Fabien Carruzzo

Advised the trustee of HSBC Group’s UK pension scheme on U.S. insurance law and commercial law issues in a longevity risk transfer transaction with Prudential Insurance Company of America, the flagship company of Prudential Financial.

Represented Brevan Howard funds in negotiating several committed structured credit product/total return swap facilities providing synthetic exposure, on an unfunded and leveraged basis, to a portfolio of fixed-income instruments or other assets while maintaining most of the attributes of ownership.

Advised a large credit hedge fund on the application of the ISDA Credit Derivatives Definitions to first-of-their-kind failure-to-pay issues arising out of ongoing litigation regarding debt principal acceleration, providing novel strategic advice on the application of market-standard definitions to new circumstances, drafting of submissions and argumentation to the ISDA Credit Derivatives Determinations Committee.

Advised an ad hoc group of bondholders and CDS protection buyers on the consequences of a proposed refinancing of McClatchy Co. on the CDS contracts involving possible orphan CDS issues and similar consequences following the repayment and subordination of certain debt obligations, to protect the value of the group’s $70 million of CDS notional amount.

Negotiated a deal-contingent back-to-back commodity swap transaction providing exposure to commodity derivatives trades written by swap dealer Natixis in the context of an M&A deal involving oil-generating assets provided downside protection in the event the underlying M&A deal was not completed.

Represented VakifBank, a leading Turkish bank, in the issuance of $930 million in asset-backed notes under its DPR future-flow securitization program and a $428 million total return swap with JPMorgan, providing VakifBank with synthetic exposure to a corresponding amount of asset-backed notes, together with a $300 million swap financing over a five-year period.

Represented York Capital Management in connection with the structuring and negotiation of complex, synthetic back-to-back swap structures providing exposure to various interest rate swaps entered into by distressed project finance entities.

Represented various Lehman Brothers entities, including Lehman Brothers Treasury Co. B.V. (the Dutch Lehman Brothers entity) and Lehman Brothers Securities N.V. (the Netherlands Antilles Lehman Brothers entity), on a wide range of derivatives and structured products issues (including valuations issues) in connection with their substantial swap portfolio hedging approximately $47 billion of structured notes issued by our clients.

Structured and negotiated a series of parallel loan total return swap financing transactions for Marblegate Asset Management, facing both Deutsche Bank and Goldman Sachs, extending financing for a $216 million portfolio of par and distressed loans.

Structured and negotiated on behalf of Corbin Capital Partners a loan warehouse total return swap transaction providing $150 million of pre-CLO financing from Citibank that was utilized to enable Corbin to acquire a portfolio of corporate loans that were ultimately packaged into a CLO.

Assisted a major European swap dealer in drafting and negotiating credit support arrangements with its priority swap counterparties primarily located in the U.S., EU and Canada in connection with implementation of global non-cleared swap margin regulations,

Advised Natixis on the treatment of certain FX contracts as deliverable and non-deliverable FX forwards based on applicable trading practices of the FX business and our assessment of the regulatory treatment of those products and prepared a compliance policy centered on avoiding undesired regulatory burdens.

Represented one of the largest international accountancy and professional services firms in structuring and negotiating a bespoke fund-linked put option designed to enable the accountancy firm to exit any hedge fund investment on very short notice upon the occurrence of certain independence events affecting the accountancy firm’s ability to maintain such hedge fund investments.

Advised a large European bank on the structuring of an FX nondeliverable quanto forward, seeking to enable the bank’s U.S. employees who were eligible for deferred compensation to protect against adverse exchange rate movements in connection with deferred compensation payments denominated in a foreign currency.