24th Summer School for International Financial Law
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Delegates should arrive at St Catherine’s College on Sunday afternoon. 6.30pm Registration and welcome reception 7.00pm Dinner Monday Principles in common law systems Faculty: Arun Singh Common and civil law systems compared Case study: analysing a common law judgement English contract law Case study: contents of a guarantee syndication agreement Contractual obligations Lunch Case study: variation of international sales contract by subsequent payment instrument Conflict of laws (applicable law) Case study: the application of the Rome Convention to international financial instruments Tuesday International trade finance Faculty: Alan Ward International trade finance: overview Case study: the medium term financing of export products from Switzerland to Chile Introduction to bankers’ documentary credits Case study: fraud and illegality under documentary credits Lunch International bank guarantees: outline Case study: identifying the legal nature of the guarantee Risks in demand guarantees Case study: the products in practice: bonding structures in international construction contracts Wednesday Project finance Faculty: Geoff Haley What is project finance? Analysis and allocation of project risks The overview of project finance deals Lunch How the financial agreements link to other agreements The credit agreements Intercreditor issues, direct agreements and project security Workshop part 1: equator principles Islamic financing Thursday Project finance continued Faculty: Geoff Haley Workshop part 2: how to produce a structure and termsheet for a project Workshop part 3: project case study – application of principles Lunch Asset securitisation Faculty: Sidley Austin LLP Securitisation What is securitisation? Assets suitable for securitisation and their different legal problems Securitisation structures Friday Asset securitisation (cont) Faculty: Sidley Austin LLP Risk considerations and credit enhancement techniques Tax and accounting implications Credit-rating agency considerations Scope and content of documentation required Case study: a specific securitisation transaction is analysed in detail Dinner at a restaurant in Oxford Saturday and Sunday FREE WEEKEND Delegates will have the opportunity to explore Oxford or further afield. Details of excursions will be provided during the school. The Ashmolean Museum The Botanic Gardens Punting on the River Thames Guided walking tours Open-top bus tours www.visitoxford.org Monday Loan documentation Faculty: Sue Wright Introduction: the most common structures of loan transactions – Term sheets – Libor and bank funding – Loan agreement overview – Syndicated loans – Loan transfers – Due diligence Workshop part 1: common expressions used in international banking Lunch Tuesday Security Documentation Faculty: Tim Walker Introduction – Why take security? – Mortgages, charges, pledges and Liens Some general principles – Legal and equitable title – Legal and equitable charges, assignments and mortgages – Fixed and floating charges Anatomy of a Security Document – Fixed and floating charges revisited – Charges over book debts; the spectrum decision – Receivers and administrators – Floating charges – disadvantages – Key clauses and key issues Cross-border issues Guarantees Wednesday Swaps and swap derivatives Faculty: Schuyler K. Henderson Swaps and swap derivatives Introduction to legal issues The 2002 ISDA Master Agreement Lunch Provision by provision analysis of ISDA documentation Thursday Swaps and swap derivatives (cont) Faculty: Schuyler K. Henderson ISDA credit support issues ISDA credit support documents Discussion of other topical issues Lunch International securities documentation Faculty: Allen & Overy The mechanics, timetable and parties of a Eurobond issue: a theatrical analogy Analysis of a subscription agreement Disclosure and due diligence, prospectuses and information memoranda Friday International securities documentation continued Faculty: Allen & Overy Medium term notes – main differences between stand-alone bond issues and medium-term notes Structure and content of programme documentation Lunch MTN exercise feed-back Introduction to international equity offerings The main differences from debt issues Final course dinner Saturday Delegates depart after breakfast
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