Ceiriog Smith
Ceiriog Smith's practice focuses on the secondary loan trading markets and providing advice to banks, hedge funds and other financial institutions on the legal issues relating to the purchase and sale of distressed assets. Ceiriog has been actively involved in the loan trading markets since 2014 and has extensive experience in various types of high-yield transactions throughout the world, including the purchase and sale of distressed and par loans, trade claims and equity.
Ceiriog is qualified as a solicitor in England & Wales. He is also qualified in Scotland (currently non-practising).
Practice Area
Panel
- Contributing Author
Qualified Year
- 2012 (in Scotland) and 2019 (in England & Wales)
Experience
- Mandel, Katz & Brosnan LLP (2014 - Present)
- Bank of America (secondment) (2013 - 2014)
- NewGalexy Services Limited (2012 - 2014)
- Anderson Strathern LLP (2010 - 2012)
Qualifications
- LLB (Hons) (2008)
- Diploma in Legal Practice (2009)
Education
- University of Strathclyde (2004–2008)
- Glasgow Graduate School of Law (2008–2009)
1 Contributions by Ceiriog Smith
PRACTICE NOTES
Loan Market Association secondary debt trading documents explained: confidentiality, trade confirmations, par, distressed and claims trades; transfers, assignments, funded and risk sub-participations (with 2026 updates)
STOP PRESS:
The Loan Market Association (LMA) has issued revised editions of the standard terms and conditions for Par and Distressed Trade Transactions, the complete suite of Funded Participation and Risk Participation Agreements, and the Secondary Debt Trading Documentation User Guide, effective from 17 March 2026. The changes include the removal of LIBOR references, updates to IBOR rate definitions and the Target2 definition, and refreshed ERISA representations incorporating additional exemptions from the prohibited transaction rules under ERISA and the US Internal Revenue Code. The refreshed materials are available exclusively to LMA members via the LMA’s Documentation Hub. In the London market, secondary debt trades are commonly documented using the LMA’s recommended form documents. The LMA’s secondary debt trading suite was developed to standardise and simplify the sale of loan assets and to establish a consistent settlement process. The use of common documentation also bolsters liquidity in the secondary loan market. These documents act as a negotiation baseline and should be adapted as necessary to meet the particular requirements of a transaction...
Banking & Finance
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