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Uncertain times: COVID-19 and the use of “business days” to measure time under finance agreements
Over the past twelve months, governments have implemented various measures that have created uncertainty around the meaning of the term “business day”. This is further complicated by the historic English law approach, which emphasises the predeterminable nature of a “business day” and discourages investigation into the particular facts of the case. This stands in tension with definitions (including the LMA standard definition) which focus upon banks actually being open for business on a given day. This article considers how, in these circumstances, parties may be able to increase certainty in relation to the way that time is calculated under finance agreements.
13 June 2024SORA transition in Singapore: challenges for intra-period events in loan documentation
On 27 October 2020, the Steering Committee for SOR Transition to SORA (SC-STS) released the SORA Market Compendium (Compendium), which serves as industry guidance on key issues that need to be considered for market participants’ existing or future Singapore dollar financial products. In the Compendium, the SC-STS recommends for compounding in arrears the use of a cumulative convention, rather than the daily non-cumulative convention. The use of a cumulative approach to the compounding of SORA may pose difficulties for intra-interest period events. This article sets out some of the approaches which may address these difficulties.
13 June 2024Fraud in commodity finance: identification, mitigation and resolution
Show’d mastership in floating
13 June 2024Updated guide to English opinion letters in financial transactions
The City of London Law Society (CLLS), whose members include some of the largest international law firms in the world, has updated its Guide on English law opinion letters in financial transactions. The aim of the Guide is to save time and costs spent in discussing which law firm should provide an opinion letter, what should it cover and who may rely on it. The Guide is widely consulted by practitioners and well respected. The unabridged version (including full footnotes) is available at www.citysolicitors.org.uk. This article sets out an abridged version.
13 June 2024Agent banks’ duties in the era of cov-lite loans and infinite liquidity
In this article Lisa Lacob considers whether the current cov-lite environment changes the analysis on the extent of agent banks’ duties, particularly where action or inaction may favour one side.
13 June 2024Issues between creditors and debtors when restructuring listed debt
In this article, the authors explore certain key issues creditors and debtors face when restructuring listed debt (referred herein as “bonds”). There are administrative problems that can arise when dealing with a large number of disparate bondholders and the complexities of dealing with material non-public information (MNPI) during restructuring negotiations. The authors consider the different parties involved in these restructurings and how advisors can assist these parties in navigating these hurdles.
13 June 2024Arc of the (financial) covenant: issues for project and real estate finance
Outside of the leveraged finance market however, financial covenants remain a key feature of a wide range of loan financings. This article discusses the financial covenant packages used on project financings, and on real estate and development financings, together with some of the common structuring and negotiation points that arise.
13 June 2024The issues with interest calculations in arbitration awards
There is often much angst about choosing the right method of calculating interest on an arbitral award and, indeed, which interest rate to use. There are no criteria that can be applied a priori to assist in the selection in a particular case. Rather, the key is to determine what monetary return the injured party might have earned had they had use of the arbitral award over the relevant period of time. This amount can then be readily translated into a method and interest rate to suit the arbitrator.
13 June 2024Structuring loan buybacks
In this article the authors consider the structure of loan buybacks with a consideration of the documentary changes made by the Loan Market Association (LMA) as well as some of the approaches that have evolved in the market to address buybacks.
13 June 2024The impact of Brexit on the UK and European legal professions
This article explores the implications of Brexit for the practising rights of UK barristers, solicitors and advocates in the EU and for European lawyers in the UK, with a focus on England and Wales. Although the UK’s withdrawal from the EU has resulted in some challenges for European lawyers, England and Wales remains an open legal market. For UK lawyers in Europe the situation varies considerably by member state and it is incumbent on lawyers to carefully research practising rights and immigration rules ahead of travel.
13 June 2024
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