Ogier have acted for Cantor Fitzgerald L.P. in connection with the establishment of their US$20,000,000,000 fully-supported asset-backed commercial paper programme called ISF Ltd. The ISF programme is made up of Institutional Secured Funding (Jersey) Limited and Institutional Secured Funding LLC.
ISF Ltd will add value for Cantor Fitzgerald's global bank relationships while providing an attractive investment for their fixed income clients.
The Ogier legal team comprised Partner Chris Byrne and Senior Associate Peter Longstaffe. Ogier Fiduciary Services provide ongoing company secretarial and administration services to ISF. The Ogier Fiduciary team is led by Director Peter Gatehouse and includes Manager Ellen Chislett and Senior Administrator Emma Laffoley.
Chris Byrne said “Jersey has a market leading position in locating asset backed commercial paper issuing entities and we were delighted that the Cantor team chose to work with us in Jersey on what is their first programme of this type.'”
ISF Ltd. is a bankruptcy-remote, special-purpose vehicle established under Jersey law to issue U.S. dollar-denominated short term notes. These notes are standard, callable, puttable, puttable/callable, and extendible. ISF may also issue standard short-term Euro notes denominated in U.S. dollars, Euros, Pound Sterling and other approved currencies. The U.S. notes are jointly issued with Institutional Secured Funding LLC, which is a bankruptcy-remote special-purpose vehicle established under Delaware law. ISF may issue up to $20 billion of notes.
ISF Ltd. will use the proceeds from the short-term notes issuances to enter into support agreements with major global banks rated at least A-1 and Prime-1 by Standard & Poor's and Moody's, respectively. The short-term notes will have maturities of up to 397 days and the extendible notes can have initial maturities of up to 397 days and final maturities of up to seven years.
US legal advisers on the deal were Chapman & Cutler LLP.