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Covington’s finance practice includes a range of structured finance and financial derivatives transactions. The firm advises asset managers, investors, lenders and other parties in structuring, executing and managing sophisticated pooled investments and complex structured investment products.
We handle transactions involving a diverse range of asset classes and deal structures, including CDO/CLOs; equity- and credit-linked notes; asset-backed commercial paper, medium term notes and auction rate securities; cash and synthetic deals; and multi-tranche and single-tranche transactions. Our lawyers have extensive experience with the financial derivatives used in connection with structured products, including interest rate and currency swaps, total return swaps, credit default swaps (including pay-as-you-go structures and index swaps), and equity derivatives. Our finance lawyers draw upon the firm’s extensive expertise in capital markets and securities regulatory matters, bankruptcy and restructuring, and tax and ERISA.
Representative Matters
- Representing Resource America and its Apidos and Ischus financial fund management affiliates as collateral manager in a series of cash and synthetic CDO and CLO transactions. The firm also represented Resource America in the acquisition of CLO management business previously operated by a ACA Capital.
- Representing a large US pension fund in a series of managed, single-tranche credit-linked note transactions investing in leveraged loan and distressed ABS assets.
- Advising the UK manager of two structured investment vehicles (SIVs) on US law aspects affecting the SIVs’ restructuring.
- Representing US and international investors in bespoke CDO, variable rate note, equity- and credit-linked note and other complex structured product investments.
- Advising a major US investment bank in developing and structuring a liquidity alternative for auction rate securities investors.
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