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MASTERING FINANCE LINKED SWAPS


WALKER G.

wydawnictwo: FT/PH , rok wydania 2003, wydanie I

cena netto: 410.00 Twoja cena  389,50 zł + 5% vat - dodaj do koszyka

It is rare today that a project lender, property development financier, PFI banker, MBO debt provider or securitisation investor does not insist on its borrower taking out some form of interest rate and/or cross-currency hedging. By and large, however, the implications of integrating a swap into a structured financing are little understood and often ignored. At best, current practice is often misrepresentative and lax.

Mastering Finance-linked Swaps is the first book to offer clear, detailed, practical guidance on the key commercial, operational, legal and documentation issues that arise. It will provide lenders, swap providers, borrowers, finance consultants and lawyers with the confidence and technical ability to ask the right questions at the right time, and to ensure that, whatever the nature of the financing, the swap is correctly integrated into the structure.


Contents

About the author

Disclaimer

Acknowledgements

Author's foreword

1 Introduction

What is a finance-linked swap?

Comparison with stand-alone derivatives

Comparison with fixed rate loan arrangements

Comparison with other finance-linked derivatives

Size and shape of market

Structural formats

Current market practice

2 Swap and loan markets compared

Similar but different?

Economic differences

Documentation differences

Operational differences

Legal differences

Cultural and conceptual differences

Does it matter?

3 Key commercial considerations

Hedging strategy

Economic symmetry

Credit symmetry

Prepayment

Security and intercreditor issues

Transferability

4 Key documentation considerations

Swap documentation

Loan documentation

Security documentation

Intercreditor documentation

Ancillary documentation

5 Key legal and regulatory considerations

Overview

Capacity and authority

Suitability

Reliance

Reputation, regulatory and litigation risk

Advisor liability

6 Market-specific considerations

Common themes

Project financings

Property financings

PFI financings

MBO financings

7 Repackagings and securitizations

Overview

Purpose of swap

Illustrative structures

Rating agency approaches and criteria

Significance for swap documentation

Significance for swap providers

8 Specialized applications

Swaps linked to debt capital market instruments

Share scheme hedges

Swaps with AAA-rated derivative product companies

Accrual swaps

Building society applications

Private client applications

9 Project managing finance-linked swaps

Who manages?

Managing the borrower

Managing the lender/syndicate

Managing the swap provider

Managing the rating agencies

Operational issues and timing

Cost

Post-drawdown issues and restructuring the deal

10 Conclusions

What constitutes best practice?

Barriers

Drivers

A vision for the future

Annexes

Bibliography

222 pages

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