Jones Day lawyers have been at the forefront in the development and documentation of transactions involving customized and highly structured financial instruments, such as synthetic securities, including synthetic collateralized debt obligations ("synthetic CDOs"), and structured note trusts.  These transactions typically utilize derivatives to create, alter, or manage cash flows.

Prominent examples of the Firm's work in this area include:

• The structuring and documentation of synthetic CDOs that utilize credit derivatives on reference entities or assets, including the first debt-for-tax structure. 
• Cross-border offerings of synthetic structured notes utilizing credit derivatives and certificates of deposit, listed on the Luxembourg Stock Exchange. 
• Structured synthetic securities in which the cash flows from long-term bonds are recreated into short-term securities eligible for investment by money-market funds. 
• Structuring and development of transactions that achieve, through the use of total-return swaps, synthetic advance refunding of outstanding bond obligations.