Publication
Blue Bonds: Making a splash in the Capital Markets
In 2018, the Republic of Seychelles launched the first-ever “blue bond”, with the support of the World Bank Group and the Global Environment Facility.
Clara Pensions agrees UK's first superfund deal
United Kingdom | Publication | November 2023
On November 6, 2023, the trustees of the £590m Sears Retail Pension Scheme reached an agreement to enter into the UK’s first ever superfund transaction with Clara Pensions. A superfund is an arrangement set up to consolidate DB schemes’ liabilities, in which the link to the sponsoring employer is severed following transfer.
The deal, which has been cleared by the Regulator, will see Clara make an additional £30m of ring-fenced funding to support the 9,600-member scheme. The scheme’s assets will be used to generate returns to pay pensions, with the aim of securing a full buy-out deal with an insurer within five to ten years.
This long-awaited first transaction is seen as significant for both Clara and the pensions industry as a whole. It has the potential to be the catalyst for transformative change in the pensions industry, providing a “safe bridge” bringing the insurance market into reach for more schemes and their members.
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Recent publications
Publication
Marine Money Week New York 2025
We are delighted to be participating in Marine Money Week New York 2025. As one of the landmark events for the global shipping finance community, and with the global shipping and maritime industry at such a pivotal juncture, we look forward to catching up with clients and contacts to continue discussions around navigating the current challenges and opportunities.
Publication
The parallel imposition requirement in exclusive distribution systems: key takeaways from the CJEU’s ruling in Beevers Kaas
On 8 May 2025, the Court of Justice of the European Union (the CJEU) delivered its ruling in case C-581/23 (the Ruling), providing guidance on one of the conditions for an exclusive distribution agreement to benefit from the block exemption under Article 4(b)(i) of the 2010 Vertical Block Exemption Regulation (the VBER)1, notably the so-called ‘parallel imposition requirement’.
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