News & Analysis as of

Leveraged Lending

Leveraged Lending: Summary of ECB Guidance compared to US Guidance

by Shearman & Sterling LLP on

In May 2017, the European Central Bank published its final Guidance on Leveraged Transactions (the “ECB Guidance”). The ECB Guidance will come into effect six months after publication and will apply to all “significant credit...more

Treasury Department Report: Decreasing Regulatory Burdens, Increasing Regulatory Accountability and Fostering Economic Growth

On June 12, 2017, the U.S. Treasury Department released its report to the President, "A Financial System That Creates Economic Opportunities – Banks and Credit Unions," authored by Steven Mnuchin, Secretary, and Craig...more

Treasury Department Report: Decreasing Regulatory Burdens, Increasing Regulatory Accountability and Fostering Economic Growth

On June 12, 2017, the U.S. Treasury Department released its report to the President, "A Financial System That Creates Economic Opportunities – Banks and Credit Unions," authored by Steven Mnuchin, Secretary, and Craig...more

Federal Reserve Bank Report Examines the Effects of US Leveraged Lending Guidance on the Banking Industry

by Miles & Stockbridge P.C. on

Following the global financial crisis of 2007-2009, the Board of Governors of the Federal Reserve System (the “Board”), the Federal Deposit Insurance Corporation (the “FDIC”) and the Office of the Comptroller of the Currency...more

Treasury Report Recommends Modification of the Leveraged Lending Guidance to Address Reduction in Leveraged Lending by Regulated...

On June 13, the U.S. Department of the Treasury released its report to President Donald J. Trump in response to Executive Order 13772 issued on Feb. 3, which set forth the “core principles” of the Trump administration...more

ECB Guidance on Leveraged Transactions

by White & Case LLP on

The European Central Bank ('ECB') published its final guidance ('Final Guidance') on leveraged transactions on 16 May 2017, marking the end of a public consultation process that began on 23 November 2016. In addition to its...more

The Federal Reserve Bank of New York Finds That the Leveraged Lending Guidance Has Not Reduced Systemic Risk

The Federal Reserve Bank of New York issued a Staff Report this week titled "Macroprudential Policy and the Revolving Door of Risk: Lessons from Leveraged Lending Guidance,” that studied the effects of the March 2013...more

GAO Agrees to Decide the Legality of the Leveraged Lending Guidance; Indicates Decision Will Take “at Least a Few Months”

On May 23, the Government Accountability Office (GAO), in a letter to Senator Patrick Toomey, R-Pa., agreed to determine whether the Guidance on Leveraged Lending jointly issued in 2013 by the Board of the Governors of the...more

European Central Bank Publishes Final Guidance on Leveraged Transactions

by Latham & Watkins LLP on

The ECB final guidance reflects market feedback and is more closely aligned to the US leveraged lending guidance. The European Central Bank (ECB) published the long-awaited final guidance on leveraged lending on 16 May...more

Preparing for Antitrust Scrutiny of Arranger and Lender Conduct in Leveraged Loan Commitment Process

As a result of the announcement by the European Commission in its 2017 Management Plan that it will possibly engage in a sector inquiry under Article 17 of Regulation 1/2003 of the Treaty on the Functioning of the European...more

Lending Cap to be imposed by ECB – Will the new ECB guidance adversely affect leveraged transactions?

by Hogan Lovells on

On November 23, 2016, the European Central Bank (ECB) published its draft guidance on leveraged transactions in order to establish guidelines on how to measure and monitor the exposure to leveraged lending for significant...more

KL Snapshot #13 – Mars-Avril 2017

Jean-Pierre Mattout - La révocation du président pour différend stratégique avec l’actionnaire majoritaire, in Revue des sociétés avril 2017 - Gilles Kolifrath, Jérôme Blanchet, Mélanie Goupy & Galina Petrova -...more

Legality of the Leveraged Lending Guidance is Questioned

On March 31, Senator Patrick Toomey (R-Pa.) sent a letter to the Government Accountability Office (GAO) requesting that the GAO determine whether the Guidance on Leveraged Lending jointly issued in 2013 by the Board of...more

ECB Publishes Guidance on Leveraged Transactions

by Shearman & Sterling LLP on

On 23 November 2016, the European Central Bank (“ECB”) published draft guidance on leveraged transactions (the “Guidance”) for public consultation. The consultation period will end at midnight on 27 January 2017, during which...more

[Event] Finance Forum - December 1st, Charlotte, NC

Cadwalader, Wickersham & Taft LLP is sponsoring its inaugural Finance Forum in Charlotte, North Carolina on December 1st.  Join Cadwalader, Wickersham & Taft LLP and fellow industry leaders to discuss emerging trends, market...more

Financial Regulatory Developments Focus - May 2016 #3

by Shearman & Sterling LLP on

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

Yankee Loans – "Lost in Translation" – a Look Back at Market Trends in 2015

by White & Case LLP on

This chapter takes a look at market trends for Yankee Loan issuance in 2015. "Yankee Loans" are US dollar denominated term loans that are syndicated in the US Term Loan B market to institutional investors and provided to...more

Current Topics in High Yield & Leveraged Finance - Spring 2016

by DLA Piper on

Our Leveraged Solutions Team includes senior US, English and local lawyers throughout Europe who advise clients daily on issues that surround High Yield / Leveraged Finance. We are keen to share our learning and market...more

European Acquisition Finance Debt Report 2016

by DLA Piper on

Welcome to DLA Piper’s European Acquisition Finance Debt Report 2016. This report, now in its seventh year, presents detailed results of our survey of 300 participants active in the European acquisition finance debt market....more

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

by White & Case LLP on

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

Record breaker: US M&A in 2015

by White & Case LLP on

As the dust settles from the explosion of US M&A activity in 2015, it is fitting to reflect on the forces that fueled the boom and consider what last year’s trends may tell us about the year ahead. The record year...more

Description of the Small Business Investment Company Debenture Program

by Pepper Hamilton LLP on

A Small Business Investment Company (SBIC) is a privately owned and operated company that makes long-term investments in American small businesses and is licensed by the United States Small Business Administration (SBA)....more

Agencies Find Weaknesses in Shared National Credits

by Katten Muchin Rosenman LLP on

Credit risk in the Shared National Credit (SNC) portfolio remained at a high level, according to an annual review of large shared credits released November 5 by federal banking agencies. The SNC review has been conducted...more

The Acquisition and Leveraged Finance Review

by DLA Piper on

During the decade preceding the financial and economic crisis, Austria has developed into a buoyant market for both domestic and international M&A activity, with some of the peak years seeing over 400 deals. Compared to...more

Treatment of senior unsecured debt in European leveraged finance transactions: the need for an intercreditor agreement

by White & Case LLP on

Over the last few years, the European leveraged finance market has seen rapid growth of senior secured high yield notes (“SSN”) and senior secured covenant-lite term loan B (“TLB”) financings. A common feature of both SSNs...more

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