Baker & McKenzie advised the financial investor Yorkville Advisors LLC of New Jersey once again on a standby equity distribution agreement (Standby Equity Distribution Agreement, SEDA). The commitment was given by the Swiss subsidiary of the SIX Swiss Exchange listed pharmaceutical company Santhera Pharmaceuticals Holding SA. The total value of the equity facility amounts to CHF10 million over a period of three years.

Linklaters has advised the BNP Paribas Emissions- und Handelsgesellschaft mbH on the actualisation of their securities programs with regard to the structured certificate of indebtedness for private investors. For this purpose, two basis prospectus have been launched: A securities prospectus for bond warrants and one for  certificates, whereas in each case a different basis value exists for e.g.  shares, raw materials and currency.

International law firm Clifford Chance recently advised Russian private business group Renova Group in relation to a strategic equity financing transaction in the amount of CHF 1 billion.

A club of banks entered into equity forward and swap trades with Renova Group on the basket consisting of several listed shares with a duration of 3 years.

The club was arranged by the following banks: Natixis S.A., Credit Suisse AG, ING Bank N.V, .J.P. Morgan Securities plc and Societe Generale.

Nabarro has advised the Trustee of the BAE Systems 2000 Pension Plan on the completion of the largest ever UK longevity swap. The arrangement, with Legal & General, protects the pension plan against the risk of its 31,000 current pensioners living longer than expected, covering a total of £3.2bn of pension liabilities (£2.7 bn as measured by the Plan). Legal & General will pass 70 per cent of the longevity risk to Hanover Re for reinsurance.

A&O has advised BAE Systems plc, the corporate sponsor of the BAE Systems 2000 Pension Plan, on a transfer of longevity risk arising from the Pension Scheme to Legal & General Assurance Society (LGAS). This longevity swap is the single largest pensions insurance transaction in the UK to date.

Simmons & Simmons Advises on Boost ETP Securities Programme

Simmons & Simmons has advised Boost, a new independent Exchange Traded Products (“ETPs”) provider, on the establishment of a collateralised ETP securities programme (the “Boost Programme”).