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Simmons & Simmons

CITYPOINT, ONE ROPEMAKER STREET, LONDON, EC2Y 9SS, ENGLAND
Tel:
Work +44 20 7628 2020
Fax:
Fax +44 20 7628 2070
DX:
12 LONDON CHANCERY
Email:
Web:
www.simmons-simmons.com

David Toole

Tel:
Work +44 20 7825 3338
Email:
Simmons & Simmons

Work Department

Structured Finance and Derivatives

Position

David is a structured finance and derivatives partner specialising in a range of securitised and OTC derivatives and repackaging transactions. He has a particular focus on risk sharing transactions structured as credit derivatives, financial guarantees and insurance contracts and acts for a wide range of arrangers and investors in these products, including public sector and multilateral institutions. He also has extensive experience of credit, equity and fund-linked products.

Career

David trained at another international law firm before joining Simmons & Simmons in 2013. He has spent time in London and Tokyo and on secondment at a leading investment bank.

Career highlights include advising the investor on an EUR 8.4bn synthetic risk transfer transaction of corporate and SME loans. Advising Deutsche Bank, Morgan Stanley, Nomura and Societe Generale on the market’s first standardised multi-dealer repackaging platform. Advising the British Business Bank on the establishment of its ENABLE Guarantee Scheme and on the relaunch of its Enterprise Finance Guarantee Scheme, and advising a European Union institution on a number of Europe-wide mandates providing financial guarantees to support lending to SMEs.

Languages

English


London: Finance

Derivatives and structured products

Within: Next generation lawyers

David Toole - Simmons & Simmons

Within: Derivatives and structured products

Simmons & Simmons' practice is 'flexible, hungry, willing and able to work to tight deadline, and they are a pleasure to do business with'. Another client notes that 'the lawyers are consistently responsive, engaging and proactive, the firm provides good value for money and the team has good strength in depth'. The firm advises buy-side and sell-side counterparties on derivatives matters, acting for leading investment banks, hedge funds and institutional asset managers. In an illustration of its market-leading position for complex repackaging work the team assisted Deutsche Bank, Morgan Stanley, Nomura, Société Générale and BBVA with an initiative to standardise repackaging documentation. Head of the firm's retail structured products group Sean Bulmer handled that matter and he frequently advises on securitised and OTC derivatives, as well as SPV structured finance transactions. Rising star David Toole, who handles OTC and securitised derivatives and structured capital markets products for financial institutions and public-sector organisations, also played a significant role.  He is 'very approachable and personable and has a deep understanding not only of our business but also of the market more generally'. Alan Davies acted for the joint lead managers on the issuance of $750m perpetual fixed spread callable notes by Demeter Investments, which were secured by a facility agreement with Swiss Re. 'Experienced, responsive, flexible and solid' practice head Paul Browne 'has led the firm to the top of the market'. Craig Bisson acts for some of the world’s top institutional asset managers in derivatives, securities financing and regulatory matters. Rising star associate Oliver West 'has established himself in the market and has a solid knowledge base, a great work ethic and is very much one to look out for'. David Roylance retired from the firm.

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Emerging markets

Within: Emerging markets

Simmons & Simmons' presence in emerging markets deals is due in part to its sector focus, which sees it act for asset managers, investment funds, financial institutions and companies in the TMT and life sciences industries. It has a long track record of complex and high-value project finance transactions, notably in the power, LNG, mining and pipeline sectors. For lenders International Finance Corporation, European Bank for Reconstruction and Development and Commercial International Bank (Egypt), the practice handled the project financing of a bulk liquids terminal at Sokhna Port in Egypt. Another highlight saw it act for the government of Kenya in the commercialisation of oil reserves in the Lokichar basin, which involved two projects with a combined value of $5bn. Leading light John Sayers 'is able to advise lenders on a number of different financing aspects and share insight into international best practices', says a client who comments that 'I have worked with a fair number of London-based lawyers and John stands out as one of the most talented amongst them'. Other key lawyers are banking partner Omar Al-Ali; energy and infrastructure partner Adam Cooper; Adrian Nizzola, who has 33 years’ experience in the energy and infrastructure sector; LNG projects partner Andrew Petry; emerging markets funds finance specialists Jen Yee Chan and Cindy Valentine; structured capital markets specialist David Toole; and Iain Duncan for equity and debt financings. Managing associate Simon Kenolty, who handles energy, water and mining projects, is a rising star.

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Securitisation

Within: Securitisation

Simmons & Simmons is praised for providing 'a commercial approach that is always perfectly aligned with clients' needs'. The firm has an impressive list of buy-side and sell-side clients that includes leading investment banks, asset managers, governments, supranational clients and emerging fintech companies. Among these are ABN AMRO Bank, Banca IMI, Lloyds, Macquarie Group, Deutsche Bank, the European Investment Fund and Morgan Stanley. Its recent work includes a number of market firsts, such as Greensill Capital's establishment of a $20bn secured note programme backed by payment obligations. Michael Lorraine led the development of this bespoke repackaging platform and 'combines detailed understanding of complex legal issues with an ability to develop bespoke legal structures'. Partner Amer Siddiqui has quickly become a standout name in the practice; one client notes that he is 'involved and up-to-speed at all times and is able to offer valuable advice when needed'. He acted for Bank of America Merrill Lynch and Citigroup as joint arrangers and lead managers on a £1.6bn securitisation of non-conforming residential mortgage loans by The Co-operative Bank. Structured capital markets partner David Toole, banking partner James Bresslaw and financial regulatory expert Penny Miller are also recommended.

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