Chris McGarry

Partner, London

Biography

Overview

Chris McGarry advises arrangers, sponsors and issuers on collateralised loan obligations, residential mortgage-backed securities, commercial mortgage-backed securities and esoteric asset classes such as commodities and whole-business securitisations.

Chris also advises on a broad range of matters relating to ESG and sustainability including advising clients on the Sustainable Finance Disclosure Regulation. Chris served as a Knowledge Partner to the G20 Sustainable Finance Study Group and in this role co-authored the G20 white paper on sustainable finance the main recommendation in which has been adopted by the European Central Bank with effect from 2021. Chris is also partnering with UN Women to develop gender equality bonds.

In the latest edition of Legal 500 UK 2022, clients say 'Chris McGarry is technically superb, commercially astute and a thoroughly nice person to work with', and 'Chris McGarry, has exceptional knowledge of the market, identifies key commercial, legal or regulatory issues early on and is able to effectively lead the team to deliver under tight deadlines.'

Bars and Courts
Solicitor, England and Wales
Education
LLB
University of Edinburgh
BPP Law School
Languages
English

Experience

Representative transactions include advising:

  • Arrangers and sponsors on >50 EUR CLOs since 2018. Recent transactions include advising:
    • Goldman Sachs as arranger of Cairn CLO XIV for Cairn Loan Investments.
    • Bank of America as arranger of the refinancing of CVC Cordatus Loan Fund XV for CVC.
    • Morgan Stanley as arranger of the refinancing of Toro European CLO 6 for Chenavari.
    • Morgan Stanley as arranger of the Invesco Euro CLO VI for Invesco.
    • Bank of America as arranger of the refinancing of Cairn CLO X for Cairn Loan Investments.
    • Morgan Stanley as arranger of Bain Capital Euro CLO 2021-1 for Bain Capital.
    • Citigroup as arranger of the reset of BlackRock European CLO III for BlackRock IM (UK).
    • BNP Paribas as arranger of BNPP AM Euro CLO 2021.
    • GreensLedge/NatWest as arranger of the rest of Crosthwaite Park CLO for Blackstone.
    • Morgan Stanley as arranger of the reset of Armada Euro CLO I for Brigade.
    • Morgan Stanley as arranger of the reset of Adagio IV CLO for AXA.
    • Credit Suisse as arranger of the reset of Anchorage Capital Europe CLO 2 for Anchorage.
    • Morgan Stanley as arranger of the refinancing of Providus CLO II for Permira.
    • BNP Paribas as arranger of the refinancing of Carlyle Euro CLO 2019-1 for Carlyle.
    • Citigroup as arranger of the reset of St. Paul's CLO X for ICG.
    • Morgan Stanley as arranger of the refinancing of Jubilee CLO 2014-XI for Alcentra.
    • Morgan Stanley as arranger of the refinancing of Jubilee CLO 2014-XII for Alcentra
    • Morgan Stanley as arranger of the refinancing of Jubilee CLO 2016-XVII for Alcentra.
    • Morgan Stanley as arranger of the refinancing of Man GLG Euro CLO III for Man GLG.
    • Morgan Stanley as arranger of Neuberger Berman Loan Advisers Euro CLO 1 for Neuberger Berman. This was the first CLO to include objective definitions and reporting in respect of ESG obligors in the portfolio, adopting the model first proposed by White & Case in a client alert in 2019.
    • Morgan Stanley as arranger of Carlyle Euro CLO 2020-2 for CELF Advisors LLP. This was the first securitisation of any asset class to close post-Brexit and as such was structured to comply with both the UK Securitisation Regulation and the EU Securitisation Regulation.
  • The Bank of England and The People's Bank of China as Knowledge Partner to the G20 Sustainable Finance Study Group responsible for proposing new global rules for sustainable securitisation.
  • Habito as the originator and servicer of various UK RMBS transactions.
  • The ad hoc committee of bond holders on the restructuring of the Trafford Centre CMBS transactions.
  • Trafigura on the establishment of the world's first "true sale" commodities securitisation programme financing crude oil and refined metals inventories in jurisdictions across Europe, the Middle East and Asia-Pacific.
  • The Government of Ghana on the establishment of the E.S.L.A energy levy securitisation programme.
  • Zodiac Holdings, LLC and Nucleus Investments, LLC as risk retainers in respect of the CMBS notes issued by ERNA S.R.L.
  • Barclays on the securitisation aspects of Shop Direct Funding plc's debut Senior Secured Notes offering.
Awards and Recognition

The Lawyer Hot 100 2020 – Chris McGarry

Legal 500 UK "Leading Individual for Securitisation" (2022, 2021, 2020, 2019 and 2018)

Winner STANDOUT deal in 'accessing new markets and capital
FT Innovative Lawyers Awards Europe 2018

Individually "Commended"
FT Innovative Lawyers Awards Europe 2018

Winner Commodity Trading Company Deal of the Year
TXF Awards 2018

Winner Best Deal
Trade Finance Awards 2018

Winner Best Deal
Global Trade Review Awards 2018

Winner Structured finance and securitisation deal of the year 2018
IFLR Asia

Shortlisted for Finance Team of the Year 2018
The Lawyer

Shortlisted for Finance Team of the Year 2018
Legal Business

Winner Finance Team of the Year 2017
Legal Business 2017*

Winner High Yield Deal of the Year 2017
IFLR 2017*

Shortlisted for Structured finance and securitisation deal of the year 2017
IFLR 2017*

Shortlisted for Structured finance and securitisation team of the year 2017
IFLR 2017*