Structured finance: derivatives and structured products in United States

Cadwalader, Wickersham & Taft LLP

At Cadwalader, Wickersham & Taft LLP, Ray Shirazi is active in a broad range of commodities and derivatives work, ranging from structured notes through to more macro-level questions of LIBOR transition. Other areas of expertise include all manner of innovative debt structures, and complex CFTC and global regulatory matters. Other key figures include Brian Foster, who is active for broker and buy-side clients on swaps and derivatives work; Ivan Loncar, a trusted advisor to a number of investment banks in this space; and Lary Stromfeld, whose recent highlights include advising the Federal Reserve's Alternative Reference Rate Committee on various LIBOR issues. Richard Schetman and Charlotte-based Scott Cammarn jointly head the practice group.

Practice head(s):

Scott Cammarn; Richard Schetman

Other key lawyers:

Brian Foster; Lary Stromfeld; Mark Chorazak; Nihal Patel.

Work highlights

  • Advised the Federal Reserve’s Alternative Reference Rates Committee on fall-back language after LIBOR transition.
  • Advised the Securities Industry and Financial Makrets Authority on a CFTC proposal to impse capital and liquidity requirements on non-bank swap dealers.
  • Advised Toronto-Dominion Bank on its first issuance of SOFR-linked notes.
  • Advised Nearwater Capital on a commercial paper conduit.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton advises across the full spectrum of transactional and regulatory work related to derivatives and complex structured products. Colin Lloyd, one of the more senior names in the practice, is noted for his ongoing advice to ISDA as well as other industry bodies on regulatory matters. Michael Dayan's recent work has included deals such as forward purchases for trade parties and investment banks.

Other key lawyers:

Colin Lloyd; Michael Dayan; Seth Grosshandler

Key clients

Citigroup

Advance/Newhouse

Partnership

Credit Suisse

Starbucks Corporation

International Swaps and Derivatives Association (ISDA)

Securities Industry and Financial Markets Association (SIFMA)

Institute of International Bankers (IIB)

Futures Industry Association (FIA)

TradeWeb

Goldman Sachs

MercadoLibre

True Digital

Bank of America

JP Morgan

Morgan Stanley

Wells Fargo

Arconic

JinkoSolar Holding Co.

Deutsche Bank

LCH

Work highlights

  • Acted for investment banks including Bank of America and JPMorgan as forward purchasers of shares in Alexandria Real Estate Equities.
  • Advised True Digital on regulatory aspects, including engagement with the CFTC, concerning a proposal to list Bitcoin swaps on its swap execution platform trueEX.
  • Advised Starbucks on a variable tenor accelerated share repurchase of $2bn of its common stock.
  • Advised Commerzbank on a CFTC investigation concerning swap dealer regulations.
  • Advised ISDA’s members on netting rights against insolvent clearing houses concerning cleared derivatives trades, and related Basel III capital requirements.

Fried, Frank, Harris, Shriver & Jacobson LLP

Fried, Frank, Harris, Shriver & Jacobson LLP's 'extremely strong' derivatives practice is led by Robert McLaughlin, who handles a range of swaps and derivatives work for major asset managers, and also advises on accelerated share repurchases for well-known corporate clients. 'Walking encyclopedia' David Mitchell is another key figure in the team; he handles derivatives work for elite private equity and hedge fund managers. Swaps and hedges in connection with flagship real estate deals are another particular area of expertise. Also recommended are Washington DC-based William Breslin and Victoria Mazgalev, who was promoted to special counsel.

Practice head(s):

Robert McLaughlin

Testimonials

‘Fried Frank’s derivatives practice is extremely strong, particularly with respect to regulatory advice.’

‘David Mitchell is a walking encyclopedia when it comes to derivatives and CFTC related issues. When he doesn’t know the answer immediately, he has a team of high quality associates who are excellent at researching issues and finding practical answers.’

‘Robert McLaughlin and William Breslin are great to work with and are responsive and knowledgeable about the private real estate fund industry.’

Key clients

Goldman Sachs Asset Management

Brookfield Asset Management

Merck

BlueBay Asset Management

Humana

EJF Capital

First Quality

Grupo Televisa

International Asset Management

Global Holdings Management Group

Invesco

Morgan Stanley

Onex Corporation

Permira Advisers

T-Mobile

Tudor Investment Corp.

American Stock Transfer & Trust Company

Mayer Brown

Mayer Brown's derivatives group is particularly experienced in FINRA and CFTC regulatory matters, but is equally well known by leading investment banks for its broader expertise in structured finance. Key figures in the practice group include Curtis Doty a reputable advisor to a number of central industry bodies, and Anna Pinedo, who has considerable expertise in structured notes, an area where Edward Best and Bradley Berman are also recommended. Matthew Kluchenek in Chicago and Marlon Paz in Washington DC joined the firm in 2019 from Baker McKenzie LLP and Seward & Kissel LLP, respectively. In addition to its strong domestic client base, the firm also has specialist expertise in acting for Canadian and French bank clients.

Testimonials

‘Structured products are unique and not as widely known in the financial space, and even regulators struggle with the nature of them. What makes Mayer Brown unique is that their team has an extensive level of legal and regulatory knowledge of structured products that they know the regulations better than the regulators, which is invaluable when dealing with actions.’

‘There is no doubt they will be able to solve a legal or regulatory matter when it comes to structured products.’

‘Bradley Berman always shows clients outstanding attention to their matters as well as being timely in all responses.’

‘Anna Pinedo in terms of her knowledge and ability to deal directly with regulatory matters is in a class by herself. She combines execution capabilities with quick turnaround and an expertise on the market, regulation updates and market practices. This relationship makes the difference with other firms’

‘Marla Matusic always makes herself available in a holistic client-friendly relationship.’

Key clients

Alaia Capital

Bank of Montreal/BMO Capital Markets

Bitnomial Exchange

Canadian Imperial Bank of Commerce

Crédit Agricole CIB

Deutsche Bank

Halo

HSBC USA Inc. and HSBC (USA) Securities Inc.

Incapital

International Swaps and Derivatives Association

KBR, Inc.

National Bank of Canada

Natixis

Raymond James & Associates

Société Générale

Structured Products Association

The Government of Sweden

Toronto Dominion/TD Bank

UBS

Walleye Trading Advisors

Work highlights

  • Advised ISDA’s members on the enforcability of close-out netting under master agreements with multilateral development banks.
  • Advised Bitnominal Exchange on an application to register with the CFTC as a bitcoin derivatives exchange.
  • Advised the Association of German Banks on the compatability of the German Master Agreement for Financial Derivatives under New York law.
  • Advised KBR on an issuance of convertible notes as part of a convertible call spread transaction.
  • Advised HSBC USA and its underwriters on several issuances of structured notes from its shelf registration document.

Davis Polk & Wardwell LLP

The team at Davis Polk & Wardwell LLP is best known for its experience in large structured product issuances. The practice group is jointly led by Mark Mendez, who advises well-known investment banks on heavyweight forward sale agreements, and Ray Ibrahim, a key contact for margin loan work, linked-securities issuances and advice on hedging strategies. Another name to note is Christopher Schell, who has a wealth of experience in structuring novel financial products, and also advises on SEC and FINRA regulatory matters.

Practice head(s):

Ray Ibrahim; Mark Mendez

Other key lawyers:

Christopher Schell

Work highlights

  • Acted for Morgan Stanley as forward seller and forward purchaser of two forward sale agreements with affiliates of 3G Capital Partners concerning Restaurant Brands International, parent company of Burger King, Tim Hortons and Popeyes.
  • Acted for the investment banks underwriting a $1.61bn offering of convertible equity by Dominion Energy.
  • Advised the initial purchasers of a convertable senior note offering by Proofpoint, a cybersecurity company.
  • Advised Northrop Grumman on an uncollared accelerated share repurchase.

Katten

Swaps and derivatives work is a core strength for the team at Katten, which routinely advises well-known banks from the US and abroad on a huge range of transactional and regulatory issues. Stanford Renas and Don Macbean handle swaps and futures work in relation to major energy deals, while Guy Dempsey, Gary DeWaal and Kevin Foley in Chicago are key contacts for regulatory matters. The firm also has a track record of work for broker-dealers and hedge funds, with particular strength in the are of algorithmic trading. Lance Zinman heads the firm's global financial markets practice.

Practice head(s):

Lance Zinman

Other key lawyers:

Stanford Renas; Don Macbean; Guy Dempsey; Gary DeWall; Kevin Foley

Key clients

Ford Motor Credit Company

Futures Industry Association

Bank of New York Mellon

Jefferies Derivatives Products

Morgan Stanley & Co.

LCH Group

Royal Bank of Canada/RBC Capital Markets

UBS

Wells Fargo Bank

Work highlights

  • Advised Morgan Stanley Commodities on a long-term hedging arrangement involving the purchase of 12.5 million mWh of power to be generated by a planned 250MW wind farm in Illinois.
  • Advised ICBC Standard Bank on creating a swap business based in London.
  • Advising Jefferies’ two departments dealing swaps on implementing margin rules.

Latham & Watkins LLP

Latham & Watkins LLP fields a team of lawyers with expertise in areas including structured lending, equity-linked derivatives and various asset-backed products. Names to note include Witold Balaban, who co-chairs the firm's global financial institutions industry group, and specializes in equity-linked products; Courtenay Myers Lima, a trusted advisor to a number of major financial institutions; and Reza Mojtabaee-Zamani, another key name for equity derivatives and convertible notes. Yvette Valdez heads the firm's US derivatives regulatory practice.

Testimonials

‘Latham has a versatile practice, capable of handling most any equity-linked product.’

‘Witold Balaban and Cathy Lee stand out for their extensive knowledge of equity-linked products. They certainly add value to transactions in which they are involved.’

Key clients

Credit Suisse

JP Morgan

Morgan Stanley

Goldman Sachs International

J. Wood Capital Advisors

BofA Merrill Lynch

Citibank

MUFG Union Bank

Mizuho Bank

Royal Bank of Canada

Citizen Energy Operating

Owens-Illinois

Coöperatieve Centrale Raiffeisen Boerenleenbank

General Motors Financial Company

Credit Suisse (London Branch and Nassau Branch)

JPMorgan Chase

Diversified Gas & Oil

Work highlights

  • Advised Owens-Illinois on secured cross-currency swaps with twelve providers concerning a $2bn finance facility.
  • Advised Credit Suisse Securities on a structured share accumulation trade, purchasing additional shares in Beacon Roofing Supply.
  • Advised banks including Citibank, MUFG Union Bank and Mizuho Bank on a delayed-draw margin loan over units to be acquired by KKR in NextEra Energy Partners.
  • Advised Credit Suisse on NIO’s issuance of 4.5% convertible secured notes, and also represented the dealers on related capped call and zero strike call transactions.
  • Advised Credit Suisse on an issuance of convertable senior notes by Baozun.

Morgan, Lewis & Bockius LLP

Morgan, Lewis & Bockius LLP has core expertise in currency hedges and futures trades relating to the development of power products. The team is jointly led by Michael Philipp in Chicago, and Thomas D’Ambrosio, who advises clients including hedge funds, asset managers and multinational corporates on the negotiation of derivatives across a spread of asset classes. Brendan Kalb is also recommended both for transactional work and standalone regulatory advice. Joshua Sterling left the firm and is now director of the CFTC's Division of Swap Dealer and Intermediary Oversight.

Practice head(s):

Thomas D’Ambrosio; Michael Philipp

Other key lawyers:

Brendan Kalb

Key clients

Ameren

Corporate Office Properties Trust

Denny’s Corporation

Guernsey Power Station

Birdsboro Power

Indeck Niles

BNP Asset Management

Bitfinex

Two Sigma Investments

Geode Capital Management

Millennium Management

Exodus Point Capital Management

Citadel

Entergy Corporation

NextEra Energy

American Water Works Company

Intercontinental Exchange

State Street Bank and Trust Company

Ares Capital

Caithness Energy

ALLETE

Bank of America

Work highlights

  • Advised Ameren Corp. on a forward sale of 7.54 million shares of its common stock at $74.18 a share.
  • Advised Caithness Energy on commodity revenue puts and interest rate swaps concerning the financing of a new 1.85GW power station in Guernsey County, Ohio.
  • Advised Denny’s on a $32m accelerated share repurchase transaction.
  • Advised Millenium Management on various CFTC derivatives regulatory matters.

Shearman & Sterling LLP

Shearman & Sterling LLP's global finance business unit is headed by Donna Parisi, a go-to advisor to major investment banks on issues ranging from sovereign debt through to margin requirements and the creation of novel structured products. Geoffrey Goldman acts for clients including leading transatlantic exchanges and clearing house, and also has experience structuring OTC derivatives, particularly credit and equity derivatives. Buy-side clients include well known hedge and private equity funds, as well as major corporates.

Practice head(s):

Donna Parisi

Other key lawyers:

Geoffrey Goldman; Azam Aziz

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden, Arps, Slate, Meagher & Flom LLP has firm-wide strength in complex securities transactions. Key figures in the team include Mark Young, who co-heads the derivatives group, and a go-to advisor for corporate, trading platforms and others in proceedings before the CFTC and SEC. Joint head Yossi Vebman has particular expertise in OTC derivatives. Counsel Theodore Kneller is an active up-and-comer in the practice group, and is a name to note for CFTC enforcement matters.

Work highlights

  • Advised Chicago Mercantile Exchange on developing plans for its systemically important derivatives clearing elements to wind down during an extreme stress event.

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP's futures and derivatives practice has a strong track record of work concerning CFTC investigations and various transactional matters. The team is jointly led by Kathleen McArthur and recently promoted partner Ryne Miller.

White & Case LLP

White & Case LLP is a market leader in the structuring and execution of complex derivatives in the context of large cross-border project finance transactions. Ian Cuillerier and Edward So are key contacts in the team. Cuillerier is particularly well connected throughout the Western Hemisphere; he heads the firm's Canada desk, and also has extensive experience of cross-border projects involving Brazil. So has broad experience structuring derivatives in financing and investment transactions, and has recently advised on derivatives matters in relation to M&A in the energy sector.

Practice head(s):

Ian Cuillerier

Other key lawyers:

Edward So

Testimonials

‘Edward So’s knowledge of complex derivatives, financing structures and regulatory matters is outstanding.  His attention to detail and ability to provide market color make him a valuable asset.’

‘Edward So is always  happy to spend as much time as is needed to work through an issue. His in-depth derivatives expertise makes him one of the first phone calls when an issue comes up.’

‘Ian Cuillerier has great expertise at transaction level as well as about the requirements of capital markets legislation needed in various emerging market jurisdictions across Latin America.’

Key clients

Agricultural Bank of China

Avangrid

Bank of America Merrill Lynch

Bank of Nova Scotia

Barclays Bank

Booking Holding

Crédit Agricole Corporate and Investment Bank

Goldman Sachs

Hess Corporation

JetBlue Airways Corporation

MIO Partners (McKinsey Investment Office)

Mitsubishi UFJ Financial Group

Newmont Goldcorp Corporation

Nomura Holding America

Saudi Aramco

Stripe

SunTrust Bank

Work highlights

  • Advised JetBlue on an accelerated share repurchase programme.
  • Advised a syndicate of foreign and Brazilian banks on interest rate hedges in connection to Engie and CDPQ’s purchase of a majority stake in a gas pipeline from Petrobras.
  • Advised Newmont Mining Corporation on the derivatives elements of its purchase of Goldcorp Corporation.
  • Advised CIBC and National Australia Bank on interest rate derivatives in connection to a loan to BW Terminals.
  • Advised MUFG Bank, among others, on deal-contingent interest rate hedges in relation to the financing of a new parking facility at Newark Liberty International Airport.

Allen & Overy LLP

Leveraging close relationships with key industry bodies as well as with major industry stakeholders, Allen & Overy LLP's derivatives team focuses on matters involving the interaction of European and US regulations. David Lucking heads the firm's US-based international capital markets group, and has broad expertise in derivatives across a variety of asset classes. Deborah North is another name to note for derivatives work; she is particularly active in OTC derivatives. The team has also worked with its London office on a product called IBORMatrix which uses AI technology to prepare documents for the global transition from LIBOR.

Practice head(s):

David Lucking

Other key lawyers:

Deborah North

Key clients

Futures Industry Association (FIA)

LCH Limited (LCH)

ISDA

Work highlights

  • Advised the Futures Industry Association on a protocol for “give-up agreements” as part of Brexit planning exercises.
  • Advised LCH on its transition from FedFunds to SOFR discounting among other LIBOR transition matters.
  • Advised ISDA on reviewing and negotiating custody documentations complying with both US and European margin rules.
  • Advised ISDA on drafting a guidance notes on the use of money market funds as collateral under US and EU margin rules.
  • Advised the futures Industry Association on a response to proposed CFTC rules concerning the use of foreign clearing houses.

Clifford Chance

Clifford Chance is particularly well placed to advise on structured issuances and derivatives matters involving elements of US and EU regulation. Key figures in the US team include Gareth Old, a dual US- and UK-qualified partner with experience acting for banks and financial investors; and David Felsenthal, who advises on a range of transactional and regulatory issues, and is also a member of the firm's fintech practice. Another name to note is Lee Askenazi, whose practice focuses on ABS and structured products. Matthew Lyons and James Cotins joined in June 2019 from Alston & Bird LLP.

Practice head(s):

Gareth Old; David Felsenthal

Other key lawyers:

Lee Askenazi; Greg Kahn; Matthew Lyons; James Cotins

Testimonials

‘Excellent technical ability and very proactive in getting deals done (both in terms of anticipating and addressing issues, and also putting the hours in to turn docs on tight timelines). Their commercial approach to issues is always appreciated, and this is backed up by their exceptional market knowledge.’

‘Gareth Old has a breadth of knowledge and technical ability – he provides solutions.’

‘Greg Kahn is a stand-out drafter of complex commercial points – he takes a practical and well thought through approach to addressing issues.’

‘Strong understanding of deal-contingent hedging supported by great breadth of specialist advisers on regulatory and commercial matters globally. Great ability to coordinate advice across teams and jurisdictions.’

‘Greg Kahn is my first call on deal contingent hedging, he’s very knowledgeable, commercial and responsive.’

Key clients

Waterfall Asset Management

Ready Capital Corporation

Wells Fargo

Bayview Asset Management

Lakeview

Oceanview Reinsurance

Structured Finance Association

Goldman Sachs

AIG

Pacific Investment Management Company

M&G Investment

SIFM

ISDA

Work highlights

  • Advised several large insurance groups on trust structures designed to permit reinsurance trusts to hold and trade derivatives.
  • Advised AlphaPoint on a review of its CFTC compliance.
  • Advised Goldman Sachs on repo transactions concerning Ecuadorian sovereign debt.

Hogan Lovells US LLP

Hogan Lovells US LLP's Evan Koster has a particularly strong reputation among European investment banks, which he advises on the US regulatory aspects of their derivatives-related activities. Geographically, the practice group is also well-connected in Latin America, while, looking along sector lines, the team has strengths in regulated areas including energy, insurance and healthcare. Senior associate Greg Hafkin left for an in-house role at HSBC, though Adam Lapidus joined the firm from a senior counsel role at Wells Fargo.

Practice head(s):

Evan Koster

Other key lawyers:

Adam Lapidus

Testimonials

‘One of the key strengths here is the international expertise. Where clients have derivatives regulatory considerations outside of the U.S., Hogan Lovells has been able to provide specialists to assist. Hogan Lovells excels in its expertise from both a regulatory and transactional perspective.’

‘Evan Koster has consistently been available and responsive, especially on time-sensitive matters. His expertise in the area to be invaluable. He is a market reference for derivatives agreements.’

Morrison & Foerster LLP

Morrison & Foerster LLP advises clients including mid-market and regional banks, investment funds and corporate end-users on a variety of transactional and regulatory derivatives matters. The practice group is jointly headed by commodities expert David Kaufman, and Vladimir Maly, who divides his time between New York and London, and specializes in equity derivatives in relation to cross-border financing transactions and M&A.

Practice head(s):

David Kaufman; Vladimir Maly

Key clients

Canadian Imperial Bank of Commerce

Ping An Real Estate Capital

RH

Adara

Oxygen

Tiberius Asset Management

Arrowgrass Master Fund

AXA Investment Managers

Natixis

Royal Bank of Canada

ING

Santander

Work highlights

  • Advised Oxygen,on a decentralized peer-to-peer stock lending platform using Etherum block-chain technology.
  • Advised Adara on creating an online trading platform allowing the training of assets, including cryptocurrencies, via a decentralized exchange.

Orrick, Herrington & Sutcliffe LLP

Based in Orrick, Herrington & Sutcliffe LLP's New York office, Nikiforos Mathews advises investment banks and corporates on various swaps and derivatives matters, both in connection with transactions and on a standalone regulatory basis. Looking westward, Skanthan Vivekananda joined the firm's Los Angeles office in February 2019 from Arnold & Porter; he has particular expertise in structured issuances and derivative products, including synthetic CLOs. Al Sawyers is another key figure in the global finance business unit.

Practice head(s):

Al Sawyers

Other key lawyers:

Nikoforos Mathews; Skanthan Vivekananda

Testimonials

‘Nikiforos Mathews and his team are not only experts in the field who can provide counsel and negotiate documents, but they also are able to efficiently and effectively explain highly technical matters to both lawyers who are not experienced in the field as well as non-lawyers.’

‘The finance group of Orrick has a depth and breadth of experience in structured finance transactions far greater than a small handful of firms.  They are able to provide consistent and helpful advice on a myriad of different financial products, and given the size of their firm, in multiple jurisdictions. ‘

‘Nikiforos Mathews, is a fantastic lawyer with a very hands-on, commercial approach to derivatives negotiations.  He is an asset to the firm and excellent with client relationships.’

Key clients

Microsoft

Goldman Sachs

Work highlights

  • Advising Microsoft on swaps, foreign exchange and derivatives matters.
  • Advised Goldman Sachs on the negotiation of MSFTA agreements.

Paul, Weiss, Rifkind, Wharton & Garrison LLP

The team at Paul, Weiss, Rifkind, Wharton & Garrison LLP acts for the capital markets arms of well-known banks, and elite asset managers, both in the private equity and hedge fund spaces. Manuel Frey is the key contact for derivatives advice; he also works in support of other of the firm's teams, such as litigation, providing technical advice on complex financial structures.

Practice head(s):

Manuel Frey

Sidley Austin LLP

Based primarily in Chicago, Sidley Austin LLP's derivatives team is known for handling end-user matters for hedge funds, where William Kerr and Bradley Howard are key contacts. In New York, Ellen Pesch and Elizabeth Schubert are names to note for OTC derivatives work.

Eversheds Sutherland

Based in the firm's DC office, Eversheds Sutherland's derivatives team is particularly active in advising key stakeholders in the US housing market, as well as acting for a number of asset managers and insurers. James Cain heads the practice group, and Meltem Kodaman is active in end-user work in businesses in sectors where commodity prices are a primary concern. Counsel Raymond Ramirez is also recommended.

Practice head(s):

James Cain

Other key lawyers:

Meltem Kodaman; Raymond Ramirez

Testimonials

‘The Eversheds derivatives team has a deep bench and is well-versed in representing particularly buy-side firms in the market. They closely monitor unfolding events (regulatory, ISDA, etc.) and constantly update their clients.’

‘Jamie Cain and Ray Ramirez take the time to understand their client’s business motivations and any constraints that apply (regulatory, operational, legal, other). They apply a practical, results-oriented approach to their work. And they can relay complex issues in a simple manner.’

Gibson, Dunn & Crutcher LLP

Gibson, Dunn & Crutcher LLP's DC-based team is active in public affairs matters relating to derivatives, having been involved in the creation of the Coalition for Derivatives End-Users. Jeffrey Steiner, a former special counsel in the CFTC's division of market oversight, advises banks and the treasury teams of some of America's leading businesses on a huge variety of regulatory matters.

Practice head(s):

Jeffrey Steiner

Key clients

Coalition for Derivatives End-Users

US Chamber of Commerce

Greenberg Traurig, LLP

Headed by Sylvie Durham, the team at Greenberg Traurig, LLP handles a wide range of matters, including share repurchases, derivatives and interest rate hedges. Another key figure in the team is Nanette Aguirre, an expert in Latin America-focused deals, who also has specialist expertise in work involving private funds.

Practice head(s):

Sylvie Durham

Other key lawyers:

Nanette Aguirre

Testimonials

‘This team is quite experienced and as part of a larger firm has resources across other areas that may be relevant to structure finance derivatives and structured products, such as tax.’

‘Nanette Aguirre is very knowledgeable in the area and handles projects quickly and efficiently.’

Key clients

Platform Specialty Products

Vizient

Work highlights

  • Advised Platform Specialty Products on the derivatives elements of its sale of its agricultural solutions business.
  • Advised Vizient on monetizing interest rate hedges.

Haynes and Boone, L.L.P.

Haynes and Boone, L.L.P.'s derivatives and structured products practice group was strengthened in early 2019 by the arrival of Giorgio Bovenzi from Dentons. Based in New York, Bovenzi advises on numerous prime brokerage and credit default swap matters, and has a strong client base of investment banks. Also in New York, counsel Brian Sung advises end-users across a number of sectors on commodities hedging strategies and interest rate risk. A key figure in the DC office is Phil Lookadoo, who has expertise in energy-related end-user issues. Neal Kaminsky in Houston leads the firm's wider finance group.

Practice head(s):

Neal Kaminsky

McDermott Will & Emery LLP

McDermott Will & Emery LLP's structured finance practice has niche expertise in matters relating to municipal and state debt. In addition to her more traditional structured finance and tax work, Andrea Kramer has also been involved in the structuring of more exotic instruments, such as weather derivatives. David Taub heads the firm's financial institutions advisory group.

Practice head(s):

David Taub

Other key lawyers:

Andrea Kremer

Key clients

Bank of America Merrill Lynch

Barclays

Citibank

Credit Suisse

Deutsche Bank

Goldman Sachs

Morgan Stanley

Work highlights

  • Advised a consortium of banks on their structured purchase of receivables from the Illinois government.
  • Advised Deutsche Bank on structuring a number of receivables financings.

Reed Smith LLP

Reed Smith LLP's derivatives team has a focus on the agricultural and energy commodities markets, where it is active for a number of trading companies, among other clients. Peter Malyshev in Washington DC is recommended. Christine Parker ('a great addition') joined the firm's New York office from Sullivan & Cromwell LLP in May 2019, bringing additional expertise in more traditional commodities as well as digital assets.

Other key lawyers:

Ilene Froom

Testimonials

A great team – exceptionally knowledgeable, commercially focused and pleasure to work with.

Christine Parker is a great addition to Reed Smith’s worldwide commodities capabilities.

Ropes & Gray LLP

As part of Ropes & Gray LLP's broader asset management practice, Deborah Monson in Chicago, covers the full range of swaps and derivatives advice for leading private equity, mutual fund and hedge fund managers, as well as start-up hedge funds. Isabel Dische handles transactions such as accelerated share repurchases.

Practice head(s):

Deborah Monson

Other key lawyers:

Isabel Dische

Testimonials

‘Excellent subject matter knowledge and a practical approach to evaluating risk and negotiating strategy. They show a rare blend of being equally capable of researching complex legal issues and providing practical commercial advice.’

‘They all show a great care for the unique concerns and considerations each client has, understand the pressures they are dealing with, and they deliver excellent advice and support in a timely manner.’

Key clients

KKR

Starwood Capital

MUFG

Valueact Capital

Bannockburn Global Forex

PBF Holding Company

Glenfarne Group

Credit Suisse

Employees Retirement System of Texas (ERS)

Royal Bank of Canada

Work highlights

  • Advising Wright Medical Group on its convertible bond hedges.
  • Advised The Michael’s Stores on a $250m accelerated share repurchase transaction which took place in under a week.

Simpson Thacher & Bartlett LLP

Unsurprisingly for a firm with a market-leading fund formation practice, Simpson Thacher & Bartlett LLP's derivatives team is well-known for handling derivatives and structured issuances for private equity houses and portfolio companies. The practice group, however, also represents a number of investment banks and trading companies in derivatives transactions across a wide range of asset classes. Jonathan Lindabury heads the derivatives team; associate Caitlin Wood has also been recognized by clients.

Practice head(s):

Jonathan Lindabury

Other key lawyers:

Caitlin Wood

Testimonials

‘Among the best around. Simpson Thacher is great at issue-spotting and communicating with in-house lawyers.’

‘Jon Lindabury is a go-to lawyer for the most complex transactions.  His in-house experience really helps him communicate with both business and legal effectively. ‘

‘Caitlin Wood is very detail-oriented and easy to work with. She is very knowledgable about equity derivatives not only from a legal perspective but also in terms of knowing the market from a business perspective.’

Key clients

Affiliated Managers Group

Apax Partners

Aqua America

Barclays

BC Partners

Best Buy

BlackRock

Blackstone

Dell Technologies

EQT

First Reserve

Goldman Sachs

Hellman & Friedman

Hilton Worldwide Holdings

Invitation Homes

JPMorgan

KKR

Mars

Morgan Stanley

Qudian

Silver Lake

SoftBank

Teleflex

Work highlights

  • Advised affiliates of Silver Lake on financing of its purchase of $1bn of convertible senior notes issued by Motorola Solutions.
  • Advised KKR on currency and interest rate hedges relating to its sale of Kokusai Electrical Corporation.
  • Advised the initial purchasers, led by Barclays, on Uniti Fiber’s offering of exchangable senior notes.
  • Advised underwriters, led by Goldman Sachs, on Tesla’s offering of $1.84bn of senior convertible notes.
  • Advised KKR and Blackrock on the derivatives and hedges elements of its purchase of a 40% stake in Adnoc Oil Pipelines.

Willkie Farr & Gallagher LLP

Willkie Farr & Gallagher LLP's derivatives group is particularly active in the commodities space, with recent highlights in energy and soft commodities work. Structured finance and derivatives group chair Thomas French has experience of derivatives transaction across a range of asset classes, while Washington DC's Paul Pantano specializes in energy and commodities derivatives, and acts for energy companies, swap dealers and trade associations, among others.

Practice head(s):

Thomas French

Other key lawyers:

Conrad Bahlke; Athena Eastwood; Paul Pantano

Key clients

Futures Industry Association

Commodity Markets Council

Citigroup Energy

The Options Clearing Corporation (OCC)

United Nations World Food Programme

Vitol

Work highlights

  • Advised the Futures Industry Association on proposed amendments to the SEC rules regarding derivatives clearing organizations.
  • Advised Vitol in a FERC regulatory enforcement matter concerning alleged price manipulation.
  • Advising the World Feed Programme on precipitation-based derivatives.

Winston & Strawn LLP

Winston & Strawn LLP has a track record of derivatives work, in particular in relation to local government finance. Practice head Michael O’Brien has experience acting for financial institutions, mutual fund managers and other end-users. Michael Loesch in Washington DC is a contact for CFTC regulatory matters.