Public Relations and Social Media Manager, Dechert LLP

Peggy Heffner

Public Relations and Social Media Manager

Dechert is a global specialist law firm

Dechert LLP

Dechert is a global specialist law firm.
Focused on sectors with the greatest complexities, legal intricacies and highest regulatory demands, we excel in delivering practical commercial judgment and deep legal expertise for high-stakes matters.

Our work is widely recognized. We have 20 standout practices noted by Chambers Global, including global-wide rankings for arbitration, corporate investigations, anti-corruption, investment funds and life sciences. Named Antitrust Team of the Year, Chambers USA commends our “accomplished group” as “routinely sought after to handle some of the most significant litigation and transactions in the antitrust world.” 

In an increasingly challenging environment, clients look to us to serve them in ways that are faster, sharper and leaner without compromising excellence. We developed a first-of-its kind legal project management department, which uses technology, people and processes to drive efficiency and deliver value for our clients.

We are innovators. Dechert ranked #7 in the Financial Times’ Top North American Innovative Law Firms. Financial Times also recognizes us among the Top European Innovative Law Firms and highly commends World Compass, our marketing compliance service, which offers investment firms advice in more than 100 jurisdictions.

Thematic (Sector/Industry)

On Saturday, 16 January 2016, the International Atomic Energy Association (IAEA) submitted a report to the United Nations Security Council (UNSC) certifying that Iran has satisfied its obligations under the Joint Comprehensive Plan of Action (JCPOA), the agreement reached in July 2015 among Iran, the United States, China, Russia, the United Kingdom, Germany and France.1As a result, 16 January 2016 is “Implementation Day” under the JCPOA, triggering the easing of certain sanctions against Iran by the United States, European Union and United Nations Security Council.The sanctions relief creates a significant asymmetry between U.S. and non-U.S. persons in dealings with Iran: U.S. sanctions continue to prohibit U.S. nationals and companies from most Iranian activities (though non-U.S. subsidiaries of U.S. companies now are authorized to engage in most activities with Iran), while EU (and other non-U.S.) persons are now affected only by vastly reduced prohibitions and are largely (but not entirely) free from the threat of “secondary” U.S. sanctions.Below we summarize the timing and scope of the sanctions relief which now comes into effect. We will publish more detailed guidance in the coming days.

On Saturday, 16 January 2016, the International Atomic Energy Association (IAEA) submitted a report to the United Nations Security Council (UNSC) certifying that Iran has satisfied its obligations under the Joint Comprehensive Plan of Action (JCPOA), the agreement reached in July 2015 among Iran, the United States, China, Russia, the United Kingdom, Germany and France.1As a result, 16 January 2016 is “Implementation Day” under the JCPOA, triggering the easing of certain sanctions against Iran by the United States, European Union and United Nations Security Council.The sanctions relief creates a significant asymmetry between U.S. and non-U.S. persons in dealings with Iran: U.S. sanctions continue to prohibit U.S. nationals and companies from most Iranian activities (though non-U.S. subsidiaries of U.S. companies now are authorized to engage in most activities with Iran), while EU (and other non-U.S.) persons are now affected only by vastly reduced prohibitions and are largely (but not entirely) free from the threat of “secondary” U.S. sanctions.Below we summarize the timing and scope of the sanctions relief which now comes into effect. We will publish more detailed guidance in the coming days.

Implementation Day: Iran Sanctions Eased Today

EM PM, Ecstrat

Emad Mostaque

EM PM

Ecstrat

Ecstrat is a consultancy advising on asset allocation between global equity markets, with a focus on the intersection of governments, geopolitics, governance and markets.
 
Over the past few years and more especially since the Great Financial Crisis (GFC), investors have become more focused on short-term market movements and real-time returns and have consequently neglected the analysis of the underlying structural themes that underpin longer term performance.
​
More specifically we believe that the evolution of governance-based relationships between investors, controlling shareholders, labour and the state is one of the primary determinants of both relative and absolute performance between individual equity markets.
 
We will endeavour to provide investors with some of the context surrounding governance-related issues which encompass many different disciplines including history, economics and political science, as well as the financial metrics which are the most obvious manifestation of the structural characteristics of each market.
 
We will pay particular attention to the shifts and potential inflection points for governance in individual markets as these are often the best lead indicators for both economic and market performance.

Recent analysis around a potential float of Aramco, Saudi Arabia's national oil company, has missed the mark. This is not a last, desperate, move on the part of the government, but part of a series of wider trends in the kingdom and its neighbours.

Recent analysis around a potential float of Aramco, Saudi Arabia's national oil company, has missed the mark. This is not a last, desperate, move on the part of the government, but part of a series of wider trends in the kingdom and its neighbours.

Aramco and Saudi Wealth "De-Destribution"

Transport Sector, China and Asia-focused Research

Charles De Trenck

Equity Bottom-Up

Teekay Tankers Ltd Class A / Equity Bottom-Up

Analysts pushed their estimates for oil lower yet again, with Standard Chartered calling for as low as $10 oil to add insult to injury. Lower oil was fully expected. The brutality of the sell-off was greater than expected. And now we are going to face a slew of bankruptcies, which will hit banks as well – as expected. One oil related group I’ve been following closely is the Teekay <a href="https://www.smartkarma.com/entities/10151" target="_blank" data-smartkarma-citation="entities:10151">Tk Corporation</a> (TK US group of companies), including TGP (LNG), TOO (Offshore) and TNK (Tankers). There is a lot of pain here. There are also potential opportunities we need to follow closely.

Analysts pushed their estimates for oil lower yet again, with Standard Chartered calling for as low as $10 oil to add insult to injury. Lower oil was fully expected. The brutality of the sell-off was greater than expected. And now we are going to face a slew of bankruptcies, which will hit banks as well – as expected. One oil related group I’ve been following closely is the Teekay Tk Corporation (TK US group of companies), including TGP (LNG), TOO (Offshore) and TNK (Tankers). There is a lot of pain here. There are also potential opportunities we need to follow closely.

The Pain Trade in Oil Gets Ugly (And a Look at the Teekay Group in the Sell-Off)

Nordic American Tankers / Equity Bottom-Up

The tanker sector experienced a substantial sell-off on 17 December as a result of three Teekay group companies slashing their distributions. Teekay Offshore (TOO) and Teekay LNG (TGP) slashed their distrubutions by 80%, while the parent Teekay (TK) slashed its distribution by 90%. Ironically, the Tanker arm (the one we follow more closely), had raised its distribution guidance only a few days ago! TK took the biggest share hit with share price falling some 59%, while TGP and TOO fell 51% and 52%, respectively. TNK shares fell some 9% in sympathy, while other tanker shares took hits as well.

The tanker sector experienced a substantial sell-off on 17 December as a result of three Teekay group companies slashing their distributions. Teekay Offshore (TOO) and Teekay LNG (TGP) slashed their distrubutions by 80%, while the parent Teekay (TK) slashed its distribution by 90%. Ironically, the Tanker arm (the one we follow more closely), had raised its distribution guidance only a few days ago! TK took the biggest share hit with share price falling some 59%, while TGP and TOO fell 51% and 52%, respectively. TNK shares fell some 9% in sympathy, while other tanker shares took hits as well.

Tanker's Hit Broadside by Teekay Distrution Cuts

Last week was a great line in the sand for some of the names I mentioned. Accumulating risk and China related paid off. While continuing to keep an eye on cautious trades I would recommend seeking China related risk in derivatives of China and not China itself. We can get better corporate accountability and perhaps even better performance. FCX remains a great litmus test for China. Let&rsquo;s see how some of the recommended names did, and consider what can be done around this theme.

Last week was a great line in the sand for some of the names I mentioned. Accumulating risk and China related paid off. While continuing to keep an eye on cautious trades I would recommend seeking China related risk in derivatives of China and not China itself. We can get better corporate accountability and perhaps even better performance. FCX remains a great litmus test for China. Let&rsquo;s see how some of the recommended names did, and consider what can be done around this theme.

United States

Teekay Tankers Ltd. provides oil transportation services through a fleet of mid-size tankers, including Suezmax and Aframax crude oil tankers and Long Range 2 product tankers. The Company's vessels are typically employed through a mix of short- or medium-term fixed-rate time charter contracts and spot tanker market trading.

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Teekay Tankers Ltd Class A (TNK US)

Implementation Day: Iran Sanctions Eased Today

On Saturday, 16 January 2016, the International Atomic Energy Association (IAEA) submitted a report to the United Nations Security Council (UNSC)...

Dechert LLP

Aramco and Saudi Wealth "De-Destribution"

Recent analysis around a potential float of Aramco, Saudi Arabia's national oil company, has missed the mark. This is not a last, desperate, move...

Emad Mostaque

The Pain Trade in Oil Gets Ugly (And a Look at the Teekay Group in the Sell-Off)

Analysts pushed their estimates for oil lower yet again, with Standard Chartered calling for as low as $10 oil to add insult to injury. Lower oil...

Charles De Trenck

Tanker's Hit Broadside by Teekay Distrution Cuts

The tanker sector experienced a substantial sell-off on 17 December as a result of three Teekay group companies slashing their distributions....

Charles De Trenck

Buying China Without the China in It

Last week was a great line in the sand for some of the names I mentioned. Accumulating risk and China related paid off. While continuing to keep an...

Charles De Trenck

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52-week Range

Market Cap (USDm)

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