This week, the U.S. Court of Appeals for the Fifth Circuit vacated the private fund advisor rules (the “Final Rule”) adopted by the United States Securities Exchange Commission (the “SEC”). The Final Rule imposed significant...more
One of the best things about fund finance is that there is always something new and exciting happening in our space. New players come online, and new products and solutions solve issues that pave the way for fund borrowers to...more
Recallable capital is a hot topic these days in both subscription financing and NAV financing transactions, both at industry events and in the press. There has been a good deal of attention to this concept in the NAV market...more
We have a final answer to the question of whether a term loan is a security. Yesterday, the Second Circuit Court of Appeals affirmed the District Court’s decision in the Kirschner Case that a term loan is not a security. We...more
We have been following the litigation over the question of whether certain syndicated loans are securities. Kirschner v. JPMorgan Chase Bank, N.A., which has been before New York federal courts for years, is now before the...more
Is evergreen the new black? It may be. Each day new limited partnership agreements come across our desks, sent to us by our bank clients who ask us to read and analyze these documents alongside them to determine the most...more
We continue to follow the litigation over the question of whether certain syndicated loans are securities. Kirschner v. JPMorgan Chase Bank, N.A., which has been before New York federal courts for years, is now before the...more
Today we release the ninth installment of our Sovereign Immunity Series. In this installment we cover Oklahoma, Oregon, Pennsylvania, Rhode Island and South Carolina to give you a high-level overview of sovereign immunity in...more
Back in March of 2021, we covered a number of developments pertaining to the end of LIBOR that came out of certain announcements made early that month by the Intercontinental Exchange Benchmark Administration (the “IBA”),...more
4/14/2023
/ Alternative Reference Rates Committee (ARRC) ,
Consumer Financial Products ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Financing ,
ICE Benchmark Administration (IBA) ,
Interest Rates ,
Investment Funds ,
ISDA ,
Libor ,
Loans
In recent months, as lenders in the fund finance market have been more selective and demand for financing from fund borrowers remains high, we have seen a number of instances of lenders considering the use of and actually...more
Women in Fund Finance hosted a panel discussion recently, co-hosted by National Australia Bank and Simpson Thacher & Bartlett LLP, which was held at NAB’s beautiful new office in midtown Manhattan. This discussion featured a...more
As we reported last week in Fund Finance Friday, Massachusetts Mutual Life Insurance Company (“MassMutual”) and Barings, one of the world’s leading investment managers and subsidiary of MassMutual, announced plans to...more
At the beginning of the year, everyone’s LinkedIn newsfeed was flooded with alerts about members of their network updating their profiles with new titles following end-of-year promotions. As newly promoted women partners on...more
We have been following a case that has been winding its way through New York federal courts for some time that players in the syndicated loan market have described as everything from “a potential game changer” to an...more
Today we release the second installment of our Sovereign Immunity Series. In this installment, continuing with our alphabetical order format, we provide a high-level overview of the sovereign immunity laws of Colorado,...more
The fund finance market has experienced serious growth over the last few years. Fund borrowers are seeking more liquidity than ever in terms of the number of funds taking advantage of credit facilities as well as the sheer...more
Lots of news out of the loan market. SOFR remains a focus, we have new forms from the LSTA, and what has been deemed an “existential threat” to the syndicated loan market has reared its head once again. Here’s the rundown....more
We have been closely monitoring the sanctions landscape over the last few months. Back in March, we covered the sanctions levied by the United States and other jurisdictions in response to Russia’s invasion of Ukraine. The...more
Our focus on ESG in honor of Earth Day continues, and here we focus on reliable ESG data disclosure. There are several big projects underway to help lenders to see a greater level of consistency and depth in the ESG reporting...more
This was a busy week in the loan market. LIBOR transition is accelerating daily, we have a new form of credit agreement from the LSTA, and what has been deemed an “existential threat” to the syndicated loan market has reared...more
It is an exciting time to be in the fund finance space. Sponsors continue to seek liquidity to fund investments, and banks and alternative lenders are thinking creatively about how to offer this additional leverage. There...more
Women in Fund Finance (WFF) this week hosted a second installment of its “Fund Liquidity Solutions” virtual event, which was a follow-up to the first liquidity solutions panel that took place in July. This second panel...more
Last week, the Loan Syndications and Trading Association (the “LSTA”) circulated a revised draft of its Form of Revolving Credit Facility to its members....more
The market has received a lot of answers about benchmark replacement this year. We know for sure that LIBOR is going away. We also know that no new USD LIBOR loans should be originated after December 31st of this year....more
In the last week we have had a very big development in the LIBOR transition: The ARRC has now formally recommended forward-looking Secured Overnight Financing Rate (SOFR) term rates. This is big news for your fund finance...more