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  1. Trade finance
  2. Leading individuals

Leading individuals

‘Increasingly prominent in trade finance’, Clifford Chance has an extensive track record in high-end structured deals. Practice head Leonard Cleland advised lead arrangers including Nordea Bank on a buyer credit agreement for the Nizhnekamsk refinery project in Russia. Nick Swinburne advised Santander and BNP Paribas on a $530m ship financing for Vale supported by the Korea Trade Insurance Corporation. Further highlights included a $1bn syndicated pre-export facility for potash producer Uralkali.

‘Much loved by clients’, the Hogan Lovells International LLP team is led by Andrew Gamble, who advised Deutsche Bank on the refinancing of a €400m revolving collateralised facility for three steel producers. Andrew Taylor advised Crédit Agricole on a $20m limited recourse export prepayment facility for Trafigura. Newly promoted trade finance specialist David Leggott played a key role in both deals, and in a $110m trade-related term loan for Wells Fargo Bank.

Mirthe van Kesteren’s team at Linklaters LLP ‘really adds value on complex deals’, including cross-border matters and innovative, highly structured transactions. Toby Grimstone advised Interpipe Group on an $887m multi-facility restructuring including pre-export finance facilities. The team also advised Essar Oil in relation to a $2bn secured borrowing base. John Tucker is back on the front line after his time as global head of the firm’s banking practice.

Norton Rose LLP’s London office is ‘a centre of excellence’ for trade finance work, with the practice strengthened by the firm’s merger with ‘very strong energy and natural resources firm’ Macleod Dixon LLP. Nicholas Grandage’s team has a truly international focus and acts on many transactions in Africa. Grandage and senior associate Jake Howard advised Trafigura on a multibillion-pound borrowing base programme, and the firm also advised RBS on a $150m coal financing. Martin McCann and Charles Whitney are also recommended.

‘Very good practitioner’ Robert Parson leads the team at Reed Smith, which acts for Glencore, Cargill and Chevron. Parson’s recent deals include a $500m credit financing, and a large trade receivables securitisation for Bunge. Kyri Evagora, Lucy Newcomb and derivatives specialist Brett Hillis are also recommended.

‘A market leader’, SNR Denton has ‘first-class knowledge of the market, responsive lawyers and a good network in emerging markets’. With partners such as the ‘top-class’ Geoffrey Wynne and Simon Cook, the practice is ‘way ahead of firms that rely on a single lawyer’. Wynne and Veronika Koroleva advised Natixis on a $2bn receivables-backed facility to the Ghana Cocoa Board. Jonathan Solomon advised Unicredit Bank on a $420m pre-export facility to Ferrexpo’s Ukrainian subsidiaries.

Frances Okosi’s team at Baker & McKenzie LLP is noted for its ‘international reach and ECA finance capability’. Okosi advised HSBC on a $193m ECA facility for Transporte Masivo de Panama. Also recommended are project finance and energy specialist Calvin Walker; and Ian Jack, for cross-border work, especially in CEE jurisdictions. The firm is now on the panels of Société Générale and BNP Paribas.

Clyde & Co LLP has ‘a team at all levels that understands and can execute complex transactions’. Philip Prowse is ‘very good technically and polite but firm, with the patience of a saint’, and advised Stemcor on many deals including an $850m revolving credit facility for trade finance working capital lines. Consultant Stephen Tricks, who advises the EBRD on its trade facilitation programme, has ‘an excellent, hands-on track record’.

The ‘very strong’ team at DLA Piper UK LLP is ‘very good at understanding trade’. Charles Morrison and Alex Monk feature in a team that has been active in relation to pre-export credit facilities, and counts Crédit Agricole, Standard Bank and Trafigura as clients. Louise Gates advised a consortium of banks on a £220m asset-based lending facility for Speedy Hire. The firm is highly rated for oil and gas financings in emerging markets.

The ‘very client-focused’ team led by Charles Williams at boutique firm Thomas Cooper brought in John McCaskill from Reed Smith, who combines trade, commodities and shipping expertise, to join Grant Eldred, Mark Glenister and Tim Kelleher. The firm is prominent in contentious trade matters, with recent matters including the Pioneer v Cosco case, and advises leading trading companies, trade finance banks and brokers on trade and commodities deals.

The ‘pragmatic, responsive’ Celia Gardiner at Watson, Farley & Williams LLP has ‘good, practical experience and a depth of sector knowledge’, and recently advised BNP Paribas and Natixis on a $643m syndicated borrowing facility to Consorcio Minero. Michael Kenny, who advises Afreximbank and RBS, is also recommended. Other clients include ABN AMRO, Société Générale and Vitol.

At White & Case LLP, Christopher Czarnocki excels in emerging markets work, and recently assisted a global bank with a $105m ECA financing to the state of Tanzania. Jason Kerr, who advised Nord Stream and sponsors on export credits for the construction of a €9bn sub-sea pipeline, has ‘outstanding knowledge, making groundbreaking contributions to high-profile projects’. Tom Bartlett is ‘extremely reactive and dedicated to excellent client service’.

The ‘impressive’ Claire Denison and Mike Davison at Addleshaw Goddard LLP are ‘very knowledgeable and commercial, and manage clients ’ expectations well’. Clients of the ‘efficient, competitively priced’ practice include leading UK banks, Citibank and Crédit Agricole Commercial Finance. Denison recently advised Barclays on its supply chain programme with Unilever.

Known for its expertise in letters of credit and export, pre-export and guarantee issuance facilities, Field Fisher Waterhouse LLP is a popular choice for banks and trading companies in the precious and industrial metals sectors. Oliver Abel Smith and derivatives specialist Ronit Grant advised Banco do Brasil on master participation agreements with Rabobank and ING. Andrew Evans advised Silicon Valley Bank on receivables transactions totalling $200m. Associates Susan McKoskey and Ruth Lonergan are also recommended.

At Jones Day, the ‘helpful and knowledgeable’ Ed Borrini advised the Bank of Tokyo-Mitsubishi on an $80m Coface-backed loan to Kazatomprom and Astana Solar. David Fricker, who excels on pre-export finance structures, advised Standard Bank on a $100m borrowing base facility for Tiway Oil. Michael Pabst arranged a $170m syndicated project finance facility for Base Resources Ltd.

Abraham Ezekiel at Penningtons Solicitors LLP advised Santander UK on the security package for a £2.5m trade finance facility, and Bangkok Bank on a £50m financing for poultry imports.

David Lacey at Stephenson Harwood has ‘excellent technical knowledge, great experience and very strong drafting skills’, and ‘combines intellectual rigour with practical experience’. The practice brings together finance, litigation and trade expertise and is very strong in receivables financing, where the ‘quality and timeliness of advice is exemplary’. Lacey advised Banco Santander on a $5m letter of credit for a transaction in Brazil, and a $10m invoice discounting structure for Nokia.

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