Clifford Chance

'Snowball' swaps enforced

9 March 2016

The English court has decided that "snowball" swaps entered into by Portuguese public transport entities with a Portuguese bank but governed by English law can be enforced.  The fact that the swaps were subject to ISDA's Master Agreement was a key part of the court's conclusion that Portuguese mandatory laws could not override the English governing law chosen by the parties.

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