Lee Cullinane

Lee Cullinane

White & Case LLP

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CFTC Issues No-Action Relief for Swap Dealers Complying with the EU Margin Rules

The CFTC has issued no-action relief for Swap Dealers that are subject to, and in compliance with, the EU margin rules but fail to comply with certain provisions of the CFTC’s margin rules for the period from February 4, 2017...more

2/8/2017 - CFTC EU Major Swap Participants Margin Requirements No-Action Relief Swap Dealers Swaps

European leveraged debt fights back: Despite a tough year, leveraged debt is facing up to challenges with renewed resilience

A new era for leveraged debt in 2017 - What to expect for the international financial markets in 2017? If 2016 is any guide, perhaps the mantra should be “expect the unexpected.” For every dire prediction we read...more

2/3/2017 - Covenant Lite Deals EU Global Market High Yield Bonds Leveraged Debt Leveraged Finance Presidential Elections UK Brexit

The future of European leveraged debt: While fears of another downturn loom, the European financial markets have innovated,...

Leveraged debt markets in Europe have shown resilience this year. However, with so many factors up in the air in 2017—from politics to interest rates, regulations and investor sentiment—the question remains whether this will...more

2/2/2017 - Capital Markets Collateralized Loan Obligations EBITDA EU European Central Bank Financial Regulatory Reform High Yield Bonds Interest Rates Investors Leveraged Debt Leveraged Loans Populist Movement Presidential Elections Supply and Demand UK Brexit

The leveraged debt boom post-Brexit - Covenant lite deals becoming the new normal in Europe

HEADLINES: ? Cov-lite deals becoming the new normal in Europe ? Payment-in kind notes' return signifies the return of a hot market and low margins ? US company high yield bond and leveraged loan issuance in Europe...more

2/1/2017 - Covenant Lite Deals EU High Yield Bonds Leveraged Debt Leveraged Loans UK Brexit

European leveraged debt - 2016 in review: Refinancing rules debt as issuers look to take advantage of circumstances

HEADLINES: ? Issuance improves in Europe after Q1 slump ? US issuance also sees post-Brexit bounce, but still down year-on-year ? Refinancing rules debt as issuers look to take advantage of circumstances ? Slow...more

1/31/2017 - Acquisitions Debt Market Derivatives EU Global Market High Yield Bonds Institutional Investors Leveraged Debt Leveraged Loans Mergers Presidential Elections Refinancing UK Brexit

SEC Issues Final Rules on Dealing Activity Conducted Within the US by a Non-US Person

On May 1, 2013, the Securities and Exchange Commission ("SEC") adopted and made public for comment proposed rules and interpretive guidance (the "2013 Cross-Border Proposing Release") to address the application of the...more

7/11/2016 - Cross-Border Transactions Dodd-Frank Final Rules Non-US Entities Public Comment SBSD SEC Securities Exchange Act Security-Based Swaps Swaps

A brave new world for international leveraged debt - The reshaping of the wider economy has led to increasingly converging and...

Innovation and collaboration are driving leveraged debt markets - European high yield and leveraged loan markets have a distinctly different feel from 12 months ago. Volumes and values notably dropped over 2015, leaving...more

2/19/2016 - Chapter 11 Collaboration Debt Debt Restructuring Emerging Markets EU Financial Sector High-Yield Markets Innovation Leveraged Lending Private Equity

Leveraged debt: The year in review

If 2014 got pulses racing in the high yield debt and leveraged loan markets, 2015 came as something of a reality check. In the first nine months of 2014, combined issuance in these two debt instruments had already surpassed...more

2/18/2016 - Acquisitions Bonds Debt Market EU Financial Sector Financing High Yield Bonds Leveraged Loans Loans

Innovation and collaboration are driving leveraged debt markets

European high yield and leveraged loan markets have a distinctly different feel from 12 months ago. Volumes and values notably dropped over 2015, leaving issuers and lenders wondering what to expect in 2016 and beyond....more

2/17/2016 - Emerging Markets EU Financial Markets High-Yield Markets Leveraged Loans Private Equity Restructuring

Evolution and alternatives in the market - While fears of another downturn loom, the European financial markets have innovated,...

Following the collapse of Lehman Brothers and the period that followed, the markets have more understanding of the credit risk spectrum. This includes jurisdictional risk, available restructuring options and the complexity...more

2/16/2016 - Debt Market Debt Restructuring EU Financial Crisis Fund Managers High Yield Bonds Institutional Investors Lehman Brothers Lenders Liquidity Schemes of Arrangement UK

Eyes on Europe: Cov-lite and Term Loan B rise

The growth of European markets was noticed by US issuers, who have looked across the Atlantic to borrow as pricing widened in the US and appetite increased in Europe. In the second quarter of 2015, US issuers were the...more

2/15/2016 - Corporate Issuers EBITDA EU Financial Sector Investors Leveraged Loans Liquidity Non-Bank Lenders

Innovation is the key to success in 2016

Diverging economic conditions on either side of the Atlantic—as well as geopolitical issues such as global stock market volatility and plummeting oil prices—mean issuers, lenders and their advisers are entering unknown...more

2/12/2016 - Capital Raising Corporate Issuers EU High-Yield Markets Innovation Lenders Leveraged Loans Secondary Markets

A reset for debt in 2015?

At the beginning of 2015, it was believed that the high yield bond and leveraged loan markets would continue at the levels seen in 2014. Issuance had peaked and terms were loosening. Indeed, the first quarter started...more

2/11/2016 - Complex Financial Products Cross-Border Transactions EU High Yield Bonds Italy Leveraged Buyout Leveraged Loans Pari Passu Refinancing

Coming of age: The changing face of international leveraged debt

In This Issue: - A new dawn: Record year for debt heralds new era - On good terms: Convergence drives issuer-friendly markets - State of play: Global debt markets positioned for growth - European...more

2/11/2015 - Bonds Debt Market EU High-Yield Markets International Finance Leveraged Loans

The Return of the Leveraged Loan Market

Increased confidence and appetite for risk developed in 2013 and has continued at pace into Q1 2014. 2013 brought us the highest annual new-issue loan volume in five years. This translated to an impressive year-on-year...more

5/24/2014 - EU International Finance Japan Leveraged Loans Portability

September 2013 Update - Dodd-Frank and Swap Guarantees

The Commodity Futures Trading Commission (the “CFTC”) has issued a rule jointly with the Securities Exchange Commission further defining the term “swap” and “security-based swaps”. In that rule, CFTC has taken the view that...more

9/11/2013 - CFTC Commodities Exchange Act Dodd-Frank Swaps Title VII

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