Europe awards: structured finance

Author: | Published: 18 Mar 2010

Structured finance deals of the year

L-R: Simon 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)

ALSO NOMINATED:

Yorkshire Water
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...