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Derivatives and Structured Finance

Overview

At the forefront of market knowledge and innovative legal change

Crowell & Moring U.K. LLP’s Derivatives and Structured Finance practice forms part of the Financial Services Group and routinely advises clients including major financial investment banks, commercial banks, alternative capital providers, corporates and private equity funds. Our practice spans the full range of structural, legal and documentary considerations that arise in derivatives and structured finance transactions across all major asset classes. At the forefront of derivative product and structuring innovation, we are currently working with various major investment banks on the development of their crypto-derivatives platform.

Having worked on some of the most high-profile leveraged, M&A and infrastructure transactions in the Asian, European, U.K., U.S. and Latin American markets, we bring strong market intelligence and structuring advice to any transaction. Our team is also one of the leading go-to, full-service deal-contingent derivatives practices in the market and are unique in that not only do we advise on the derivatives aspects of the transaction, we also advise on regulatory, antitrust and other deal-closing conditions in infrastructure/projects and M&A corporate transactions through the “DC lens”. This allows clients to take a holistic view of the transactions and proper analysis of risk and deal certainty within the context of a derivatives instrument.

Our team also advises clients on structured transactions and bespoke financing solutions, drawing on our experience working across different practice areas and disciplines with some of the major investment banks and, in particular, on credit-linked notes and loan facilities, risk participation and fund-level financing solutions.

With respect to International Swaps and Derivatives Association (ISDA) and Global Master Repurchase Agreement (GMRA) transactions alone, our team has worked on more than 180 transactions this past year for our investment banking clients. This deal volume and insight into market terms enable us to achieve the best results for clients and ensure a high level to deal certainty.

Our team seeks to ensure that any risks are addressed from the outset or, where this is not possible, that any particular risks are identified and minimised. Where a dispute nevertheless arises, we assist clients not only with any litigation, but also with managing their exposure to troubled institutions, offering innovative strategies and practical solutions.

Areas of service

  • Fixed-income, FX and commodities
  • Deal-contingent instruments
  • Fund and holdco funding
  • Repos and securities lending
  • Integral derivative transactions forming part of an M&A, infrastructure project, leveraged or high-yield transaction
  • Repackaging transactions
  • Margin stock loans
  • Bespoke financing solutions
  • Sustainability and ESG-linked derivatives and financing
  • Digital assets and crypto-derivatives

Insights

Firm News | 3 min read | 04.01.24

Crowell Earns Top Rankings in Legal 500 EMEA 2024

Brussels and Doha – April 1, 2024: The Legal 500 Europe, Middle East & Africa (EMEA) 2024 edition has recognized 16 practice areas and 11 lawyers in Crowell & Moring’s Brussels and Doha offices. The 11 individual lawyers received 18 total rankings across the 16 different practice areas....

Representative Matters

  • Advised a major investment bank in connection with multiple complex deal-contingent transactions which form part of a top-tier private equity infrastructure fund’s $630 million investment into the Brazilian renewable energy space and the sponsor’s first major investment in wind and solar assets in Brazil.
  • Advised a major investment bank in its capacity as mandated hedge provider in relation to the financing aspects of a £4.2 billion acquisition. The deal was one of the largest European private equity buyouts since the coronavirus pandemic.
  • Advised a major investment bank in connection with a complex deal-contingent transaction relating to a take-private transaction of a consortium of private equity funds’ £1.4 billion recommended cash offer for a major public limited company (PLC).
  • Advised a major investment bank in connection with a subscription credit line and related hedging transaction with a top-tier private equity sponsor.
  • Advised a major investment bank in connection with a structured credit-linked loan in relation to the performance of an energy infrastructure project.
  • Advised a major investment bank on an exclusive basis in connection with its fixed income and commodity trading lines and related ISDA documentation.
  • Advised a major financial institution with respect to the transfer of all its derivatives agreements following the sale of its U.S. retail banking institution.
  • Advised numerous investment banking clients in connection with 180 ISDA negotiations regarding interest rate, foreign exchange, commodities and inflation trades.
  • Advising a major investment bank client on the structuring of a back to back deal contingent structure in connection with certain project finance transactions in South Korea and Taiwan.

Insights

Firm News | 3 min read | 04.01.24

Crowell Earns Top Rankings in Legal 500 EMEA 2024

Brussels and Doha – April 1, 2024: The Legal 500 Europe, Middle East & Africa (EMEA) 2024 edition has recognized 16 practice areas and 11 lawyers in Crowell & Moring’s Brussels and Doha offices. The 11 individual lawyers received 18 total rankings across the 16 different practice areas....

Insights

Firm News | 3 min read | 04.01.24

Crowell Earns Top Rankings in Legal 500 EMEA 2024

Brussels and Doha – April 1, 2024: The Legal 500 Europe, Middle East & Africa (EMEA) 2024 edition has recognized 16 practice areas and 11 lawyers in Crowell & Moring’s Brussels and Doha offices. The 11 individual lawyers received 18 total rankings across the 16 different practice areas....