Richard Blackburn is Counsel in the Firm's Capital Markets group and joined the London office of White & Case in 2006. His experience includes advising banks, funds and corporates in relation to OTC derivatives (including credit, equity, interest rate, FX and Sharia-compliant derivatives), regulatory capital transactions and structured products.
Richard has spent time on secondment to the Firm's Frankfurt office and several major investment banks in London.
Legal 500, 2018: "Associate Richard Blackburn has significant experience advising banks and corporations across a broad range of OTC derivatives and structured products, and he played a key role in that deal.
Legal 500, 2017: "Richard Blackburn, who advises on OTC derivatives and structured products, is 'responsive and helpful'."
ILFR 1000, 2017: "I have also been positively impressed by Richard who provided invaluable input relation to the drafting of the documents, coordination with lawyers in other jurisdictions and advice in relation to English law and cross-jurisdictional issues."
Synthetic securitisation / regulatory capital transactions
Acting for CACIB as arranger with regard to certain synthetic securitisation of equity bridge facilities. Acting for CACIB as arranger with regard to its first-of-its-kind "Green Capital Note" – a USD 3bn synthetic securitisation of project finance loans, invested in by Mariner, in order to release regulatory capital which will be applied to expand CACIB's green lending. The deal and our work on this transaction was awarded "Global Finance Deal of the Year: Structured Finance" at the American Lawyer Global Legal Awards 2017, "Best Law Firm" at the Environmental Finance Green Bond Awards 2017 and a "Highly Commended – London Office of the Year" ranking at the British Legal Awards 2017. The deal was also the main feature in the firm's submission for the Green Bond Awards 2018 at which it won Law Firm of the Year. The deal led to the Firm winning Global Capital's "Best Green/SRI Finance Law Firm" in 2018. Acting for CACIB as arranger with regard to €830 million in new funding for French SMEs and ISEs through a synthetic securitisation under the European Investment Plan (Juncker Plan). The Crédit Agricole Group and the EIB Group – the European Investment Bank (EIB) and its subsidiary the European Investment Fund (EIF) –finalized one of the first large scale transactions under the Juncker Plan. The de-linked scheme is innovative: having the EIF guarantee Crédit Agricole CIB's corporate portfolio in return for new SME financing forges a bridge between corporate investment banking activities and the financing of SMEs in the French regions. Acting for SG as arranger in relation to a synthetic securitisation of revolver and capex loans listed on The International Stock Exchange of the Channel Islands. Advising Chorus Capital in relation to its investment in several synthetic securitisations. Acting for EIB in connection with certain retrocession agreements and guarantees relating to synthetic securitisations.
Representing Société Générale in connection with Sharia-compliant derivatives. Representing Al Rajhi Bank in connection with Sharia-compliant derivatives. Advising several Saudi banks in relation to the establishment of a Cayman based derivatives trading vehicle SPV and negotiation of Sharia-compliant derivatives and variation margin documentation ahead of the global variation margin exchange start date of 1 March 2017. Comprehensive review of Islamic derivative documentation for Dubai office of French bank. Advised certain hedging banks on the US$1.3 billion refinancing of the Emirates Steel Industries (ESI) project in Abu Dhabi, United Arab Emirates. The financing was provided by a group of 19 international, regional and UAE commercial banks, split into conventional and Islamic facilities. It was principally applied to refinance the existing US$1.1 billion project financing provided to ESI for the expansion of its steel production facility in Abu Dhabi. Hedging arrangements involved both conventional and Islamic arrangements, with the Islamic arrangements documented under a Master Wakala Agreement.
Structured Note Programmes
Drafting secured note programme for a US bank covering fixed-rate and floating-rate, index-linked, equity-linked, bond-linked and commodity-linked notes. Drafting template pricing supplement for a LatAm bank for use with credit-index linked notes. Drafting credit-linked note programme for Unicredit.
Credit Derivatives and Structured Credit
Advice to funds clients relating to CDS (in connection with credit events, succession events and deliverability analyses). Representing BNP Paribas on various ISDA Credit Derivatives Determinations Committees. Advice and analysis to BNP Paribas flow Credit Trading desk relating to restructurings, government intervention credit events and determinations as to Relevant Obligations for the purpose of Succession Events. Advising on various issuances of credit-linked notes issued under various note programmes and programme updates for CACIB, SG, Unicredit and Morgan Stanley. Working on repos and synthetic repo structures using TRS for BNP Paribas and QNB.
Advising a Russian bank in relation to bespoke equity-linked TRS. Advising an Indonesian company in relation to several bespoke equity derivatives.
Derivatives Regulatory, Advisory and Disputes
Advice to clients in relation to obligations under EMIR, LCH Rulebook and MiFID II. Advice to a commodities brokerage regarding the ancillary activity exemption from FCA regulation under MiFID II. Advised in relation to the successful representation of a Hong Kong based fund in a dispute arising under the terms of a GMRA.
"Non-payment insurance: a regulatory capital solution", 1 May 2018, Journal of International Banking and Financial Law