This article describes the current challenges in developing a European MM CLO market, and how asset managers may overcome them. Originally published in Butterworths Journal of International Banking and Financial Law -...more
The European Parliament and the Council of the EU have made some significant changes to the European Commission’s proposal. Key Points: ..The agreed text includes important clarifications on the scope of the regime and...more
Crypto Exchange Receives CFTC License; Ratings Agency Scores Stablecoins - A recent press release announced that Bitnomial, “a US-regulated digital asset derivates exchange,” has been granted “a US clearinghouse license to...more
Today, maximizing the use of your limited capital is especially important because: margins continue to be squeezed, access to capital has become more difficult, the cost of capital continues to rise, the cost of...more
With the turbulent macroeconomic climate, we have seen increased growth over the past couple of years in alternative private credit financing structures. In particular, there has been an upswing in private, bespoke...more
The Florida Division of Bond Finance published a notice (the Notice) on June 29, 2023, providing guidance on Florida House Bill 3 (HB 3), which was signed into law on May 2, 2023, by Gov. Ron DeSantis. HB 3, in part,...more
Welcome to the Corporate Briefing, where we review the latest developments in UK corporate law that you need to know about. In this month’s issue, we discuss...more
The forthcoming guidelines will set supervisory expectations to steer financial institutions’ transition planning processes to facilitate decarbonisation efforts by their clients. On 8 June 2023, the Monetary Authority...more
The FRC has published research on the influence of proxy advisors and ESG rating agencies on the actions and reporting of FTSE 350 companies and investor voting. This makes interesting reading and highlights...more
The consultation considers what a potential regulatory regime would look like, and its proposed scope. On 30 March 2023, HM Treasury published a consultation on regulating ESG ratings providers, which ties in with and...more
As we approach the end of 2022, the international debt capital markets continue to remain challenging due to the successive shocks of the COVID-19 pandemic and ongoing supply chain disruptions, the war in Ukraine and...more
Over the past several years as Collateralized Loan Obligations (“CLOs”) reached new and dizzying heights in issuance volume, CFOs have been quietly, and under the radar, gaining market acceptance and momentum among asset...more
The FCA emphasised the increasing prevalence of providers and the potential harm from lack of regulation in this area. In June 2022, the UK’s Financial Conduct Authority (FCA) issued a Feedback Statement in response to a...more
The April 29th deadline is rapidly approaching for insurers, reinsurers and other interested insurance industry participants to submit comments on S&P Global Ratings’ proposal for changing its methodology analyzing...more
India’s proposal includes accreditation requirements for ESG ratings providers and mandatory disclosure of providers’ data and information sources. On 25 January 2022, the Securities and Exchange Board of India (SEBI)...more
Reopening economies have transformed the credit landscape with ratings upgrades rising sharply through the year, after 2020 recorded the highest number of downgrades in more than two decades - Credit ratings agencies saw...more
Fitch Ratings, one of the three major credit rating agencies, recently issued a report noting the increasing use of ESG metrics in credit agreements. As the report notes, these provisions are only now being incorporated into...more
Last week, Fitch Ratings announced the launch of new ESG ratings system, which is intended to use a "clear methodolog[y]," of a "full assessment of ESG performance" that "allow[s] for detailed comparability." This...more
The latest round of quarterly results from Netflix shows that while the grand-daddy of streaming “still rules” that universe, a combination of upstart and old-guard rivals “have cut into Netflix’s share of viewers’...more
On February 16, 2021, the SEC filed a litigated civil complaint in the Southern District of New York against Morningstar Credit Ratings LLC, a former Nationally Recognized Statistical Rating Organization (“NRSRO”) alleging...more
On February 16, the Securities and Exchange Commission (SEC) filed a civil action in federal district court in the Southern District of New York against the former credit ratings agency, Morningstar Credit Ratings LLC,...more
On September 16, DBRS Morningstar released an updated methodology titled Rating U.S. Wholesale Securitizations. Methodology....more
On September 1, KBRA published its Structured Finance: CMBS report titled Coronavirus (COVID-19): Affiliate of On-Demand Office Provider Regus Files for Bankruptcy—CMBS Exposure Examined. Report....more
On August 19, Moody’s published its research report titled Housing – US: Urban Markets Will Recover After Pandemic as Americans’ Housing Decisions Evolve. Report....more
On July 29, Moody’s published an updated ratings methodology titled US Local Government General Obligation Debt. Methodology....more