Bharat Book Bureau

Written by Richard Tinsley, author the best-selling self-study guide Project Finance. Underpinning this book’s many revealing case studies is an identification of the major risks in project finance. The reader is then presented with 214 real-world case studies in which each choice of risk structure is explained and assessed. Interest areas: project finance, currency risk, credit risk, counterparty, joint venture documentation, emerging markets.

Introduction

“…The wealth of information will be appreciated by hardened industry professionals and by relative newcomers. Tinsley is to be congratulated on this outstanding work…” Michael W. Good, Managing Partner, Project Risk Advisors Ltd – London.

This book is an indispensable guide to the risks encountered in a project financing. Written by Richard Tinsley, author of the best-selling self-study guide the book begins by identifying the key risks in project finance.

From this, the reader is presented with 214 real-world case studies in which each choice of risk structure is explained and assessed. Starting with a cashflow analysis, the book looks at the best structures and funding techniques to mitigate and avoid risk. Deal diagrams are used to illustrate the many alternative project finance structures that can be considered. Furthermore, allied financial measures are explained and demystified.

This book is an invaluable guide for the project finance practitioner, enabling them to dissect any project finance and find the appropriate risk structuring.

Interest areas: project finance, currency risk, credit risk, counterparty, joint venture documentation, emerging markets.

Table of Contents

Preface

Author biography

List of case studies

List of exhibits

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Your line-by-line guide to the TBMA/ISMA Global Master Repo Agreement, the US Master Repo Agreement and the European Master Agreement .Introduction:Your complete, line-by-line guide to the TBMA/ISMA Global Master Repo Agreement, the US Master Repo Agreement and the European Master Agreements.

This book also provides you with a detailed examination of

The rapid expansion of the repo market,

Triparty repos and other products

A review of legal issues.

Includes reproductions of all the relevant documents.

For both seasoned practitioners and newcomers to the market.

“There’s more to repo master agreements than meets the eye. Paul Harding and Christian Johnson provide an illuminating guide to the legal and practical issues that concern both front office and negotiators. The book is invaluable to those who are new to this field, and a fresh look at these well-established master agreements is a good idea for anyone in the industry.” - Kurt Crommelin, Head of Legal, Bayerische Hypo- und Vereinsbank AG, London

‘The combination of an overview of the market and legal issues, coupled with the detailed analysis of the major market agreements and commonly negotiated provisions, will provide a valuable training guide and reference book in an area where negotiation and complexity is increasing. The review of the core general and margin provisions of the EMA, which apply to all their product annexes, will also prove of wider use to derivative and securities lending negotiators.’ Keith Spiller, Executive Director -Traded Products Legal, UBS Investment Bank

Table of Contents

A Practical Guide to Using Repo Master Agreements

Contents

Foreword
Preface
About the authors
Acknowledgements

Chapter 1: Introduction to the repo markets
Origins and size of the repo market
Nature and types of repo
Typical uses of repo
Buy/sellbacks
Differences between repos and securities loans
Risks with repos

Chapter 2: Legal issues affecting repos
English perspecive
Legal nature of a repo transaction
Other applicable laws
The Sykes opinion
The TBMA/ISMA GMRA English law opinion
ISMA legal opinions
US Perspective
Introduction
Enforcement of New York choice of law
Enforceability of the Master Repurchase Agreement
Recharacterisation of a repo as a secured loan
US bankruptcy and banking insolvency law
Capacity
Severability
Use of employee plan assets

Chapter 3: Commentary on the TBMA/ISMA Global Master Repurchase Agreement
Evolution of the TBMA/ISMA GMRA
Structure of the TBMA/ISMA GMRA
Paragraph-by-paragraph analysis of the TBMA/ISMA GMRA
TBMA/ISMA GMRA Annex
Annex I Part 2
Additional provisions appearing in Annex I negotiations
TBMA/ISMA GMRAAnnex II
Other annexes

Chapter 4: The European Master Agreement
Background
Structure of the European Master Agreement
Clause-by-clause analysis of the EMA

Chapter 5: Commentary on the Master Repurchase Agreement (September 1996 version)
Evolution of the Agreement
Structure of the Agreement
Paragraph-by-paragraph analysis of the Agreement
Annex 1
Additional provisions appearing in Annex I negotiations
Other Annexes

Chapter 6: Tri-party Custodial Agreements
Introduction
Paragraph-by-paragraph commentary
Recitals

Chapter 7: New developments
European Repo Council half-yearly survey
Form of mini close-out notice
Shaping of deal tickets for settlement purposes
ISMA’s buy-in rules

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