In Practice
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Preparing for a new UK securitisation framework
In this In Practice article the authors consider how buy- and sell-side parties to securitisation transactions can get ready to comply with the UK’s new securitisation framework.
18 March 2024Ripping up the rulebook: financing the energy transition
The authors set out some of the challenges faced by both lenders and equity investors when deploying capital towards energy transition projects at scale. Such challenges include the volume of capital expenditure required, novel technology risk, untested markets and the participation of diverse stakeholders with a range of different sectoral experience. The authors then draw on their firm’s experience to demonstrate pioneering approaches taken by lenders and investors to mitigate risk and establish bankable project structures.
18 March 2024Private portfolio financings on the rise
In this article the authors consider the benefits of private portfolio financings in light of challenging conditions for CLO issuance.
18 March 2024More than meets the eye: a new UK regime for critical third parties: what does it mean for regulated firms?
Financial services regulators across the globe are considering how to regulate in some way cloud providers and other information and tech service companies (critical third parties (CTPs)) which many banks and other financial institutions rely on heavily for critical services. While the European Union’s new Digital Operational Resilience Act (DORA) imposes new requirements on both CTPs and the regulated firms which use their services, the UK has started the ball rolling on a new CTP regime aimed only at the CTPs themselves. The UK regulators’ proposals for their part in the new regime are out for consultation. We take a look at some key areas of the proposals which remain unclear from the financial sector’s perspective.
18 March 2024Super senior facilities: a recap on key documentary terms
In this In Practice article Michael Leadbeater considers the key documentary terms which will form the basis of facilities agreement negotiations in the context of a super senior/senior financing.
18 March 2024The art of the intercreditor
Over the last decade, financing transactions have moved away from typical senior/mezzanine loan structures to a wider variety of products including syndicated loans, first lien/second lien loans, direct lending and high yield bonds (and in some cases, a hybrid of them). This has increased lenders’ attention on the intercreditor terms, which establish the relationship and priority between the different types of creditors in the financing structure, particularly in the circumstances when things go wrong. In this In Practice article, the authors consider the key terms of intercreditor agreements that creditors should be focused on during negotiations and, how these and other provisions differ between a structure comprised of senior and junior loans (Senior/Junior Structure) and a structure comprised of notes, each accompanied with a super senior revolving facility (Notes/SSRCF Structure). 11 1
18 March 2024Coaching and the corporate witness
In this In Practice article, James Barrett considers several key practices which can help a corporate witness to prepare for giving evidence including to courts and public inquiries.
18 March 2024
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