Our Derivatives & Structured Products team advises clients on the legal structuring of a broad range of derivatives and structured products. We also advise on regulatory aspects relating to such transactions, monitoring regulatory changes on an on-going basis.
Gide has a significant track record in acting on complex stand-alone transactions, in particular strategic equity derivatives and structured credit derivatives (credit linked notes, CDO, CPPI, CPDO, CFXO), as well as structured repos, whether used in connection with risk management or risk transfer transactions, or to finance or build positions in financial assets. Our team also generally advises on the hedging aspects of structured finance transactions (securitisations, covered bonds, corporate and asset financing, project finance), working closely with the other teams within the Banking and Finance practice.
In addition to advising on transactions on mature markets, the Derivatives & Structured Products team has extensive experience in emerging markets, particularly in Central & Eastern Europe, as well as in Asia and Northern Africa. It is often at the forefront of structuring transactions novel to such jurisdictions.
Many members of the Derivatives & Structured Products team have come from an investment banking background or have spent time on secondment with international investment banks, allowing the team to approach transactions with a deeper appreciation of clients’ commercial considerations.
Gide advises banks and other financial institutions, corporates, investment funds and hedge funds, as well as local authorities and public institutions on a broad range of transactions involving derivatives and structured products and on their related regulatory aspects. Gide is also active in the settlement of litigation or pre-litigations aspects of such type of transactions on behalf of clients. Experience includes:
- Counsel to French and international investment banks, investment funds and corporates on the structuring and implementation of equity derivatives financing transactions, monetisation of financial flows or shareholdings and warehousing transactions.
- Counsel on structured repo transactions refinancing certain asset-backed securities (ABS) to provide liquidity and monetise shareholdings.
- Counsel to a large number of French covered bond issuers on their hedging strategy in relation to their respective rated covered bond programmes, including implementation of rating agency criteria (both under ISDA and FBF Master Agreements) and dialogue with rating agencies.
- Counsel to asset managers on various structured credit notes with a leverage exposure to the performance of actively managed reference portfolios (CPPI, CPDO, CFXO, CSO).
- Counsel to investment banks, corporates, local authorities and national and international industry bodies on domestic netting and collateralisation regulations for derivatives and repurchase agreements in France and the United Kingdom, and in emerging markets such as China, Hungary, Morocco, Poland, Romania, Russia, Tunisia, and Vietnam.
Gide Loyrette Nouel has ‘unchallenged legal expertise in the context of French market’ securitisation, covered bonds and structured finance transactions. The team stands out for its ‘personal involvement, professional skills’ and ‘proven ability to adapt to innovative and hybrid structures and customers’ requirements’.
The derivatives practice is ‘extremely good, including when it comes down to tight deadlines and execution of complex transactions’; key contacts include ‘dealmaker’ Arnaud Duhamel, who ‘manages to close highly strategic transactions thanks to his very fine risk analysis’, and London-based Karine Imbrosciano, who is ‘definitely one of the leaders in French derivatives’.
Legal 500 EMEA 2017