At its Summer National Meeting in Chicago (August 12-15, 2024), the NAIC announced important guidance relating to the statutory accounting treatment of insurance companies’ investments in bank credit risk transfer (“CRT”)...more
On January 25, 2023, the United States Securities and Exchange Commission (the SEC) revived a proposed rule (initially proposed in September 2011) pursuant to Section 27B (Proposed Rule 192) aimed at preventing material...more
Recently, Dechert Partner Sarah Milam partook in an auto ABS panel discussion at ABS East in Miami, Florida. Sarah and four distinguished panelists discussed the state of the ABS auto loan market, issuance, yields,...more
Demand for Narrowbody Aircraft Exceeds the Available Supply- Outside of Asia, summer travel has seen a large recovery and this has coincided with a large uptick in demand for narrowbody aircraft by both airlines and...more
On June 25, 2020, five federal agencies (the “Agencies”) finalized amendments to the rules implementing section 13 of the Bank Holding Company Act of 1956 (the “Volcker Rule”) related to the prohibition on investing,...more
On March 23, 2020, the Board of Governors of the Federal Reserve System (the “Board of Governors”) announced the implementation of a new Term Asset-Backed Securities Loan Facility (“TALF 2.0”) in order to provide liquidity...more
We are delighted to present the Spring 2020 edition of Hogan Lovells’ Debt Capital Markets Global Insights. This draws together a collection of articles from across our global network, reflecting on current events and topical...more
WHAT HAPPENED: • On September 4, 2019, the US Department of Justice’s Antitrust Division (DOJ) sued to block Novelis Inc.’s proposed $2.6 billion acquisition of Aleris Corporation. • DOJ alleged that the transaction would...more
U.S. Financial Industry Developments - Community Reinvestment Act: Revisions to Impact of Evidence of Discriminatory or Other Illegal Credit Practices on Community Reinvestment Act Ratings... ...more
At Hogan Lovells, we follow industry trends very closely and we take great care to listen to our clients and contacts – to understand the issues they face and how the industry is changing. Our Debt Capital Markets – Global...more
Financial Industry Developments - Fee Rate Advisory #3 for Fiscal Year 2017 - On May 31, 2017, the Securities and Exchange Commission ("Commission") announced that starting July 4, 2017, the fee rates applicable to most...more
On December 7, 2016, Moody’s published its ratings methodology for sustainable net cash flow and value for CMBS and CRE CDO CLO real estate collateral in the Americas and ex-Japan Asia Pacific. Report. On December 6,...more
In a complex securitization structure, determining the identity of the sponsor under the credit risk retention rules can be a daunting task. Introduction Under the credit risk retention rules adopted pursuant to the...more
On June 8, 2016, Fitch issued a report entitled: Fitch Updates Distressed Debt Exchange Rating Criteria. Press release. On June 7, 2016, Moody’s issued a report entitled: Global Property and Casualty Insurers. Report....more
On March 30, 2016, Moody’s published its rating methodology for assessing green bonds. On March 30, 2016, DBRS published its methodology for rating Canadian structured finance instruments. ...more
ESMA Consults on Guidelines on Disclosure of Information on Commodity Derivatives Markets or Related Spot Markets under MAR - On March 30, the European Securities and Markets Authority ("ESMA") opened a public...more
On March 10, DBRS issued a report entitled: Mapping Financial Institution Internal Ratings to DBRS Ratings for Global Structured Credit Transactions. On March 14, Fitch issued a report entitled: U.S. Subprime Auto ABS...more
The U.S. Securities and Exchange Commission (SEC) recently adopted amendments (Amendments) to remove references to credit ratings in Rule 2a-7 under the Investment Company Act of 1940, as amended (1940 Act), the primary rule...more
On September 23, DBRS published the methodologies it will use to rate and monitor U.S. Property Assessed Clean Energy securitization. On September 22, Moody’s published its updated rating methodology for consumer loan-backed...more
On May 29, DBRS released its updated methodology for rating U.S. asset-backed commercial paper. On May 29, Fitch republished its criteria for rating supranationals. On May 28, Fitch released its updated criteria for rating...more
On May 22, DBRS released its methodology for rating entities in the real estate industry. On May 21, DBRS released its methodology for reviewing ratings of Canadian structured finance and covered bond transactions. On May 20,...more
On April 24, Fitch released its updated U.S. Auto Lease ABS Ratings Criteria. On April 27, DBRS released its Rating Canadian Covered Bonds Methodology. On April 27, S&P updated its Bank Rating Methodology and Assumptions to...more
Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment) Regulations 2015 published - On January 13, 2015, the Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment)...more
On January 22, Fitch released its rating criteria for rating RMBS in Latin America. On January 22, Moody’s released its global methodology for rating small and medium size enterprise balance sheet securitizations. On January...more
On October 22, 2014, six federal agencies approved a final rule requiring sponsors of asset securitization transactions to retain risk in those transactions. The final rule implements the risk retention requirements in the...more