Stephen Barclay

Senior Associate

Stephen is a structured finance specialist and his practice includes public CLO transactions, warehouse financings, fund financings, originator financings, private placements, repos, repackagings, workouts and restructurings.
Stephen has particular experience advising both arrangers and managers in European CLO transactions and has advised on actively managed transactions, static transactions, print-and-sprints, resets, refinancings, warehouse financings, retention financings and originator financings.



Representative matters

Goldman Sachs as lead arranger and lead-initial purchaser and Société Générale as co-arranger and co-placement agent on the Tikehau CLO VIII transaction, JP Morgan as placement agent on the Neuberger Berman CLO 3 transaction and BNP Paribas as arranger and initial purchaser on the Tikehau CLO VII transaction.

Napier Park Global Capital as collateral manager and retention holder on the Henley CLO IX transaction, the first print-and-sprint static transaction in the European market, as well as on Henley CLO III, Henley CLO IV, Henley CLO V, Henley CLO VI and Henley CLO VII transactions and the resets of Henley CLO I, Henley CLO II and Henley CLO III transactions.

NatWest Markets and Morgan Stanley as senior lenders on a EUR 700 million fund financing to a large European debt fund.

An international investment bank on the workout and subsequent sale of its outstanding senior commitment on a private fund financing to a large European debt fund.

Pro bono

 Advising Access – The Foundation for Social Investment on its deployment of dormant bank account monies under multiple separate programmes totalling GBP 73 million to charities and social enterprises.

Mentored two mature students completing their GDLs at the University of Law, Moorgate 
Delivered careers coaching to disadvantaged school pupils under the firm's Future Frontiers coaching scheme.

Leadership Positions And Professional Affiliations

Member of the Law Society of Scotland



Solicitor, Scotland, 2017


LLB, Law with German Legal Studies, University of Glasgow, 2014

Diploma in Professional Legal Practice, PEAT1, University of Strathclyde, 2015


A&O Shearman was formed on May 1, 2024 by the combination of Shearman & Sterling LLP and Allen & Overy LLP and their respective affiliates (the legacy firms). Any matters referred to above may include matters undertaken by one or more of the legacy firms rather than A&O Shearman.