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Green Bonds – Same Old Debt, New Green Wrapper

Green bonds are having a moment. They look like ordinary bonds, walk like ordinary bonds, and default like ordinary bonds – but they come with an environmental promise stitched into the marketing. Governments love them. Banks issue them. Investors queue up to buy them. And everyone else wonders whether this is

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Syndicated Lending: When One Bank Just Isn’t Enough

You know the saying, “If you want something done properly, do it yourself”? Well, syndicated lending is the exception that proves the rule. When borrowers need hundreds of millions (or billions) of pounds, they don’t go knocking on one bank’s door – they throw a party and invite the

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So, You Want to Start a Political Party…

If you’ve spent the past week doomscrolling and wondering whether Succession was a documentary, you may have seen it: Elon Musk has launched his own political party, and he’s called it – brace yourself – the America Party.

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Guarantees in Securitisation: A Legal Safety Net (With Strings Attached)

“If they don’t pay, I will.” That, in a nutshell, is a guarantee under English law – a promise by one party (the guarantor) to step in if another party (the principal obligor) fails to do what they said they’d do. Usually, that’s handing over money – but it

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Picking a Corporate Vehicle: Not Just a Matter of Taste

Ltd, LLP, CIC, CIO – the UK loves an acronym almost as much as it loves a well organised queue. But behind each of these lies a different type of legal structure, each with its own quirks, perks and pitfalls. Picking the right one isn’t just a box-ticking exercise for

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Wimbledon May Be on, But the Real Game is Off the Court

Wimbledon is back – complete with Centre Court dramatics, overpriced strawberries, and enough Pimm’s to sink a yacht. The sporting world once again marvels at the precision and physicality of tennis at its peak. But far from the courts of SW19, a quieter transformation is underway: elite players are turning

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Gilt Trip – A Beginner’s Guide to UK Government Bonds

Gilts might sound a bit old-fashioned – and in fairness, the name does come from a time when bonds were printed on paper with gold trim – but while the gold’s long gone, gilts remain one of the most important building blocks in the UK financial system. In this article, we’

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Securing the Bag – A Guide to English Law Security Interests in Structured Finance

When it comes to structured finance, one thing matters almost as much as the assets themselves: making sure they’re safely set aside and can’t be claimed by someone else if the borrower goes under. That’s where the security package comes in – not bouncers at the door kind,

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Metro Bank and the Curious Case of Banking Valuations

Or: how to flog a once-flailing bank with a fresh narrative and a dash of interest rate fairy dust. Just over a year ago, Metro Bank looked about as lively as Brighton pier a rainy bank holiday.  Its shares were worth about as much as a Freddo, its bonds were

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Withholding Tax in Structured Finance – The Unwanted Plus-One at Every Cross-Border Party

Let’s Talk Tax (Sorry) Ah, withholding tax – the financial world’s equivalent of a guest who turns up late, eats all the canapés, and then demands 20% of your wine before disappearing without so much as a thank you. In today’s structured soirée, we’re looking at what

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Escrow Accounts in Structured Finance – The Holding Pattern with Purpose

If you’ve ever worked on a structured finance deal with more conditions than a teenager negotiating chores, chances are you’ve come across an escrow account. Quiet and dependable, they’re the financial equivalent of a waiting room – a safe spot for money to sit until everyone’s got

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Up, Up and Away – The Space Elevator Dream and the Finance Behind It

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What Makes a Receivable... Receivable?

Or: When “Pay Me” Isn’t Legally Binding Let’s set the scene. You’ve delivered the goods, sent the invoice, maybe even thrown in a “Please pay within 30 days or I’ll cry”. But in the eyes of English law, is that enough? Can you really treat that

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Sovereign Immunity: When Your Counterparty Can Say “No Thanks” to Court

The Limits of Legal Protection Securitisation deals are built on one comforting assumption: if someone doesn’t do what they’re supposed to, you can take them to court and sort it out – sue, enforce, maybe even seize an account or two. But that assumption starts to wobble when one

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Talking Shop: The Real Business Behind the Conference Lanyard

The Global ABS conference has once again taken over Barcelona. Flights are full of navy suits, hotel lobbies echo with talk of regulation, and someone, somewhere, is still looking for the right meeting room. But while delegates gather to trade market insights and LinkedIn pleasantries, there’s another story unfolding

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How to Run an Investment Manager (Without Ending Up in the FCA’s Naughty Book)

A guide to governance committees for UK-regulated investment firms The Basics So, you've got your shiny FCA authorisation to operate as an investment manager. Congratulations – you’re now regulated, responsible, and suddenly facing more internal committees than your average village fête. While the FCA doesn’t mandate a

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Letters of Credit: The Banker’s Version of “I Promise”

International trade has its own unique charm – where goods glide across oceans with ease but trust often struggles to make it past the port. When buyers and sellers don’t know each other from Adam, and everyone's working under different laws, the solution is often simple (at least

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Private Equity in Law Firms – The Reshaping of a Profession

In early 2025, two former senior partners of a major international law firm quietly launched a new advisory business. Their mission? To help law firms and private equity investors navigate a world that, until recently, barely existed: buying and selling stakes in law firms. Not so long ago, the idea

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What Is an Index?

Or, why your pension, portfolio, and that friend who always checks the FTSE before checking the weather all care deeply about the FTSE 100. You’ve probably heard the word index thrown around in financial circles – often with great seriousness and a furrowed brow. “The index is down today,” someone

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So… What Are “The Markets” Anyway?

Every time a politician frowns at a graph, a journalist panics on the evening news, or your mate down the pub says, “the markets didn’t like that,” you might find yourself wondering - who are these mysterious markets, and why are they always so moody? In this article, we’

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Victoria’s Secret Has a Secret Weapon (and It’s Called a Poison Pill)

In news that has nothing to do with lace or lingerie, Victoria’s Secret has just adopted a poison pill – and no, this one’s not a metaphor for a failed perfume launch. It’s a classic American boardroom manoeuvre: legally sound, routinely controversial. The trigger? BBRC International, helmed by

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How Much for a Quid of Earnings? Understanding the P/E Ratio (Without the Finance Degree)

Welcome to finance’s answer to the age-old question: “Is it worth it?” We’re talking about the price-to-earnings ratio – better known (and far more glamorously) as the P/E ratio. It's one of the most popular tools in the financial toolkit, helping investors, analysts, and ambitious corporate

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Redeem Me If You Can: Call and Put Options Explained

Welcome to another charming corner of capital markets – the one where bonds don't just sit around waiting to mature like a bottle of fine claret. No, some of them come with handy little features like call and put options that give issuers and investors a bit of wiggle

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Courts in Session: How Local Tennis Clubs Can Evolve Without Going Bust

Across the UK, local tennis clubs are quietly rethinking their game plan. The Sunday morning doubles still roll on, the committee still debates the price of tea bags, but there’s something new stirring behind the baseline. A fresh crop of racquet sports – pickleball and padel – are bouncing into view,

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Registered vs Bearer Notes: A Tale of Two Titles

So, What Are We Talking About? In the glitzy world of debt instruments – yes, we said glitzy, don’t laugh – there are two headline acts: registered notes and bearer notes. One likes keeping tabs. The other prefers to ghost you. This article lifts the lid on why both types exist,