Last Updated June 10, 2019

Law and Practice

Contributed By Walkers

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Walkers is a global firm with ten substantive offices around the world. Its transactions often involve Cayman Islands, British Virgin Islands, Bermuda, Jersey and/or Guernsey legal matters, and it provides an integrated service to clients across its offices, legal systems and time zones. The finance and capital markets group in Ireland comprises a team of 23, including two listing agents. The group also includes four tax-advisers (including two tax partners) who support a number of practice areas and 16 dedicated capital markets fee-earners who spend the vast majority of their time advising on debt capital markets activity. In addition, the team works with asset finance, corporate, real estate and investment funds teams on multi-disciplinary, cross-border mandates. It is one of the largest dedicated debt capital markets teams in Ireland. The firm was a founding member of the Irish Debt Securities Association (IDSA) and sits on the Executive Council and Legal, Tax, CSP and Listing Sub-committees.

The principal adviser in relation to an issuance of debt securities is typically the Arranger or Lead Manager (although not all deals will have an Arranger or Lead Manager). The Arranger/Lead Manager is typically an investment bank and is responsible for arranging the transaction. The Arranger may also act as placement agent (where the debt securities are being placed) or initial note-purchaser. The Arranger/Lead Manager is often responsible for selecting the other advisers and transaction parties in connection with the issuance and listing of debt securities, which include:

  • Issuer;
  • Trustee/Note Trustee/Security Trustee;
  • Registrar;
  • Account Bank;
  • Transfer Agent;
  • Paying Agent;
  • Corporate Services Provider (where the issuer is an SPV);
  • Listing Agent;
  • Auditors;
  • Hedging Providers (where applicable); and
  • Agents for service of process.

In collateralised loan obligation transactions, the following additional transaction parties will be seen:

  • Collateral Administrator;
  • Collateral Manager; and
  • Custodian.

In a typical asset-backed securities (receivables) deal, the following additional transaction parties will also be seen:

  • Cash Manager;
  • Seller; and
  • Servicer.
Walkers Global

The Exchange,
George's Dock, IFSC,
Dublin 1,
Ireland

+353 1 470 6600

+353 1 470 6601

info@walkersglobal.com www.walkersglobal.com
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Authors



Walkers is a global firm with ten substantive offices around the world. Its transactions often involve Cayman Islands, British Virgin Islands, Bermuda, Jersey and/or Guernsey legal matters, and it provides an integrated service to clients across its offices, legal systems and time zones. The finance and capital markets group in Ireland comprises a team of 23, including two listing agents. The group also includes four tax-advisers (including two tax partners) who support a number of practice areas and 16 dedicated capital markets fee-earners who spend the vast majority of their time advising on debt capital markets activity. In addition, the team works with asset finance, corporate, real estate and investment funds teams on multi-disciplinary, cross-border mandates. It is one of the largest dedicated debt capital markets teams in Ireland. The firm was a founding member of the Irish Debt Securities Association (IDSA) and sits on the Executive Council and Legal, Tax, CSP and Listing Sub-committees.

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