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A wolf in sheep’s clothing: are transfers of economic interests undermining privity of contract in the medium-term loan market?

19 March 2024 / Author(s): Graham Penn
Issue: August-September 2023 / Categories: Spotlight

In this Spotlight article Graham Penn considers how recent changes to the form and legal substance of sub-participation agreements (and other more conventional credit derivatives) are undermining privity of contract between the borrower and its lenders and creating a form of privity with the sub-participant.

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