Legal Counsel – DCM New Issues
BNP Paribas has a presence in 72 countries with more than 200,000 employees, including 154,000 in Europe. It ranks highly in its two core activities: Retail Banking & Services and Corporate & Institutional Banking (CIB).
BNP Paribas Corporate & Institutional Bank is a leading European investment bank with global leadership in many of our businesses. With nearly 30,000 employees in over 57 countries, CIB can offer you an exciting and truly global career.
At BNP Paribas CIB, we work continuously on behalf of our clients, helping them to realise their projects around the world. You can be an important part of this, helping us to serve our clients both in mature and emerging markets, providing them with financial solutions across a diverse range of expertise, products and services. Our origins lie in Europe but nearly a quarter of our employees now work in our multi-award-winning Asia Pacific offices and we are a committed player in all markets.
Strong risk management, combined with the stability that comes from being part of one of the largest banking groups in the world, underpin our success. Joining us, you’ll become an integral part of a dynamic team that spans nationalities, cultures and backgrounds, drawing together people from around the globe and reflecting our commitment to international placements.
Business Area/Dept Overview
The Group Legal department in London is responsible for providing legal advice and support to management, businesses and functions across the UK and also provides support to CIB globally as required. Business lines supported include Fixed Income, Equities and Commodity Derivatives, Corporate Banking and Wealth Management.
The DCM New Issues team in Group Legal currently comprises 10 permanent lawyers,across London (7) and Paris (3) who are responsible for supporting the Bank's primary Debt Capital Markets (DCM) operations and a further three lawyers in London supporting the securitisation business. Additionally, a team of approximately 10 transaction managers based in London supports the Bank's non-syndicated / privately placed MTN business (where either the Bank or a third party is issuer).
The New Issues team comprises English and French lawyers, and one Italian lawyer, mostly with backgrounds in leading capital markets firms.
The New Issues team’s deal flow comprises a high proportion of Investment Grade new issues both under programmes and stand alone as well as High Yield transactions, where the Bank acts as lead manager / bookrunner. There is a steady flow of first time issuer work both as stand-alone issues and where an MTN Programme needs to be arranged. The team also reviews documentation relating to the Bank’s role as dealer under MTN Programmes and as co-manager of syndicated new issues.
The Bank has traditionally had a strong Emerging Market franchise, although deal flow is susceptible to economic and political conditions. As well as covering this, the team also provides support to the Bank's liability management (LM) operations (tender offers, exchange offers, including intermediated ones, etc), a market in which the Bank has a leading position.
There are two other centres in the Bank where CIB Legal provides DCM New Issues support: New York and Hong Kong. Their practices are generally self-contained, although we exchange information with them and, in the case of New York, regularly work with them on global offerings and reverse Yankee issues.
Other members of CIB Legal provide support to the Bank's ECM, derivative and corporate banking operations. Physically, the New Issues team is located away from the trading floor and the DCM teams.
Purpose & Scope of role
The New Issues team is involved from a DCM project’s inception through to settlement. DCM officers rely heavily on the CIB legal team to get their deals executed. In the case of a first time issuer, or a new product for a specific client, the New Issues team will be involved in the pitch process, often attending the meetings with the client. We will also be involved in the due diligence / prospectus writing process, involving some (but not an excessive) amount of travel.
The vacancy has arisen as a result of the transfer of a senior lawyer in London to a different area within Group Legal.
The successful candidate will be required to:
• provide high quality, efficient, legal advice and assistance
• play a pro-active role in managing DCM transactions (programmes, drawdowns, stand-alone deals and LM deals excluding securitisations) from inception through to settlement
• operate autonomously
• work closely with DCM officers and external counsel
• ensure consistent and rigorous legal risk management and approach to legal documentation review
• where appropriate, assist and communicate with other internal functions within the Bank
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