Structured finance deals of the year
Crompton of IFLR, Joan Ma of Linklaters, Nollaig Murphy
of Maples and Calder
WINNER: Source ETC programme
This transaction was specially designed to access the
expanding commodities market, a viable investment in which is
usually difficult to structure. The Source joint venture
between Goldman Sachs, Morgan Stanley and Bank of American
Merrill Lynch issues Exchange Traded Commodities (ETCs) that
replicate the performance of certain commodities indices.
A liquid instrument was developed that eliminated the risk
of default by swap counterparties and sold exposure to the
commodities with no credit risk.
Linklaters - Source
Maples and Calder - Source (Irish law)
This was a unique deal in the water sector as it
incorporated a co-existence structure to encourage existing
investors to consent to and come into the new debt. It overcame
clashes with the negative pledge clause to offer...