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In December 2002, Israel Chemicals Ltd. and certain
of its subsidiaries in the U.S., U.K., Europe and Israel engaged
in Israel's most significant securitzation to date, entering into
a revolving program to securitize up to US$ 250 million of trade
receivables in the U.S. capital markets. The receivable are based
on sales of chemicals.
The transaction was arranged by Bank of America, which
was provided legal advice in Israel by Norman
Menachem Feder Partner) and Netanel Derovan of Caspi & Co,
and in London by Mark Nicolaides (partner), Bruce Bloomingdale and
Ela Zakaim of Mayer, Brown, Rowe & Maw.
Article: To hedge or not to hedge
Legal standards can change quickly. When they do, legislation is
not necessarily the reason why; sometimes, standards change because
facts on the ground change. In the attached article from Derivatives
Week, I argue that financial technology has progressed so much and
so far in recent years that company directors might now need to
consider hedging just to avoid breaching the fiduciary duties imposed
on them by law. This is not to say that hedging is required, but
it is to say that careful directors should give hedging due consideration.
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