< Directory Louisa Watt

Louisa Watt specializes in the acquisition and sale of debt instruments, including bank loans, high-yield debt and trade claims, within Europe, the United States and Asia. She regularly represents large financial institutions as well as hedge funds on all aspects of distressed and par lending transactions including the review and analysis of loan documentation, transferability restrictions, security packages, and the preparation of primary and secondary trading documentation under the LMA and LSTA regimes. Ms. Watt has extensive experience in advising clients on cross-border issues and bespoke documentation for European, Icelandic and Hong Kong trading transactions. Recent significant engagements include:

• Represented creditors of insolvent Icelandic banks, including Glitnir Bank hf., Kaupthing Bank hf. and Landsbanki hf.;
• Represented large hedge funds in the acquisition of Namens Genussschein and Schuldschein issued by a German Hypothekenbank;
• Represented a large hedge fund in its participation in the primary syndication of revolving and mezzanine loan financing to a German auto parts manufacturer; and 
• Represented a major investment bank in the creation of its bespoke LMA trading documentation.

Ms. Watt is also experienced in international mergers and acquisitions and provides English law corporate advice in respect of the sale and purchase of shares, options and other commercial agreements. Her capital markets and structured finance experience includes advising on credit default swap transactions, CDO transactions, securitizations of credit card receivables portfolios and other asset-backed securitizations, MTN and EMTN Programmes, listings on the London and Luxembourg Stock Exchanges and regulatory advice regarding the Financial Services and Markets Act 2000.

Ms. Watt is currently an active participant in the Loan Market Association. She serves on an LMA trading documentation committee which continually reviews and updates the market standard documentation for par and distressed debt transactions as well as an LMA confidentiality committee which advises on issues of confidentiality affecting the loan market.

News

• Louisa Watt quoted in The Banker article "Waiting for the Thaw"
• Louisa Watt quoted in the International Financing Review article "Europe edges towards claims market"
• Louisa Watt and Roxanne Yanofsky mentioned in the Creditflux article "New secondary loan standards are a big change, says law firm"

Publications

• "Debt Trading in Distressed Europe" by RK&O Debt and Claims Trading Practice Group
• "A Claims Market Emerges in Iceland" by Jon Kibbe, Louisa Watt, Jennifer Grady and Kenneth Werner
• "A New LMA Approach to Trading European Loans" by Louisa Watt
• "LMA Sub-Participation Agreements and Grantor Insolvency" by Carl Winkworth and Louisa Watt
• "Bear Stearns Bank plc v Forum Global Equity Ltd." by Louisa Watt
• "Distressed Debt - Here to stay" by Louisa Watt