News & Analysis as of

ISDA Master Agreement

Mayer Brown

UK Court Of Appeal Overturns Judgment In Latest Italian Swaps Decision Concerning Corporate Capacity

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In December 2023, the England & Wales Court of Appeal unanimously overturned the high-profile ruling handed down by the Commercial Court in October 2022 in the case of Banca Intesa Sanpaolo and Dexia v Comune di Venezia. In...more

Blank Rome LLP

Transactional Corner: Cross-Default (Under Specified Transactions?)—Drafting Considerations Related to a “Compound” Event of...

Blank Rome LLP on

Background - The governing agreements for a wide range of transactions, from the most basic financing arrangements to the most complex derivatives trading relationships, frequently include a “cross-default” event of...more

Morrison & Foerster LLP

ISDA Amendments to Master Agreement Relating to Default Notice Provision and Characterisation of Credit Support Annexes

As a response to member feedback relating to the COVID-19 pandemic and following a period of consultation with its members beginning in 2022, the International Swaps and Derivatives Association (ISDA) has published a number...more

Cadwalader, Wickersham & Taft LLP

Regulatory and Transactional Implications of Recent Moody’s Bank Ratings Downgrades

Earlier this week, Moody’s Investor Services downgraded the credit ratings of 10 regional banks and put 17 other banks under review or gave their rating a negative outlook. Notwithstanding the downgrades, most of the...more

Latham & Watkins LLP

When Does an Event of Default Cease to Be Continuing

Latham & Watkins LLP on

The High Court’s decision in relation to an ISDA Master Agreement will likely guide interpretation of other English law-governed financing documentation. Prior to entering into administration, Lehman Brothers...more

Paul Hastings LLP

Amendments to ISDA MA's Notices Provision and Treatment of CSAs

Paul Hastings LLP on

The International Swaps and Derivatives Association, Inc. (“ISDA”) has published a form of amendments to the Notices provision and the alignment of treatment of English law and New York law governed Credit Support Annexes...more

Morgan Lewis

Cryptocurrency Not Recognised as Money, Singapore High Court Rules

Morgan Lewis on

The Singapore High Court recently rejected Algorand Foundation’s application to liquidate Three Arrows Capital based on a claim of 53.5 million USD Coin (USDC)—a form of cryptocurrency also known as a stablecoin, designed to...more

Goodwin

Stock Buybacks: Recent Developments and Hot Topics for Issuers

Goodwin on

Increased equity market volatility provides issuers with opportunities to repurchase shares at attractive prices. At the same time, issuers must consider how recent changes to the tax treatment of stock buybacks, potential...more

Cadwalader, Wickersham & Taft LLP

Hedging in UK Real Estate Finance Transactions - Part 2

Following our article from last month, we continue with our discussion on hedging in real estate financing transactions by discussing the frequently negotiated tension points between the facility agreement and the Hedging...more

Morrison & Foerster LLP

High Court Rules that ISDA Bankruptcy-Related Events of Default Can Be Cured in Lehman Case

In Grant & Ors v FR Acquisitions Corporation (Europe) Ltd & Anor (Re Lehman Brothers International (Europe)) [2022] EWHC 2532 (Ch), the English High Court ruled on an application for directions (the “Application”) made by the...more

Latham & Watkins LLP

ISDA Launches Version 1.0 of Definitions for Digital Asset Derivatives

Latham & Watkins LLP on

The Definitions aim to support the safe and efficient development of the digital asset derivatives market through consistent contractual standards. On January 26, 2023, the International Swaps and Derivatives...more

Hogan Lovells

Continuing or cured? The suspension of swap payments following an event of default may not be unlimited

Hogan Lovells on

The High Court of England and Wales has recently provided welcome clarification around the nature of events of default under derivatives contracts governed by the ISDA Master Agreement, in particular in relation to whether an...more

Dechert LLP

English court rules that certain ISDA bankruptcy events of default can be cured

Dechert LLP on

In October 2022, the English High Court delivered a long-awaited judgment relating to whether or not certain Bankruptcy Events of Default can be cured under the ISDA 2002 and 1992 Master Agreements ("ISDA Master Agreements")...more

Jones Day

ISDA Publishes REC Annex

Jones Day on

The International Swaps and Derivatives Association (ISDA) is launching and publishing the ISDA U.S. Renewable Energy Certificate Annex (REC Annex) to enable market participants to efficiently sell and purchase renewable...more

White & Case LLP

Regulators determined to keep SOFR transition on track

White & Case LLP on

The disruption to capital markets caused by the COVID-19 pandemic has not shifted the overall timeline of regulators and industry bodies for the replacement of US dollar LIBOR with SOFR by the end of 2021. With the expected...more

Hogan Lovells

Checklist of key legal issues for derivatives counterparties amid the COVID-19 pandemic

Hogan Lovells on

The current COVID-19 pandemic has already impacted many derivatives transactions. This note sets out a checklist of key legal issues market participants may need to consider in relation to OTC derivatives contracts....more

ArentFox Schiff

Swaps 101 and the Death of LIBOR

ArentFox Schiff on

There are many types of swaps: commodity swaps, foreign exchange swaps, but of primary interest to real estate lawyers are interest rate swaps. Interest rate swaps are colloquially thought of as contracts by which a naturally...more

Bass, Berry & Sims PLC

Demise of LIBOR: Overview of Possible Basis Risk for Swapped Floating Rate Loans

Bass, Berry & Sims PLC on

Basis Risk of Floating Rate Loans - In connection with the likely cessation of LIBOR as a viable index at the end of 2021 or earlier, any borrower with floating rate loans based on LIBOR that has hedged, or plans to hedge,...more

Katten Muchin Rosenman LLP

Hope for the Best but Prepare for the Worst — Steps to Take If You are Worried About the Effects of the Pandemic on Your ISDA...

The unprecedented havoc wreaked on world economies by COVID-19 has put all manner of entities under financial stress. If some of those entities are your counterparties to swaps under either the 1992 ISDA Master Agreement or...more

K&L Gates LLP

COVID-19: Crisis Management for End-Users of Swaps and Repos: Key Issues in Responding to Margin Calls and Early Termination...

K&L Gates LLP on

Counterparties to swap and repurchase transactions have come under pressure following the financial dislocations caused by the novel coronavirus pandemic in 2020 (“COVID-19”). Falling and illiquid markets may result in margin...more

Polsinelli

COVID-19 Pandemic – Issues Relating to Interest Rate Hedges for Real Estate and Other Loan Borrowers

Polsinelli on

Borrowers under variable rate commercial loans commonly enter into interest rate hedge agreements to eliminate or reduce their exposure to the interest rate risk of their variable debt service obligations. ...more

Katten Muchin Rosenman LLP

Force Majeure Clauses and Financially Settled Transactions Under the ISDA Master Agreement

Key Points - - The 2002 ISDA Master Agreement has a force majeure clause, but the 1992 ISDA Master does not. - A force majeure defense is unavailable unless payment/delivery is actually prevented. - Under a Force...more

White & Case LLP

COVID-19 Derivatives Checklist

White & Case LLP on

The novel coronavirus (COVID-19) pandemic is presenting the global markets with unprecedented challenges. Governments, corporations and the financial markets have been struggling to evaluate and adapt to the social and...more

Shearman & Sterling LLP

COVID-19: Derivatives Implications

The outbreak of the novel coronavirus COVID-19 has implications for derivatives contracts. For example, some companies are asserting that the reported disruptions in the global supply-chain and travel restrictions constitute...more

McGuireWoods LLP

Replacement of LIBOR: Is Litigation Inevitable in the Derivatives Market?

McGuireWoods LLP on

With the announcement by the Financial Conduct Authority that the London Interbank Offered Rate (LIBOR) may cease to exist, the financial markets are facing a major upheaval in this respect. Market participants, financial...more

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