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Jumping the line: priming restructuring transactions during the COVID-19 crisis
Over the past year, the COVID-19 crisis has caused liquidity issues for many US businesses, which has forced some borrowers to resort to increasingly creative restructuring options. These have generally fallen within two categories – “dropdown” transactions and “uptiering” exchange transactions, both of which have seen borrowers take steps under their credit agreements to prioritise one set of lenders over another. This article tracks the key cases in the US market and offers a flavour of what may be arriving soon on European shores.
13 June 2024The security token: will regulation allow it to take off?
In this article Ferdisha Snagg considers that for regulation to allow security tokens to take off, regulatory policy’s “technology-agnostic” approach may need to be revisited.
13 June 2024Brexit and securitisation: the rubber hits the road
The UK formally left the EU on 31 January 2020, but the Brexit implementation period delayed most of the practical effects of that until after 31 December 2020 (IP completion day). Three months into the new regime, we examine how securitisation markets are changing in response to this new reality, offer solutions to some of the issues that have come up and identify key areas where market practice has yet to settle.
13 June 2024Intercreditor agreements and the new Restructuring Plan
In this article the authors consider how the new Restructuring Plan under English law interacts with intercreditor agreements which have voting restrictions and other contractual prohibitions on creditor actions.
13 June 2024Syndicated loan market and LIBOR: pathway to the end of 2021
With just under a year until the demise of at least certain settings of LIBOR, 2021 will be the definitive year for progress and development of market practice. In the sterling syndicated loans market, although much progress has been made to date, both the target of the Working Group on Sterling Risk-Free Reference Rates (£RFRWG) that there should be no new issuance of sterling LIBOR based loans after the end of Q1 2021 and the stock of legacy LIBOR referencing loans mean there is still much work to do. In this article, we take stock of recent developments and examine the pathway to the end of 2021 for the syndicated loan market.
13 June 2024Big data, ethics and financial services: risks, controls and opportunities
With use of big data growing exponentially over the past ten years, how are legislators and regulators addressing big data and artificial intelligence, and what are the key considerations for financial services firms at this time? We explore these themes below.
13 June 2024The United Nations Convention on the Assignment of Receivables in International Trade: failure or success?
Twenty years after its adoption in 2001 by the United Nations General Assembly, the United Nations Convention on the Assignment of Receivables in International Trade (Convention)1 has yet to enter into force.2 Despite this, however, the Convention has influenced the development of national assignment of receivables law, as well as uniform law, and our better understanding and knowledge of assignment of receivables law. And recent developments suggest that it may still turn out to be a success. This article discusses the reasons for the failure of the Convention and its impact so far and examines its future prospects.3
13 June 2024The impact of the Corporate Insolvency and Governance Act 2020 on drafting loan documentation and practice
This article takes stock of CIGA’s impact on the drafting of loan documentation and related practice points for finance lawyers.
13 June 2024Translations: creating legally effective smart derivatives contracts
Smart derivatives contracts have the potential to deliver significant efficiency benefits to derivatives market participants. However, automating legal documentation is a specialised task and lawyers have a crucial role to play in ensuring automation is legally and operationally effective. Developing smart derivatives contracts will require lawyers to enhance the levels of standardisation within industry standard contracts and contribute towards the development of legal agreement data models that will serve as the foundation for smart derivatives contracts.
13 June 2024Structures, security and finance products: the increasingly sophisticated world of investment fund focused borrowing
In this article Kevin Lynch and Ian Dillon consider the most commonly utilised funds finance facilities, how the borrowing needs of various funds and available facilities may be different depending on the type of fund strategy, inflection points in its life cycle, lenders security requirements and some trends to watch.
13 June 2024
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