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详细
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
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PART 1: International loans
Introduction to term loans and syndicated credits
Types of credit facility
Financial terms of syndicated credit agreements
Representations and warranties
Covenants
Events of default
Agency, syndicate democracy, transfers and other clauses
Outline of credit agreement documents
Loan transfers and participations
PART 2: International bond issues
Bond issues: general principles
Negotiability of bonds and clearing systems
Terms of bonds
Convertible and other equity-linked bonds
High yield notes
Other special types of bond issue
Bondholder trustees and meetings
Syndicate agents and bondholder trustees as fiduciaries
PART 3: Guarantees
Introduction to guarantees
Terms of guarantees
Independent guarantors: bank and export credit guarantees
Stand by letters of credit
Other forms of guarantee
Comfort letters
Outlines of guarantees
PART 4: Legal opinions
Introduction to legal opinions
Terms of legal opinions
Outlines of legal opinions.
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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