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JUNE 2012

World Report - Offshore


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


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


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


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,


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


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


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.”


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.

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