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Project Finance, Securitisations and Subordinated Debt

Project Finance, Securitisations and Subordinated Debt
3rd Edition
Series:  Law and Practice of International Finance Series
ISBN:  9780414044722
Published by:  Sweet & Maxwell
Publication Date:  19 Jul 2019
Subscription Information:  Non-Subscribable Product
Format:  Hardback
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The Law and Practice of International Finance series is your definitive guide to international finance. It considers the full range of topics across nine volumes, setting out the law and practice of trading assets on the international markets. This essential work, by one of the leading finance specialists of a generation, provides a simple, unified and distilled account of the whole topic.

This book covers the essential principles of core features of international finance: project finance, securitisation and subordinated depth. It approaches the topics from a practical perspective, providing the reader with an in-depth explanation of the core concepts underlying insolvency law and practice, as well as guidance on the drafting of contracts.

Philip Wood is one of the leading authorities on international finance worldwide, as well as a practitioner and teacher. He was a partner in international law firm Allen & Overy until his retirement in 2018, and for ten years was head of the banking department. Subsequently he led the firm’s Global Law Intelligence Unit. Philip is the Yorke Distinguished Visiting Fellow at the University of Cambridge, and has previously been Visiting Professor in International Financial Law at the University of Oxford, Queen Mary University of London, and the London School of Economics. He has lectured at more than 60 universities worldwide and has written more than 20 books.

  • Reviews project finance structures and explains exactly how the agreements should be set up
  • Examines project finance contracts and financial agreements, explaining the terms and how to draw up watertight agreements
  • Surveys securitisation internationally, comparing the world’s key jurisdictions, enabling the reader to advise on securitisations with parties from any jurisdiction
  • Sets out securitisation documentation from a practical perspective
  • Contains a global comparative survey of the law of subordinated debt
  • Explains the applicable legislation and regulations, drawing out the differences between jurisdictions
  • Discusses the different classes of subordination agreement
  • Provides document outlines for structuring documents correctly, without missing any crucial clauses or pertinent information


Part 1 - Project finance
1. Project finance: general principles
2. Project finance: concessions and contracts
3. Project finance: sponsor support
4. Project finance: financial agreements
5. Project finance: other aspects

Part 2 - Securitisations
6. Securitisations: general principles
7. Documenting a securitisation
8. Aspects of the sale
9. Miscellaneous aspects of securitisations

Part 3 - Subordinated debt
10. Subordinated debt: general principles
11. Other aspects of subordinations
12. Terms of turnover subordination agreements
13. Terms of subordinated capital bonds
14. Subordination document outlines


Review of previous edition

“a helpful consideration of the market practice and documentation relating to project finance, securitisations and debt subordination. Many readers (especially those new to these areas) will find the discussion of the specific terms in such documentation and their rationale very useful. Apart from the transaction documentation, there is also a valuable chapter dealing with the true sale requirements in securitisations and their interaction with the accounting and regulatory treatment.” 
- L C Ho, Journal of International Banking and Financial Law, 2008

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