Jennifer K. Grady is a partner in Crowell & Moring’s New York office, and is co-chair of the Corporate Group. She represents investment banks, broker-dealers, funds, and other financial institutions in connection with derivatives transactions, distressed debt and bankruptcy claims trading, and financing transactions.
Her derivatives practice focuses on the structuring and negotiation of credit derivative transactions, including loan and bankruptcy claim total return swaps, loan credit default swaps, and traditional credit default swaps in North America, Europe, and Asia, as well as advising clients regarding the evolving regulatory treatment of derivative transactions referencing underlying loan assets. Jennifer also represents her financial institution clients in connection with the negotiation of ISDA master agreements, prime brokerage agreements, and related collateral support documentation. She played a critical role in creating the documentation, standards, and customs adopted by the marketplace for transacting in credit default swaps referencing loans.
Jennifer also represents investment banks and buy-side clients in connection with the purchase and sale of U.S. and non-U.S. loans, bankruptcy claims, and other distressed assets, and has represented multiple CLO managers in designing efficient loan review and settlement procedures. She has substantial experience in transactions involving par and distressed bank debt in the U.S. and European secondary loan markets. Jennifer focuses on special situations investing involving complex assets containing derivative components or insolvency proceeding risk.
She regularly represents clients in connection with financing facilities secured by complex illiquid assets, including solar renewable energy credits, marketplace loans, and derivative instruments.
Prior to joining the firm, she was the managing partner of Kibbe & Orbe LLP.
Representative Matters
- Represented investment bank providing ABL facilities to hedge funds secured by consumer marketplace loans.
- Represented global investment bank in connection with multiple credit facilities secured by solar renewable energy credits.
- Represented multiple buy-side clients in connection with the purchase and restructuring of loans and interest rate swap claims against Indiana Toll Road and other distressed infrastructure projects.
- Represented The Royal Bank of Scotland in the sale of two loan portfolios totaling more than $42 billion to Mizuho Financial Group of Japan.
- Represented the Loan Syndications and Trading Association in connection with comment letter submissions and related efforts relating to the treatment of loan participations and loan derivative transactions under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
- Represents multiple broker-dealer and hedge fund clients in the structuring and negotiation of total return swap master confirmation agreements referencing loans and bankruptcy claims.
- Represented the industry-wide working group that developed and drafted the documentation governing all standard U.S. loan credit default swap transactions.
- Represented the International Swaps and Derivatives Association, Inc. in connection with the development of the U.S. loan credit default swap tranched and untranched index products.
- Represented the Loan Syndications and Trading Association in connection with the development and publication of a User’s Guide for the physical settlement of U.S. loan credit default swap transactions, and the development of initiatives to address structural and settlement issues arising in connection with total return swaps on bank loans.
Affiliations
Admitted to practice: New York
Professional Activities and Memberships
- Board Member, Save The Music Foundation
Recognitions
- Selected as an Equality Trailblazer by The New York Law Journal (2019)
- Named to Crain's New York Business inaugural list of Leading Women Lawyers (2017)
- Recognized as a Woman Worth Watching by Diversity Journal (2015)
Speeches & Presentations
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"How the Emerging Environmental Justice Paradigm Will Shape Risk Profiles and Investment Opportunities," LSTA Webinar
(October 5, 2021).
Speakers: Paul Freeman, Jennifer K. Grady, Jon Kibbe, Elliott P. Laws, Kirsten L. Nathanson.
Client Alerts & Newsletters
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"The Resurgence of Loan Total Return Swaps,"
Corporate Alert
(April 29, 2020).
Contacts: Jennifer K. Grady, Richard J. Lee, John A. Clark
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"Resiliency - What To Do When Your Supply Chain Breaks,"
(April 1, 2020).
Contacts: Jennifer K. Grady, William Q. Orbe, Hanchang Sohn
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"Encouraging Solar Development through SREC Financing,"
Corporate Alert
(April 12, 2017).
Contacts: Jennifer K. Grady, Kevin Rubinstein
Media Mentions
Firm News & Announcements