This book includes a plain text version that is designed for high accessibility. To use this version please follow this link.
JUNE 2012


World Report - Offshore


15


ogier acts for cantor Fitzgerald


Ogier have acted for Cantor Fitzgerald L.P. in connection with the establishment of their US$20,000,000,000 fully- supported asset-backed commercial


paper


programme called ISF Ltd. The ISF programme is made up of Institutional Secured Funding (Jersey) Limited and Institutional Secured Funding LLC.


ISF Ltd will add value for Cantor Fitzgerald's global bank relationships while providing an attractive investment for their fixed income clients.


The Ogier legal team comprised Partner Chris Byrne and Senior Associate Peter Longstaffe. Ogier Fiduciary Services provide


ongoing


company secretarial and administration services to ISF. The Ogier Fiduciary team is led by Director Peter Gatehouse and includes Manager Ellen Chislett and Senior Administrator


Emma


Laffoley. Chris Byrne said "Jersey has


a market leading position in locating asset backed commercial paper issuing entities and we were delighted that the Cantor team chose to work with us in Jersey on what is their first programme of this type.'"


ISF Ltd. is a bankruptcy- remote, special-purpose vehicle established under Jersey law to issue U.S. dollar-denominated short term notes. These notes are standard, callable, puttable,


puttable/


callable, and extendible. ISF may also issue standard short-term Euro notes denominated in U.S. dollars, Euros, Pound Sterling and other approved currencies. The U.S. notes are jointly issued with Institutional Secured Funding LLC, which is


a bankruptcy-remote special-purpose vehicle established


under


Delaware law. ISF may issue up to $20 billion of notes.


ISF Ltd. will use the proceeds


from the


short-term notes issuances to enter into support agreements with major global banks rated at least A-1 and Prime-1 by Standard & Poor's and Moody's, respectively. The short-term notes will have maturities of up to 397 days and the extendible notes can have initial maturities of up to 397 days and final maturities of up to seven years.


US legal advisers on the deal were Chapman & Cutler LLP."


Harneys strengthens position in cyprus


Harneys has strengthened its position in cyprus and is now among the top four law firms in the country, according to the latest edition of chambers Europe, published last week.


described as a “compact and commercially focused outfit [that] has gone from strength to strength in its corporate output”, Harneys is ranked in Band 2, up a position from 2011.


”[the firm is] able to handle complex day-to-day matters and maintain an international


noted deals include the cross-border merger of a cyprus-registered company with a Polish- registered one, forming part of one of the most sizeable groups in the Polish food industry.


law firm


standard of service,” a client is quoted as saying.


Emily Yiolitis, who is the managing partner of the cyprus office, is highlighted for her “expertise in tax and corporate law” while Pavlos aristodemou is described as both "proactive and creative." and "He comes across as a city lawyer in his approach to things,” says one client of Pavlos. also recommended is nancy Erotocritou who “leads on many important deals for the firm”.


Harneys entered the cyprus legal market in 2008 through a strategic alliance with the boutique cypriot law firm aristodemou, Loizides Yiolitis LLc. In 2009 the firms merged to become the first international offshore law firm in cyprus. over the ensuing 3 years the cyprus office has grown to a headcount of over 20 while developing its international reputation for reliable, timely and commercially astute cypriot


legal


services. the improved ranking in chambers augurs well for the firm and serves to confirm its growing reputation worldwide.


chambers has been researching the legal profession in Europe for more than 10 years, identifying leading lawyers and law firms and providing in-depth analysis of the legal markets in 51 jurisdictions.


carey olsen and KPMG act for alcentra on LSE fund IPo


CAREY Olsen and KPMG in Guernsey have advised Alcentra on the launch of the Alcentra Europe Floating Rate Income Fund Limited.


The fund is a Guernsey- domiciled, closed-ended investment company which raised £80m by way of an initial public offering (IPO) on the main market of the London Stock Exchange (LSE). Carey Olsen provided specialist Guernsey legal advice and KPMG have


been appointed as auditors and provided reporting accountant services in relation to the establishment of the fund. Oriel Securities sponsored the listing and UK law firm Linklaters advised on the UK elements of the deal.


The fund will invest in floating rate, senior secured loans to corporate entities domiciled in, or with significant operations, in Europe and predominantly rated below investment grade. The fund will target an annual return


objective of 7% to 10% and aims to pay out a quarterly dividend initally targeted at 5.5% per annum.


The Carey Olsen team was headed by corporate partner, Tom Carey, and included associate, Oliver Quarmby. The KPMG team was led by Ashley Paxton, head of advisory, and senior manager, Gavin Niven.


Advocate Carey said: “For Carey Olsen is it another example of our expertise


and experience in the preparation and launch of funds of this type. For Guernsey, it is another ringing endorsement of its premier position as a jurisdiction of choice for investment fund work.”


Mr Paxton said: “This launch, achieved under challenging market conditions, demonstrates continued


is encouraging that we are continuing to see interest from clients for these types of fund vehicles domiciled in Guernsey.”


investor


confidence in Guernsey’s closed-ended sector. It


“With our extensive experience of previous main market fund launches, our team complimented Alcentra and Carey Olsen throughout the listing process to deliver a seamless and high quality service,” added Mr Paxton.


www.lawyer-monthly.com


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100