the launch of ETFS Foreign Exchange – a $5bn exchange-traded currency (ETC) platform that allows traders to take positions in currency movements by buying listed securities in the financial crisis. Over 2,000 institutions have agreed to adhere to the protocol, which Benton’s team completed in just two months.

ASHURST
Michael Logie

With complex financial instruments now facing enhanced regulatory scrutiny, Ashurst advised J.P. Morgan on a head-to-toe restructuring of its various structured products programmes. The complex reorganisation consolidated J.P. Morgan’s nine existing European and Asian programmes into a single, investor-friendly platform.

DENTON WILDE SAPTE
Chris Borg

DWS advised ETF Securities on the launch of ETFS Foreign Exchange – a $5bn exchange-traded currency (ETC) platform that allows traders to take positions in currency movements by buying listed securities in the form of bonds. ETFS is the largest ETC platform in the world, and the first to be launched in Europe.

LINKLATERS
Julian Davies

Linklaters stole a march on its rivals by securing instructions on three major transactions within the utilities sector that marked the return of whole-business securitisations following the credit crunch. Davies’ team advised the arrangers on Wales & West Utilities’ £250m structured utility bond issue and Electricity North West’s two-tier dual debt programmes, as well as Yorkshire Water on its £650m issuance under its £8bn programme.

SIDLEY AUSTIN
Robert Torch

Sidley Austin scored roles on two key transactions that signalled the reopening of the UK prime residential mortgage-backed securities (RMBS) market. Torch’s team advised the managers on the £3bn issuance under Nationwide Building Society’s Silverstone Master Issuer programme, and the £4bn issuance under Lloyds Banking Group’s Permanent Master Issuer programme – the first UK RMBS deal since the onset of the credit crunch to be sold publicly to third-party investors.

SLAUGHTER AND MAY
Marc Hutchinson

In another significant piece of work generated by its HM Treasury instruction, Slaughters played a crucial role in stabilising the financial system through the establishment of the government’s credit guarantee scheme. Faced with an extremely tight deadline, Hutchinson’s team worked wonders to plan, draft and publish the scheme in just four days.