UCL Faculty of Laws

Prof Graham Penn

Prof Graham Penn

Professor of International Finance Law

Faculty of Laws


Joined UCL
1st Sep 2003

Research summary

Graham’s research interests cover most areas of corporate and international finance law and regulation with a particular focus on alternative risk financing mechanisms and complex structured finance, including securitisation, in which he is recognised as a preeminent authority.  He is currently working on a number of projects ranging from the impact of the most recent Global Financial Crisis and the ongoing Covid pandemic on the provision, structure and regulation of debt finance (including leveraged loan finance) to the implications of changes in the identity and type of institution which regularly act as lenders/investors in both the primary and secondary loan markets and the international debt capital markets; fundamentally the shift from traditional bank lenders to 'alternate credit providers' including institutional investors, investment funds, insurance companies, pension funds, sovereign wealth funds and other non-bank financial institutions.  His research on the regulation of international debt finance focusses on debt instruments currently used in the international loan and debt capital markets and he recently completed a detailed review of the regulation of securitisation throughout Europe since the most recent Global Financial Crisis.

Teaching summary



  • Legal Aspects of International Finance.


  • Corporate Finance.


         Company Law 

         Laws' Connections


Graham's teaching is entirely research and practice focussed and covers the law and regulation of corporate and international debt finance instruments currently used in the international loan and capital markets.  Graham was awarded the UCL Laws Excellence Award for Legal Teaching in 2017 and 2019.


PhD Supervision:


Graham welcomes applications from prospective PhD candidates who wish to focus on any aspect of the law and/or regulation of corporate and international debt finance.  He is currently supervising a thesis focussing on the regulation of covered bonds.


He has written extensively on the law and regulation of corporate and international debt finance, including a number of leading text books, and is the editor of the Journal of International Banking Law and Regulation.  He regularly presents papers at both academic and industry conferences in the UK and abroad. Graham's reputation as one of the world's leading international finance lawyers has been consistently recognised in many 'expert guides' for the legal profession, most recently in Best Lawyers 2022 for Finance and Securitisation Law.  He was included in the inaugural Chambers 100 which ranked him as one of the top five Capital Markets lawyers in the UK and praised him for his "superior legal knowledge" and "his ability to understand and document complex financing structures" and Euromoney's Expert Guide for Banking and Finance Transactions 2021 which included him as "a world leading practitioner in Capital Markets,Structured Finance and Securitisation".

He was also included as one of the "top 10 European Legal Innovators of the Year" by the Financial Times whose report credited Graham as "a pioneer in structured finance and securitisation" noting that he "has been involved in some of the most ground breaking transactions of the post two decades".