We sat down with our newest hire, Jordina Walker, who offered a unique insight into her role covering special situations and trustee transactions. For more than 10 years, Jordina has worked in asset-backed securities, capital markets, Islamic finance, and structured finance. While at Norton Rose Fulbright and Paul Hastings, she advised trustees, originators, corporate issuers, and corporate service providers across new money deals and restructurings.
Why did you join CSC’s successor trustee and restructuring business?
It’s an exciting time to join the business in Europe. I knew many on the CSC team before joining and I was impressed with their ability to grow the business in a short time in such a crowded market which is a testament to the quality and reputation of the team. CSC is privately held and is known for investing in their businesses and clients, and more importantly, in their employees. They understand that long-term relationships matter. From a business perspective, I could see that CSC and its wholly owned subsidiary Delaware Trust have a fantastic reputation in the US restructuring market. There is huge opportunity to create a unique offering across the European and US non-bank trustee market, combining English law and New York law indenture capabilities, with the ability to provide a full breadth of directorship and corporate services to distressed and restructuring transactions.
What aspects from your experience as a lawyer do you draw upon in your day to day at CSC?
I undertake typical lawyer tasks such as reviewing documents and negotiating agreements however the most important component is providing a different perspective by evaluating an issue from multiple angles. I honed my critical thinking and project management skills from my years in private practice and I use these skills on a daily basis.
What does a typical day look like?
Every day is different. I work on new mandates and issues that arise on existing transactions. I talk to investors pretty regularly about their goals on distressed deals. I answer queries and work with counsel on deals. I enjoy the diversity of my work and exposure to different market participants. I also work with my CSC counterparts in the US on deals with a multi-jurisdiction component mainly through our wholly-owned subsidiary, Delaware Trust. We offer slightly different services than they do, but it’s beneficial for me to have access to their experience and knowledge, and they feel the same about us. We’re a united front.
What is your most memorable deal?
When I first qualified as a lawyer, I worked on several issues coming from a pre-crisis CMBS including issues with the liquidity facility and the SPV issuer suing the valuer for overvaluation of the portfolio (which was a market first). The deal unfolded over five years and was a real eye-opener. It was an extremely complex transaction and there were many holes in the original agreements that were ultimately remedied in CMBS 2.0. It ultimately ended up settling, but working on that project has served as a framework for all my work going forward. One of the best parts of that particular deal were the relationships I built. I was working for Norton Rose Fulbright at the time, and some of the members of the client team are now members of the CSC team. I’m excited to work with them again, but this time on the same team in the same building.
What is your approach towards a complex transaction?
I look at complex transactions as a big puzzle and it’s a challenge I appreciate. I try to find the holes and uncover what would happen if something goes wrong. At CSC, we don’t have a commercial interest in the transaction, so we can be objective and take a proactive position. I get to be in the weeds of reviewing documents, but also get to talk to the investors and determine their needs. It’s the best of both worlds.
Where do you see the structured finance/capital markets going?
Given the economic upheaval being caused by COVID-19, 2020 is panning out to be a very different year to what we anticipated. Despite the contraction of the economy, this is a very different crisis to that of 2007 where liquidity dried up. Investors have cash available and will invest in the right deals which is evident in the number of high yield deals which are completing. Although we are going through this short-term stress, long term opportunities remain.
To learn how CSC Global Financial Markets may help you contact us by visiting CSCGFM.com
CSC Global Financial Markets
CSC is a leading provider of specialized administration services. We support alternative asset managers across a range of fund strategies, capital markets participants in both public and private markets, and corporations and institutions requiring fiduciary and governance support. We are the unwavering partner for 90% of the Fortune 500®, nearly 10,000 law firms, and more than 3,000 financial institutions. CSC’s Global Financial Markets professionals are located in key financial centers across the United States, Europe, and Asia-Pacific. We are an international company capable of transacting wherever our clients are, and we accomplish that by deploying experts in every market we serve.