TCLA Vacation Scheme Applications Discussion Thread 2022-23

[bibss]

Can someone help me understand the difference/relationship between structured finance and securitisation? Struggling to understand if they mean the same thing or not....

 

[I.Z89]

Really sorry this is my third time asking this but was just wondering if anyone has gotten a watson glaser invite for Hogan Lovells Lift Off?

I applied one day before the deadline a week ago and I still haven't got a WG invite and not sure if it's a glitch

I emailed grad rec and they said that the WG hasn’t been sent to Lift Off applicants yet

 

[cherry777]

Anyone done an interview with Shearman? Mine is tomorrow and I'd really appreciate some hints/tips/insight!!!

What VS is this for and when did you apply? I'm also waiting for Shearman but for the Summer VS. Best of luck!

 

[kokothemagicdragon]

Can someone help me understand the difference/relationship between structured finance and securitisation? Struggling to understand if they mean the same thing or not....

This might be a bit much on the topic but speaks about the relationship and notably the difference. It is written by Steven L. Schwarcz a Duke Law School professor. I didn't read all of it but it briefly states:

"Securitization—or, as it is spelled in Europe, securitisation—refers to a category of financing transactions in which companies sell rights to payment under mortgage loans, accounts receivable, lease rentals, or other types of income-producing ―financial assets‖ to a trust or other special-purpose vehicle (an ―SPV,‖ sometimes interchangeably called a special-purpose entity or SPE). The goal is to separate these assets from the risks generally associated with the company. The company then can use these assets to raise funds in the capital markets at a lower cost than if the company, with its associated risks, had borrowed the funds.
A threshold question is how securitization and structured finance differ, since the terms are often used interchangeably. In practice, most references to structured finance mean securitization. Structured finance can refer more broadly, however, to any transaction that utilizes special-purpose vehicles. Project finance, for example—in which the construction of powerplants, toll roads, and other income-generating public-interest projects is financed from loans which are repaid from the income so generated—is a type of structured finance transaction. Although more problematic, the special-purpose-vehicle transactions engaged in by Enron are also types of structured finance transactions."

https://masonlec.org/site/rte_uploads/files/SCHWARCZ_Encyclopedia-of-Financial-Globalization-Elsevier.pdf

 

[RANDOTRON]

Can someone help me understand the difference/relationship between structured finance and securitisation? Struggling to understand if they mean the same thing or not....

Structured finance is an umbrella term covering a wide range of products, like securitisation (which itself is an umbrella term) and syndicated loans. Structured finance is used when the scale of the borrower's financial needs cannot be met by traditional methods of financing (i.e., ordinary loans and bonds). For example, the finance needed to build an infrastructure (e.g., a port) in a country is far too large and risky for a single lender to provide, so multiple lenders are involved and financing is provided through a project finance structure (see attachment).

For more on structured finance:

• https://www.mizuhogroup.com/bank/what-we-do/structured_finance
• https://uk.practicallaw.thomsonreuters.com/1-202-2740

 

[tkwillbealawyer]

What VS is this for and when did you apply? I'm also waiting for Shearman but for the Summer VS. Best of luck!

Hey, this is for Winter! Good luck with summer, and thanks so much! I hope it goes well for us both

 

[CorpLawyer00]

Hey, this is for Winter! Good luck with summer, and thanks so much! I hope it goes well for us both

when did you apply?

 

[tkwillbealawyer]

when did you apply?

On the deadline (30th Oct if i remember correctly?) and I got the interview invite on the 1st of November

 

[Crystal86]

Hi all, if an employer says I need to send some documents by 10th November, does that include 10th November or should I send it on 9th November?

 

[kokothemagicdragon]

Anyone

Hi all, if an employer says I need to send some documents by 10th November, does that include 10th November or should I send it on 9th November?

By choosing the word "by" it's ambiguous. I would send it the 9th just to be sure!

 

[RANDOTRON]

Hi all, if an employer says I need to send some documents by 10th November, does that include 10th November or should I send it on 9th November?

I would assume your employer means by the end of business day on 10 November, which will typically be 5:00pm. However, as @kokothemagicdragon said, you should send those documents in as early as you can, rather than leave it to the last minute.

 

[corplawperson23]

I was part of AS Aspire this year and they advised to focus on a smaller specific topic when you want to discuss a broader commercial topic like the energy crisis. For example instead of trying to talk about its impact on consumers as well as energy companies, your approach to talk about energy companies only is much better

Ah this makes sense! Thank you for the help

 

[refy]

Could someone shed some light on who Slaughters and May's main competitors are?

 

[Jessica Booker]

Hi all, if an employer says I need to send some documents by 10th November, does that include 10th November or should I send it on 9th November?

That will include the 10th.

 

[VIVI]

Anyone heard back after doing Dechert VI?

 

[bibss]

This might be a bit much on the topic but speaks about the relationship and notably the difference. It is written by Steven L. Schwarcz a Duke Law School professor. I didn't read all of it but it briefly states:

"Securitization—or, as it is spelled in Europe, securitisation—refers to a category of financing transactions in which companies sell rights to payment under mortgage loans, accounts receivable, lease rentals, or other types of income-producing ―financial assets‖ to a trust or other special-purpose vehicle (an ―SPV,‖ sometimes interchangeably called a special-purpose entity or SPE). The goal is to separate these assets from the risks generally associated with the company. The company then can use these assets to raise funds in the capital markets at a lower cost than if the company, with its associated risks, had borrowed the funds.
A threshold question is how securitization and structured finance differ, since the terms are often used interchangeably. In practice, most references to structured finance mean securitization. Structured finance can refer more broadly, however, to any transaction that utilizes special-purpose vehicles. Project finance, for example—in which the construction of powerplants, toll roads, and other income-generating public-interest projects is financed from loans which are repaid from the income so generated—is a type of structured finance transaction. Although more problematic, the special-purpose-vehicle transactions engaged in by Enron are also types of structured finance transactions."

https://masonlec.org/site/rte_uploads/files/SCHWARCZ_Encyclopedia-of-Financial-Globalization-Elsevier.pdf

Structured finance is an umbrella term covering a wide range of products, like securitisation (which itself is an umbrella term) and syndicated loans. Structured finance is used when the scale of the borrower's financial needs cannot be met by traditional methods of financing (i.e., ordinary loans and bonds). For example, the finance needed to build an infrastructure (e.g., a port) in a country is far too large and risky for a single lender to provide, so multiple lenders are involved and financing is provided through a project finance structure (see attachment).

For more on structured finance:

• https://www.mizuhogroup.com/bank/what-we-do/structured_finance
• https://uk.practicallaw.thomsonreuters.com/1-202-2740

Thank you so much to both!

 

[jnvkkbkjbkZXBJZX]

anyone heard from Ashurt post AC?

 

[rose888]

anyone heard from Ashurt post AC?

I haven't

 

[LivH]

How did people find the Simmons and Simmons blended assessment? What were the online tests like?

 

[dlaw2023]

Hi guys, just been in a meeting with one of my professors who used to be a partner at a magic circle firm. He's beat me down quite a bit by telling me that my 64% grade average for my second year means that I won't have much success at vac scheme/ training contract applications. What are everyone else's opinions/experiences? I have just been diagnosed with ADHD going into my final year but don't know if firms will care. Feeling really down about this whole thing.