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Natalie R. Boyd

Partner
+44.(0)20.7360.8229
Fax +44.(0)20.7648.9001
+971.4.427.2731
Fax +971.4.447.5225

Natalie Boyd is a finance partner in the firm’s London office, primarily focused on structured products, debt capital markets, secured bank lending, derivatives and GCC wide regulation.

Ms. Boyd has over twenty years’ experience of advising leading U.S., European and regional arrangers, investment managers, fund managers and trustees on conventional and Islamic secured lending arrangements and structured credit and debt capital markets products, many of which were high profile in the credit markets. Ms. Boyd’s practice provides clients with English, UAE and DIFC law advice.

Professional Background

Prior to joining the firm Ms. Boyd was head of the UAE conventional financial markets and regulatory practice at the Dubai office of another international firm. Previously, she was a London-based partner in the Capital Markets group and co-head of the Paris Capital Markets group of the same firm.

Achievements

Ms. Boyd is recommended by the Legal 500 2012 and is ranked as a key individual by Chambers Global 2012.

Speaking Engagements

  • Understanding the regulation of securities, funds and derivatives in the Middle East
  • Doing Derivatives in the Middle East
  • Sukuk- An Alternative Source of Funding
  • Investment Considerations for foreign investors seeking to invest in the GCC
  • The impact of GCC foreign ownership restrictions on cross-border transactions
  • Current trends in the Middle East structured products market
  • Unrest in the GCC – Understanding and Enforcing Force Majeure clauses
  • Investing in Saudi Arabia – Understanding the rules and limitations on public and private securities offerings
  • The CMA Swap Circular and Tadawul initiative open up Saudi Capital Markets to foreign investors
  • The enforceability of close-out netting in the GCC
  • The role of the the Trustee: Ensuring Investor Protection in the debt and sukuk markets
Representative regional experience:
  • Advisor to leading international banks, hedge funds, investment/asset managers and insurance companies on the full range of banking, funds, securities, broker-dealer and insurance regulation; including:

    • the promotion, offering and registration of funds and other financial products across the Middle East region;
    • the establishment of companies, branches and representative offices in the UAE and DIFC;
    • advising on broker-dealer and distribution arrangements;
    • advising on corporate governance, compliance, AML, data protection and employment issues;
    • advising on regulatory enforcement and disciplinary issues; and
    • advising governments and regulators on the development of legislation, rule-making and legal policy.

  • Clients include Amadeus, Al khaliji, Allianz Zurich, AMG, Bank of America Merrill Lynch, Barclays, Blackrock, Citibank, Credit Suisse, Deutsche Bank, Duet, Emirates NBD, Emirates Islamic Bank, Falcon Private Bank Limited, Fisher Investments, Franklin Templeton, Goldman Sachs, HSBC, Julius Bar, Macquarie Bank, Natixis, QInvest, RBS, Societe Generale, T.Rowe Price, UBS, Zurich Insurance.
  • Advised Citi (UAE and London) on over USD 300m secured loan facilities.
  • Advised Deutsche Bank (UAE and London) on numerous secured financings and Sukuk programmes, including:

    • AED20BN Anka’a Sukuk Programme and AED8BN trust certificates issuance to compensate Nakheel trade creditors as part of the wider Dubai Group restructuring;
    • US$100m covered Sukuk Al Wakala Programme for life insurer Atlanticlux and USD 20m issuance pegged to Takaful insurance policies;
    • GBP 50m Sanad plc Sukuk Programme;
    • the listing, agency and custodianship of the Bank of London and the Middle East’s holding company shares on Nasdaq Dubai (the first listing in four years on the exchange);
    • the US$445MM public acquisition of Damas;
    • USD 50m restructuring of GGICO’s bilateral and syndicated, conventional and Islamic (hybrid) debt facilities; and
    • USD 100m conventional and Islamic (hybrid) secured refinancing of Baghlan loan facilities.

  • Advised JPMorgan on the establishment of its multicurrency Sukuk Programme.
  • Advised The Royal Bank of Scotland on the establishment of its Sukuk Programme and issuances of Shariah-compliant credit-linked notes thereunder.
  • Advised JP Morgan, Deutsche Bank, Emirates NBD and Société Générale in connection with over USD 1bn Shariah compliant and conventional, leveraged and non-leveraged, single to quadruple, UAE secured structured deposit-linked notes issuances off their EMTN programmes to enable access to higher interest rates offered by local banks on deposits.
  • Advised QInvest on numerous Islamic financings, including:

    • the establishment of its USD 5bn Shariah compliant multi product programme and all structured trust certificates issuances thereunder; 
    • the USD 50m proposed acquisition of EFG Hermes (Egypt);
    • the bank’s Islamic repo transactions platform.

  • Advised NASDAQ Dubai on the redrafting of its listing rules for Sukuk and conventional bonds.
  • Advised International managers and vulture funds on the restructuring of the Dubai World Group, including on UAE security, sovereign immunity and enforcement issues
  • Advised Saudi Stock Exchange (Tadawul) in relation to an innovative structure facilitating foreign institutional investment by way of an equity derivative structure.
  • Advised ADCB, Barclays Capital, Barclays Wealth, BNP Paribas, BAML, Commercial Bank of Qatar,Crédit Agricole, Deutsche Bank, HSBC, LTSB, Morgan Stanley, Natixis, Qtel, QNB, RBS, Société Générale, The National Investor and UBS in connection with the full range of derivatives products ranging from vanilla (interest rate, FX, total return swaps, forwards/futures, options) to structured derivative transactions, the CMA Swap Agreement and structures incorporating the ISDA/IIFM Tahawwut Master Agreement.
Representative international experience:
  • Advised Barclays Capital as arranger in connection with its Eurocastle CDO II (£200MM) and Eurocastle CDO III (€400MM) managed cash CDOs.
  • Advised Banco Santander as arranger in connection with the first synthetic securitisation in Spain (EUR 280m).
  • Advised BNP Paribas as arranger in relation to Olan 1 plc, the first synthetic CDO in France.
  • Advised Crédit Agricole:

    • as arranger in connection with the Daphne Finance II plc and Daphne Finance III plc synthetic CLO transactions; and
    • as arranger in relation to its Chloe (I-VII) credit-linked note/credit default swap transactions.

  • Advised Natixis:

    • as arranger in relation to its first synthetic CDO, Natixis I plc (EUR 48m);
    • as arranger in relation to its EUR 166m multi-trance credit-linked notes issuance;
    • established a number of its EMTN Programme and advised on numerous credit default swap issuances and negative basis trades thereunder; and
    • in connection with this activities as interest rate hedge provider, currency swap provider, TRS provider and note provider in relation to numerous term securitisations transactions, credit default swap transactions and negative basis trades.

  • Advised Credit Suisse:

    • as arranger on the US$300MM Cheyne Correlation CDO 1 transaction;
    • as arranger in connection with single tranche and full capital, managed and non-managed CDOs (including CDOs of ABS, CDOs squared, CDOs of long and short portfolios, CDOs of fund-linked and index-linked portfolios); and
    • led an extensive and complex review project of the bank’s CDO and repackaging transactions under its various EMTN programmes.

  • Advised Lloyds TSB Bank plc as arranger in connection with its £1BN synthetic CLO of UK SME loans, Ascot Black (this was the first transaction of its kind for the bank) and the subsequent Kelso and Doncaster Gold synthetic CLOs (including the restructuring of the Doncaster Gold CLO).
  • Advised Deutsche Bank as arranger in connection with a range of structured securities and credit derivative products under its Eirles and Art platforms.
  • Advised Dexia Bank; established its EUR 10bn EMTN Programme and advised in connection with several negative basis trades hedged by Goldman Sachs.
  • Advised Fortis Bank as arranger in connection with its EUR 237.5m synthetic CLO transaction (first synthetic healthcare securitisation in The Netherlands), EUR 209m Park Mountain synthetic CDO, EUR 24.25m Hortaplus synthetic CDO and EUR 210m Astir synthetic CDO transaction.
  • Advised Goldman Sachs as arranger in connection with a range of credit, fund and index linked note issuances under its Cayman EMTN Programmes.
  • Advised JPMorgan as arranger in connection with credit-linked note issuances under its Corsair EMTN Programmes.
  • Advised SGAM as fund manager on numerous managed and hybrid CDOs, including the Premium CFO (2007) Limited USD 200m fund-linked notes issuance arranged by Swiss Re.