CC seals landmark credit derivatives deal
Clifford Chance's (CC's) London and New York offices have jointly advised new asset management firm Channel Capital Advisors on setting up the first credit derivative product company (CDPC) in Europe.
August 29, 2007 at 09:57 PM
2 minute read
Clifford Chance's (CC's) London and New York offices have jointly advised new asset management firm Channel Capital Advisors on setting up the first credit derivative product company (CDPC) in Europe.
CDPCs, which already exist in the US, are synthetic companies set up to take on or swap the economic risk of portfolios of derivative trades.
The new company – also called Channel Capital – was set up in Ireland and has the initial capability to issue up to £503m of variable notes.
CC London capital markets partner Neil Hamilton led a team advising Channel Capital and a consortium of banks behind it comprising Calyon, KBC Bank and Landesbank Baden-Wurttemberg. The firm has been working on the deal for around 12 months.
Hamilton was assisted by London tax partner Chris Davies and worked alongside New York corporate partner Jerry Marlatt and associate Robert Weiss.
The Dublin office of A&L Goodbody, led by capital markets partner Nollaig Murphy, acted for the issuer and Bedell Cristin provided Jersey law advice.
Hamilton said: "This is a milestone transaction for the European credit market and we are delighted to have been involved."
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