The derivatives and structured products practice at Cadwalader, Wickersham & Taft LLP is active in credit risk transfers, CLOs, synthetic securitizations and esoteric asset class transactions. The team is co‑headed by James Frazier, who handles credit risk transfer matters, and Ivan Loncar, whose practice spans structured municipal finance, debt refinancings and warehouse facilities. Brian Foster focuses on financing, derivatives and structured products, often involved in structured and private equity investments. Lary Stromfeld is noted for his work in complex market structures, novel ESG securitizations and regulatory matters. Jed Miller advises on commercial real estate loan securitizations, credit risk transfer transactions and significant risk transfer structures. Patrick Calves handles hedge fund interests, mortgage loan repurchase facilities and secured back leverage financings, reflecting the group’s broader expertise in complex financing arrangements. Daniel Meade joined the Washington DC office from Paul, Weiss, Rifkind, Wharton & Garrison LLP in February 2025, bringing experience in commercial real estate loan matters. All lawyers mentioned are based in New York unless otherwise noted.
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Key clients
- Third Coast Bancshares, Inc.
- A number of regional banks and Global Systemically Important Banks (G-SIBs)
- Two G-SIBs for Tender Option Bond Trusts (TOBs)
- A U.S. G-SIB
- Laconic Infrastructure Partners Inc.
- Third Coast Bancshares, Inc.
- A number of regional banks and Global Systemically Important Banks (G-SIBs)
- Two G-SIBs for Tender Option Bond Trusts (TOBs)
- A U.S. G-SIB
- Laconic Infrastructure Partners Inc.
- Third Coast Bancshares, Inc.
- A number of regional banks and Global Systemically Important Banks (G-SIBs)
Work highlights
Routinely advises banks of various sizes on the effective structuring, negotiation and implementation of Significant Risk Transfers (SRTs), transactions which sit at the intersection of derivatives and structured finance, which offer banks capital relief under the Basel bank capital regulations.
Represents dealers and buy-side firms, and in 2025 began to represent two additional G-SIBs, in connection with the creation and maintenance of both taxable and tax-exempt municipal tender option bond trusts, including proprietary and third-party tender option bond trusts (TOBs).
Acted as legal counsel to Third Coast Bank in its first-ever securitization—a $200 million revolving commercial real estate loan made to one of America’s largest private investment firms focused on real estate development.
Lawyers
Hall of Fame
The lawyers at the very top of the profession, widely known and respected by peers and clients for their longstanding involvement in market-leading work.
Leading partners
The strongest partners in their field, leading on market-leading deals and endorsed by peers and clients alike.
Practice head
James Frazier; Ivan Loncar
Other key lawyers
Brian Foster; Lary Stromfeld; Jed Miller; Patrick Calves; Daniel Meade