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Norton Rose Fulbright

Living Wage
Work 020 7283 6000
Fax 020 7283 6500

Daniel Franks

Work 44 20 7444 2243
Norton Rose Fulbright

Work Department

Banking & Finance


London: Finance

Commodities: derivatives

Within: Commodities: derivatives

Norton Rose Fulbright is a strong player in the structured trade and commodity finance market, which requires significant expertise in commodity derivatives. The firm advises banks, development finance institutions, traders, producers and exporters in a broad range of commodities markets. Jonathan Herbst is global head of financial services and frequently advises on regulatory matters affecting trading, custody and clearing. Hannah Meakin is also recommended for advice on custody, brokerage and clearing. Daniel Franks has extensive experience in OTC derivatives and structured products, and handles commodity derivatives as part of structured trade finance transactions. The firm counts BTG Commodities (UK), Cargill and JPMorgan among its clients.

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Derivatives and structured products

Within: Derivatives and structured products

Norton Rose Fulbright's structured finance and derivatives practice sits within the capital markets group and is led by Nigel Dickinson and Daniel Franks, who have strong relationships with investment banks and count Goldman Sachs, JPMorgan Chase, Bank of America Merrill Lynch, Citibank and Commerzbank among their clients. Dickinson acted for a syndicate of investment banks including Credit Suisse, Deutsche Bank and Natixis on a $3.1bn loan to the Central Bank of Egypt, which in return transferred $4bn of collateral in the form of sovereign bonds issued by the Arab Republic of Egypt. He also acted for Merrill Lynch International on a repackaging transaction whereby Galaxy Capital Public Limited issued notes under its $50bn limited recourse secured debt issuance programme in respect of bonds issued by Novo Banco. Derivatives specialist Hannah Meakin also played a key role in that deal. A highlight for Franks was his work for a global investment bank on a template for total return swap to maturity confirmation, which involved a synthetic financing arrangement structured as a TRS and with embedded credit-linked mechanics, for use across the EMEA and APAC regions. Franks also advised a commodities broker on EMIR variation margin regulations and the negotiation of ISDA agreements. Derivatives specialist Jonathan Herbst is also recommended.

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Trade finance

Within: Trade finance

Norton Rose Fulbright has a prominent role in structured trade finance transactions and the vastly experienced banking lawyer and practice head Nicholas (Nick) Grandage is one the leading lights in the market. He frequently acts for prominent banks, suppliers and trading houses such as BP, Louis Dreyfus and Citibank. His recent highlights include advising AIG and Standard Chartered Bank on the groundbreaking establishment of the first blockchain-enabled platform for the purchasing of trade finance receivables from a global logistics company. Newly promoted partner Andrew Wood, whom clients describe as 'responsive, straightforward and very frank', specialises in structured finance transactions in the trade and commodity sector and frequently handles pre-export and prepayment finance deals, as well as supply chain and receivables financings and borrowing base transactions for clients such as Rosneft, Gazprom Neft, Standard Chartered Bank and HSBC. He acted alongside senior associate Richard Wilkes  for the European Bank for Reconstruction and Development on the EBRD Trade Facilitation Programme, which involved the drafting and negotiation of documentation for issuance facilities and revolving credit agreements. The practice also calls upon the extensive knowledge of of Jonathan Herbst, who is the firm's global head of financial services; dispute resolution specialist Neil Miller; regulatory expert Hannah Meakin; and structured finance partner Daniel Franks.

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