Leveraged Loans

News & Analysis as of

FDIC Issues Advisory on Effective Risk Management Practices for Purchased Loans and Purchased Loan Participations

The Federal Deposit Insurance Corporation (FDIC) on November 6 issued an Advisory to update information contained in the FDIC Advisory on Effective Credit Risk Management Practices for Purchased Loan Participations...more

Covenant-lite Terms Continue to Develop in Europe

As predicted a year ago, the adoption of US-style covenant-lite terms in European leveraged deals continues apace. This is hardly surprising given that the existence of ultra-low interest rates are sparking intense...more

New Opportunities in Cross-Border Special Situations Lending

Recent changes in cross-border leveraged loan documentation requirements open up new possibilities for both borrowers and lenders. Cross-border leveraged loan documentation has become increasingly permissive with respect...more

Mid-Market Trends - Leveraged Lending and the Current Regulatory Environment

Financial institutions, institutional investors and liquidity providers to the leveraged loan markets are finding themselves increasingly subject to new regulation in the United States and abroad. Both global and U.S....more

US trends affecting the European leveraged loan market

The buoyant leveraged finance market in Europe has been continuing to develop in sophistication and depth this year, particularly as regards sponsor friendly terms, as global sponsors and their advisers apply their...more

US trends affecting the European leveraged loan market

The buoyant leveraged finance market in Europe has been continuing to develop in sophistication and depth this year, particularly as regards sponsor friendly terms, as global sponsors and their advisers apply their...more

If “builder” baskets grow and “grower” baskets build, what is the difference and are either of these a “scalable” basket?

“Builder” baskets, “grower” baskets and “scalable” baskets: as the leveraged loan and high yield bond markets and the US and European markets continue to converge, technical alerts and debt capital markets updates throw these...more

European High Yield and leveraged loans: Has the convergence gone too far?

The growth of the High Yield (HY) market in the leveraged finance arena has, save for a few short term downturns, continued unabated since the onset of the financial crisis. The financial crisis and the continued...more

Recent Developments in Acquisition Finance

Recent legal and regulatory developments have raised issues for those considering a loan-to-own acquisition strategy, and have continued to impact both the structure of highly leveraged financings and the makeup of those...more

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

Aviation Orphan Trust Structure

The use of traditional leveraged lease transactions for the financing of commercial aircraft has dropped dramatically in the last 5 to 10 years. Due to changes in economic conditions, tax laws, and accounting procedures,...more

Update on Leveraged Lending Guidance; November 24, 2014

On November 7, the Federal Reserve, FDIC and OCC jointly published answers to Frequently Asked Questions (“FAQs”) about the implementation of the March 2013 Interagency Guidance on Leveraged Lending. Highlights of the FAQs...more

Federal Banking Agencies Sharpen Scrutiny of Leveraged Lending

Following a slide in lending standards and an increase in leveraged loan volume, new guidance from the federal banking agencies suggests a tightening of credit standards for leveraged loans from regulated banking...more

Recent Developments in Acquisition Finance

Several recent legal and regulatory developments in the U.S. will likely alter the makeup of the group of arrangers and financiers willing to arrange and provide financing for certain highly leveraged transactions, and also...more

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

The International Comparative Legal Guide to Lending & Secured Finance 2014: Chapter 7: Yankee Loans – Structural Considerations...

The depth and liquidity of the investor base in the US institutional term loan market provides an attractive alternative for European borrowers in the leveraged finance market and has been a key source of financing liquidity,...more

"Bank Regulators Eye Leveraged Lending"

Historically low interest rates in the United States have helped to fuel tremendous growth in leveraged loans. Leveraged loan volume in 2013 surpassed record levels set just prior to the global financial crisis, as banks and...more

CLOs Under the Volcker Rule: New Exemptions, New Issues, New Obligations

Under the final version of the Volcker Rule issued this week, issuers and sponsors of new CLO issuances should consider structuring CLOs to conform to the exclusions contained in the rule, and banks and bank affiliates that...more

Inside M&A - Summer 2013

A Closer Look at Leveraged Dividend Recapitalizations - With merger and acquisition activity down over the course of 2012 into 2013, and a weak market for initial public offerings (IPOs), many private equity firms have...more

Capital Is Contagious— The FDIC and OCC Approve Final Risk-based Capital Rules, and the Agencies Propose a Supplemental Leverage...

Today, July 9, the Federal Deposit Insurance Corporation (“FDIC”) and the Office of the Comptroller of the Currency (“OCC”) took two significant actions on the implementation of new regulatory capital requirements in the U.S....more

Rating Agency Developments - May 29, 2013

On May 22, Moody’s released its methodology for rating auto loan­-backed ABS. On May 20, S&P released its methodology for revising reinvestment interest rates for fixed-rate bonds. On May 17, Fitch released its amended...more

Second Annual IMN CLO and Leveraged Loan Conference Update

The second annual IMN CLO and Leveraged Loan Conference returned to New York this past week. Building on last year’s momentum (discussed here), over 1,500 managers and investors, in addition to structurers, bankers, lawyers...more

Orrick's Financial Industry Week in Review - April 15, 2013

Fed Proposal on Annual Assessments - On April 15, the Fed requested comment on a proposed rule to establish an annual assessment for bank holding companies and savings and loan companies with $50 billion or greater in total...more

Multi-Agency Guidance on Leveraged Lending Practices

On March 21, 2013, the Office of the Comptroller of the Currency (“OCC”), the Board of Governors of the Federal Reserve System (“Federal Reserve”) and the Federal Deposit Insurance Corporation (“FDIC”) (collectively, the...more

Did an obscure remark in a recent regulatory publication signal a new interpretation of the anti-tying rules?

As discussed in this Orrick alert, federal bank regulators recently issued guidance to financial institutions concerning leveraged lending practices (the “Lending Guidance”). In most respects the Lending Guidance was...more

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