Joyce J. Gorman represents financial institutions, non-financial institution lenders, capital markets investors, and corporate clients in connection with developing and transacting in financial and derivative products in both the primary and secondary markets.
She has a capital markets practice representing clients across multiple firm offices and practice groups in connection with derivatives transactions; guaranteed investment contracts (GICs) and repurchase agreements (repos); secondary market products and programs including custodial receipt structures, tax-exempt securitizations such as tender option bond (TOB) programs and other tax-exempt and taxable single asset and pool trust pass-through structures, Real Estate Mortgage Investment Conduit (REMIC) trusts, trust terminations, and total return swaps; complex structured transactions such as tax-exempt gas and electric prepay transactions; and specialized primary market products such as taxable Property Assessed Clean Energy (PACE) financings.
Joyce is a member of the firm's Finance Department Steering Committee.
Representative Experience
Representative Matters
Derivatives Transactions
- Loan-Linked Swaps:
- Represented lead lender in large, syndicated credit facility to permit parity interest rate, foreign exchange and commodity swaps secured by same collateral as borrowing base loans, and to address intercreditor issues.
- Represented corporate clients in similar loan-linked swaps.
- Total Return Swaps (TRS): Represented investor/hedge fund clients in TRS transactions to leverage investments in taxable debt instruments, such as PACE bonds, multifamily housing bonds, and Ginnie Mae Certificates issued to finance nursing homes, with efficient bilateral execution and lower borrowing costs and higher yields than a secured bank loan or a securities offering to the market.
- Heding Portfolio Interest Rate Risk: Represented financial institution clients in developing master International Swaps and Derivatives Association (ISDA) documents with major dealers to hedge loan portfolio interest rate risk.
Professional Highlights
Recognition & Accomplishments
AV Peer Review Rating, Martindale-Hubbell
Named by The Legal 500 US as "a leader in municipal capital markets with a reputation for innovation"
Credentials
Education
University of Maryland School of Law (J.D., with honors, 1977)
Smith College (A.B., Economics, 1974)
Williams College (1972-1973)
Convent of the Sacred Heart, Greenwich, Connecticut (1970, highest honors; 2019 Professional Achievement Award)
Admissions
District of Columbia
Maryland