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International Loans, Bonds, Guarantees and Legal Opinions

International Loans, Bonds, Guarantees and Legal Opinions
3rd Edition
Series:  Law and Practice of International Finance Series
ISBN:  9780414044692
Published by:  Sweet & Maxwell
Publication Date:  30 Jun 2019
Subscription Information:  Non-Subscribable Product
Format:  Hardback
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The Law and Practice of International Finance series is your definitive guide to international finance. It considers the full range of topics across nine volumes, setting out the law and practice of trading assets on the international markets. This essential work, by one of the leading finance specialists of a generation, provides a simple, unified and distilled account of the whole topic.

This volume sets out the legal rules, at a domestic and international level, for the administration of debt finance. The principles underlying syndicated loans and bond issues are explained, alongside two common prerequisites to the advancement of a loan or bond issue: the guarantee and the closing legal opinion.

Philip Wood is one of the leading authorities on international finance worldwide, as well as a practitioner and teacher. He was a partner in international law firm Allen & Overy until his retirement in 2018, and for ten years was head of the banking department. Subsequently he led the firm’s Global Law Intelligence Unit. Philip is the Yorke Distinguished Visiting Fellow at the University of Cambridge, and has previously been Visiting Professor in International Financial Law at the University of Oxford, Queen Mary University of London, and the London School of Economics. He has lectured at more than 60 universities worldwide and has written more than 20 books.

Features:
  • Provides a comparative overview of the laws in the key jurisdictions of the world
  • Explains the law and practice in each area including:
    • Syndicated bank credit agreements and loan transfers
    • International bond issues including equity-linked
    • Bonds, note programmes and high yield notes
    • Bondholder trustees and collective action clauses
    • Bank guarantees, standby letters of credit and comfort letters
    • Formal transaction legal opinions
  • Gives structure outlines for guarantees and legal opinions 
  • Features extensive snapshot precedents to help facilitate drafting

CONTENTS

Part 1 – The Topics
1. The Topics

Part 2 – International loans
2. International term loans and syndicated credits
3. Types of credit facility
4. Standard forms of credit agreements
5. Advance of loans
6. Repayment and prepayment
7. Interest
8. Margin protections
9. Representations and warranties
10. Covenants generally
11. The standard covenants
12. Financial covenants
13. Events of default
14. Special events of default
15. Acceleration and enforcement
16. Syndicate agent pro rata sharings
17. Payments set-off, syndicate democracy
18. Final clauses
19. Outlines of credit agreement documents
20. Loan transfers generally
21.

REVIEWS

Reviews of the 2nd edition
“To the uninitiated, the law and practice relating to these transactions can be virtually impenetrable, yet Professor Wood’s analysis of everything from fundamental concepts to the minor details is crystal clear. He uses considerable creativity and originality to enhance his analysis.” 
– J Atwood, Uniform Law Review, 2009

“International Loans, Bonds, Guarantees and Legal Opinions is a helpful overview of the law and practice surrounding the different types of loans and credit agreements (from bilateral term loans to international syndicated facilities in many different transactions such as private equity finance and project finance), the law and practice of international bond issuance (covering different types of bonds such as convertible bonds and high-yield bonds), the use of guarantees (including export credit guarantees and standby letters of credit), the roles played by the different participants (such as arrangers, syndicated agents and bondholder trustees), and the practice of issuing closing legal opinions. Particularly valuable is the fact that a large part of the book is devoted to considering the terms of various credit agreements and international bonds, the rationale behind these terms and the typical market practice.” 
- L C Ho, Journal of International Banking and Financial Law, 2008

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