Edward J.Nalbantian

Of Counsel

London + 44.20.7039.5145 Paris + 33.1.56.59.39.23

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Ed Nalbantian has more than 30 years of experience representing counterparties in a broad range of cross-border structured finance transactions with a particular focus on over-the-counter (OTC) derivatives and related debt capital markets financings.

Following the financial crisis, Ed's experience extended to the analysis and dispute resolution of credit-linked structured finance primarily from the Firm's role as Special Derivatives Counsel to the Estate of Lehman Brothers Holdings Inc. for which he headed the Firm's London team. He was also lead partner on Jones Day's representation of a major U.S. bank in evaluating its risk and documentation exposure in the derivatives, stock lending, and repo markets and, subsequently, in the context of the bank's credit rating downgrade.

More recently, Ed has been involved with a broad range of fintech issues in the derivatives markets including the drafting of documentation for cryptocurrency derivatives and related capital markets financings. He participates in the International Swaps and Derivatives Association's (ISDA) fintech working group and has recently addressed global custody issues related to cryptocurrencies in a podcast for FinTech Beat.

Ed also has experience with major strategic portfolio acquisitions of derivatives assets on behalf of major bank clients. This included Jones Day's representation of BNP Paribas on its acquisition of the £1.6 billion equity derivatives business of the Royal Bank of Scotland for which Ed was the lead London partner.

Ed served as co-leader of the Firm's Banking & Finance Practice from 2009 to 2015. He practiced in the Firm’s Paris Office from 1998 to 2004 and continues to represent clients involved in the Paris market.

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Experience

  • TransDigm completes $1.1 billion Senior Secured Notes offeringJones Day represented TransDigm Group Incorporated (“TransDigm Group”), a leading global designer, producer, and supplier of highly engineered aircraft components, in connection with the Rule 144A and Regulation S offering by TransDigm Inc., its wholly-owned subsidiary, of an additional $1.1 billion aggregate principal amount of 6.75% Senior Secured Notes due 2028 (the “Notes”).
  • TransDigm completes $1 billion Senior Secured Notes offeringJones Day represented TransDigm Group Incorporated (“TransDigm Group”), a leading global designer, producer, and supplier of highly engineered aircraft components, in connection with the Rule 144A and Regulation S offering by TransDigm Inc., its wholly-owned subsidiary, of $1 billion aggregate principal amount of 6.75% Senior Secured Notes due 2028 (the “Notes”).
  • Permira Credit refinances Sportscape GroupJones Day advised Permira Credit, as unitranche lender, in connection with the refinancing of the newly created European online sporting goods retailer, Sportscape Group.
  • Omnicom Group completes £325 million public offering of Senior NotesJones Day represented Omnicom Group Inc., a leading global marketing and corporate communications company, in connection with the public offering by Omnicom Capital Holdings plc, its wholly-owned subsidiary, of £325 million aggregate principal amount of 2.250% Senior Notes due 2033.
  • Dealer managers and underwriters complete $4.8 billion tender offer and concurrent offerings of $3.0 billion and €1.0 billion of Senior NotesJones Day represented the dealer managers and underwriters in a series of liability management transactions by PepsiCo, Inc., a world leader in convenient snacks, foods and beverages.
  • TransDigm completes $750 million Senior Subordinated Notes offeringJones Day represented TransDigm Group Incorporated, a leading global designer, producer, and supplier of highly engineered aircraft components, in connection with the Rule 144A and Regulation S offering by TransDigm Inc., its wholly-owned subsidiary, of $750 million aggregate principal amount of 4.875% Senior Subordinated Notes due 2029.
  • TransDigm Inc. completes $1.2 billion Senior Subordinated Notes offeringJones Day represented TransDigm Group Incorporated, a leading global designer, producer, and supplier of highly engineered aircraft components, in connection with the Rule 144A and Regulation S offering by TransDigm Inc., its wholly-owned subsidiary, of $1.2 billion aggregate principal amount of 4.625% Senior Subordinated Notes due 2029.
  • Banco Santander refinances existing financing relating to Cerro Grande wind project located in Sierra de los Rios, Cerro LargoJones Day represented Banco Santander, S.A. in the refinancing of the existing financing subject to German law provided by two Spanish banks in connection with the Cerro Grande wind project located in Sierra de los Rios, Cerro Largo, in Uruguay.
  • Lucid Trustee Services Limited acts as agent and security agent in £450 million restructuring of Survitec GroupJones Day represented Lucid Trustee Services Limited, as agent and security agent, in connection with the £450 million debt and equity restructuring of the Survitec Group, a specialist in the manufacturing of survival and safety solutions in the marine, defense, aviation, and offshore industries in various jurisdictions.
  • Diebold Nixdorf completes offering of $700 million of Senior Secured NotesJones Day represented Diebold Nixdorf, Incorporated, a global leader in driving connected commerce for the banking and retail industries, in connection with the issuance of its $700 million aggregate principal amount of 9.375% Senior Secured Notes due 2025 in a Rule 144A and Regulation S offering.
  • Diebold Nixdorf completes offering of €350 million of Senior Secured NotesJones Day represented Diebold Nixdorf, Incorporated, a global leader in driving connected commerce for the banking and retail industries, in connection with the issuance by its wholly-owned Dutch subsidiary, Diebold Nixdorf Dutch Holding B.V., of €350 million aggregate principal amount of 9.000% due 2025 in a Rule 144A and Regulation S offering.
  • TransDigm Group completes $400 million Senior Secured Notes offeringJones Day represented TransDigm Group Incorporated, a leading global designer, producer, and supplier of highly engineered aircraft components, in connection with the Rule 144A and Regulation S offering by TransDigm Inc., its wholly-owned subsidiary, of an additional $400 million aggregate principal amount of 6.25% Senior Secured Notes due 2026.
  • TransDigm Group issues $1.1 billion Senior Secured NotesJones Day represented TransDigm Group Incorporated (“TransDigm Group”), a leading global designer, producer, and supplier of highly engineered aircraft components, in connection with the Rule 144A and Regulation S offering by TransDigm Inc., its wholly-owned subsidiary, of $1.1 billion aggregate principal amount of 8.00% Senior Secured Notes due 2025 (the “Notes”).
  • Spanish financial entity provides financing for 50 MW solar plant located in Andalucia, SpainJones Day provided advice to a Spanish financial entity in connection with the financing of a 50 MW solar plant located in Andalucia, Spain developed by a Spanish promoter.
  • Corporate trustees seek advice relating to LIBOR transitionJones Day is advising two U.S.-based corporate trustees with respect to portfolios impacted by LIBOR transition and COFI cessation, including conducting portfolio-wide risk impact assessments, analyzing various consumer products, and developing litigation contingency plans.
  • Consortium of senior creditors provide €700 million to Northwester 2 for development of Belgian offshore wind farmJones Day advised the consortium of senior creditors consisting of Belfius Bank SA/NV, BNP Paribas Fortis SA/NV, Coöperatieve Rabobank U.A., De Volksbank N.V. trading as ASN Bank, ING Belgium SA/NV, KBC Bank NV, Société Générale, Sumitomo Mitsui Banking Corporation, Brussels Branch, Triodos Bank, the European Investment Bank, and EKF Danmarks Eksportkredit, in the financing of Northwester 2's €700 million (US$804.8 million) total required investment for the development and construction of a 218.5 megawatt offshore wind farm to be located approximately 50 kilometers off the Belgian coast.
  • Syndicate of banks provide €470 million to Nobelwind for refinancing of North Sea offshore wind farmJones Day advised the consortium of senior creditors consisting of Belfius Bank SA/NV, BNP Paribas Fortis SA/NV, Coöperatieve Rabobank U.A., De Volksbank N.V. trading as ASN Bank, KBC Bank NV, Nippon Life Insurance Company, Shinsei Bank, Société Générale, and Sumitomo Mitsui Banking Corporation, Brussels Branch in connection with a €470 million (US$543 million) term loan and revolving facility provided to Nobelwind NV for the refinancing of a 165 megawatt operational offshore wind farm located 47 km off the Belgian coast.
  • Koch Supply & Trading sells Rotterdam splitter to VitolJones Day advised Koch Supply & Trading on the sale of its Rotterdam located 85,000 barrel a day oil refinery to Vitol.
  • Société Générale acts as liquidity provider in issuance of US$340.5 million VRDP Shares by NVGJones Day represented Société Générale S.A., as liquidity provider, in connection with the US$340.5 million issuance by Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund (NVG) of Series 5 Variable Rate Demand Preferred Shares (VRDP Shares) relating to the exchange of Series 5 VRDP Shares for certain outstanding VRDP Shares of NVG.
  • Veolia restructures debt and equity of dive support vessel "Swordfish" following collapse of shipping group, HarkandJones Day is advising the global environmental company, Veolia Environnement SA, following the collapse of the oil and gas shipping group, Harkand, arising from the continuing depression in global oil prices.
    • View All

    January 24, 2023 Firm Hosted

    The Key Role of the Private Sector in the Reconstruction of Ukraine

    OCTOBER 2020 Alert

    UK Financial Services Bill Includes New Powers for FCA to Manage LIBOR Transition

    July 2020 Alert

    Latest Developments in Dealing With "Tough Legacy" IBOR Transition Contracts

    June 2018 Jones Day Publications

    President Trump Signs the First Major Financial Services Deregulation Law in a Decade

    February 2017 Commentary

    EMIR Variation Margin Rules Effective March 1, 2017

    October 2016 White Paper

    Mandatory Clearing of OTC Derivatives in the EU—A Buy-Side Perspective

    April 2016 Commentary

    Federal Reserve Board Proposes New Single-Counterparty Credit Exposure Limits for Large Banking Organizations

    November 2015 External Publications

    Negative Interest Rates: Where Are We Now?, Butterworths Journal of International Banking and Financial Law

    August 2015 Video

    Banking & Finance Issues Facing Companies

    January 2014 Alert

    Ready, Steady, Report! Entry Into Force of Reporting Obligation Under EMIR on February 12
    View All

    Additional Publications

    • May 10, 2004
      French Funds & OTC Derivatives – A Practical Guide, coauthor, Derivatives Week Magazine
    • October 2003
      Book Review of Droit des Dérivés de Crédit by Alain Gauvin, Banque Magazine
    • March 2002
      Whiskey and LIBOR - Financing Pernod Ricard's Seagram Acquisition, International Financial Law Review
    • April 1999
      France – Derivatives 1999 – A European Guide, co-author, Special Supplement for International Financial Law Review, Euromoney Publications
    • December 1998
      Securitisation – Public-Private Partnerships, Balance Sheet Magazine, London
    • September 23, 1996
      Produits Dérivés : un Risque Juridique à Maîtriser, Option Finance Magazine
    • September 1996
      France Modernizes Collateralization and Netting, co-author, International Financial Law Review, Euromoney Publications
    • April 1996
      Des Critères de Responsabilité en Evolution, co-author, Banque Magazine
    • March 1995
      The Prudential Framework in Repurchase Transactions, coauthor, International Financial Law Review, Euromoney Publications
    • February 1994
      France Sorts Out Netting Uncertainty, International Financial Law Review, Euromoney Publications
    • 1994
      Targeting the Capital Markets, coauthor, Capital for Shipping Annual by Lloyds Shipping Economist
    • September 1993
      Netting and Derivatives – a Practical Guide, International Financial Law Review
    • April 1991
      Restructuring Junk Bonds: Bondholders Beware, International Financial Law Review, Euromoney Publications
    • April 1991
      Restructuring Junk Bonds: Bondholders Beware, International Financial Law Review, Euromoney Publications
    • December 1987
      Eurobonds, coauthor, Supplement to Butterworth Journal of International Banking & Financial Law
    • 1981
      Legislative Analysis, Federal Proposals Regulating State Taxation of Multistate and Multicultural Corporations, American Enterprise Institute
    • 1981
      Note, The Constitutional Dilemma of State Tax Exemptions: Sears Roebuck and Co. v. County of Los Angeles, 13 Law and Policy Int’l Bus. 811

    Speaking Engagements

    • February 14, 2013
      European Banking – On the Road to Union and Harmonization?

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