Derivatives & Structured Products

Simmons & Simmons is a market leader in structured finance and derivative products with excellent coverage of both the buy- and the sell-side of the market. We advise many of the most active investment banks as well as asset managers and corporates and we are the derivatives adviser of choice to the European hedge fund community.

Specialist Expertise

We advise on the full range of derivatives and structured products, including structured credit products (such as credit derivatives, CLNs, repackagings, CDOs/CLOs and total return swaps); structured equity products (such as equity derivatives and CFDs, equity- and fund-linked notes, certificates and warrants); interest rate, FX and inflation products; commodity linked transactions; ETP platforms; Islamic derivatives (such as murabaha-, wa’ad- and salam-based products and advising on the ISDA/IIFM Tahawwut Master Agreement); prime brokerage and intermediation arrangements; credit risk mitigation (such as credit support, security and other collateralisation arrangements); repos and securities lending.

Our transactional teams work very closely with our regulatory lawyers who have been at the forefront of the debate concerning the changing regulatory landscape. In particular, we have been involved in co-ordinating, drafting and presenting market responses on retail structured products, UCITS, AIFMD and ETFs through the Joint Associations Committee comprising ISDA, ICMA and AFME and we are heavily involved on various ICMA, FMLC and FOA committees.

Experience

  • working with Bank of America Merrill Lynch, Banesto, Barclays, BBVA, Credit Suisse, Deutsche Bank, JP Morgan, Morgan Stanley, RBC, RBS, Société Générale and UBS, among others, in relation to on- and off-balance sheet structured note issuances
  • advising a number of large investment banking and private wealth institutions on questions arising from the practical implementation of the EMIR requirements, including drafting client communications with respect to reporting obligations, client classifications and timely confirmations
  • advising on complex collateral segregation structures and assisting clients in establishing tri-party segregated initial margin arrangements for uncleared OTC derivatives
  • advising a number of entities on the impact/implications of adherence to the ISDA Dodd-Frank Protocol and the related extra-territoriality issues
  • advice in relation to holding and restructuring Lehman related structured credit products
  • advising a major investment bank on two series of multi-tranche, fund backed and index-linked secured notes providing investors with total daily liquidity in excess of JPY200 billion
  • providing advice to a number of investment banks on the provision of hedging under secured leveraged loans, whole business securitisations and other structured funding arrangements (including the negotiation of tailored ISDAs and transaction documentation)
  • advising several major international investment banks on the development of Shariah compliant products, including an on-balance sheet certificate programme and suite of pro-forma derivative documentation utilising the ISDA/IIFM Tahawwut Master Agreement
  • acting for a number of investment banks in relation to the structuring and sale of structured securities to the public in Italy.
  • Providing advice to a number of investment banks as arranger and swap counterparty in connection with the consequences of significant market developments, including rating downgrades, on their structured debt and derivative portfolios