In the latest installment of our U.S. Bank Quarterly Survey, we review the current banking landscape and its historical context with two questions in mind: First, what do bank fundamentals tell us about the state of the U.S....more
11/26/2025
/ Bank Loan Markets ,
Banks ,
Consumer Financial Products ,
Credit ,
Economic Growth ,
Financial Institutions ,
Financial Services Industry ,
Lenders ,
Loans ,
Non-Depository Institutions ,
Non-Performing Loans (NPL)
In the latest installment of our U.S. Bank Quarterly Survey, we review the current banking landscape and its historical context with two questions in mind: First, what do bank fundamentals tell us about the state of the U.S....more
11/24/2025
/ Banking Sector ,
Banks ,
Borrowers ,
Credit ,
Creditors ,
Economic Growth ,
Financial Institutions ,
Financial Services Industry ,
Lenders ,
Loans ,
Non-Depository Institutions
SMAs are hot in 2025. One of the busiest aspects of our practice this year across many of our lender clients has been subscription facilities for separately managed accounts (“SMAs”). While these deals have been an...more
Two recent reports—one by the IMF and another from the Philadelphia Fed—assess credit risk transfer (CRT) transactions and conclude that the product serves as a useful tool in reallocating credit risk and optimizing risk...more
After three quarters of now more detailed reporting on bank lending to non-bank financial institutions, we’ve learned a few things about the loan category that captures fund finance loans for U.S. banks. Loans to...more
On an aggregate basis, banking industry net revenue improved in Q1 despite flattish NIM on near-record non-interest income and expense improvements....more
6/2/2025
/ Banking Sector ,
Banks ,
Call Reports ,
Capital Calls ,
Capital Requirements ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Regulatory Reform ,
Regulatory Requirements ,
U.S. Treasury
The Federal Reserve Board has requested comment on a proposal designed to reduce the volatility of the capital requirements stemming from its annual stress tests. The proposal would achieve this primarily by averaging the...more
Right after Patrick Calves wrote about “continued momentum in the secondaries market, supported by both cyclical and structural tailwinds” in last week’s FFF, Yale University’s plans to sell up to $6 billion is dominating...more
4/25/2025
/ Asset Management ,
Endowment Funds ,
Institutional Investors ,
Investment ,
Investment Management ,
Liquidity ,
NAV ,
Private Equity ,
Private Equity Funds ,
Secondary Markets ,
Yale
LEVEL-SETTING -
The banking industry finds itself in the early stages of a transformation. Existing balance sheets have been shaped by more than a decade of low interest rates that fueled asset appreciation, muted...more
This year is starting to feel a bit more normalized after the 2021-2022 record origination numbers followed by the 2023 market disruption. In many ways, Fund finance has passed the stress test and moved forward. What has 2024...more
6/21/2024
/ Banks ,
Capital Markets ,
Consumer Lenders ,
Financial Institutions ,
Financial Markets ,
Financial Services Industry ,
Financing ,
Investment Funds ,
Loans ,
NAV ,
Non-Depository Institutions ,
Private Equity ,
Private Funds ,
Securitization
Coller Capital’s recently released Global Private Capital Barometer included a few notable takeaways for fund finance lenders that suggested the fundraising market could be broadening and capital circulation improving. Here...more
When the U.S. Small Business Administration’s (“SBA’s”) revised rules for its Small Business Investment Company (“SBIC”) program went into effect last August, it looked like a greenfield market for capital call financing had...more