Deals of the Year: Barclays Capital

In June 2009, Chesapeake Energy Corporation, an oil & gas exploration and production (E&P) company holding the largest gas reserves in the US, closed a perpetual multi-counterparty secured hedging facility that allows it to enter into financially settled natural gas and oil hedges. Barclays Capital led the development and negotiation of the hedge facility.

The problem facing many below-investment grade E&P companies is that hedging requires a company to post significant collateral to its hedge

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