In light of the banking failures of Silicon Valley Bank, Signature Bank and First Republic (as well as Credit Suisse), this summer, the Federal Reserve and the FDIC proposed guidance and rules for larger banks to (i) develop...more
11/7/2023
/ Bankruptcy Code ,
Bankruptcy Court ,
Capital Requirements ,
Chapter 11 ,
Chapter 7 ,
Collateral ,
Debtors ,
FDIC ,
Federal Reserve ,
Insolvency ,
Lehman Brothers ,
Liquidation ,
Liquidity ,
Repurchase Agreements ,
Risk Mitigation ,
Secured Debt ,
SIPA ,
Unsecured Debt
Snidely Whiplash kidnaps Nell and, in the show’s opening, ties her to the railroad tracks to get even with his nemesis, Dudley Do-Right, of the famed Royal Canadian Mounted Police. Menacing music plays.
In each episode,...more
11/4/2021
/ Alternative Reference Rates Committee (ARRC) ,
CFTC ,
Comptroller ,
Consumer Financial Protection Bureau (CFPB) ,
FDIC ,
Federal Reserve ,
Financial Conduct Authority (FCA) ,
Interest Rates ,
ISDA ,
Libor ,
NCUA ,
Proposed Legislation ,
Secured Overnight Funding Rate (SOFR) ,
Securities and Exchange Commission (SEC) ,
Trust Indenture Act ,
UK
Based upon the records of the New York Fed and the Federal Reserve Economic Data (FRED) of the St. Louis Fed, the level of reverse repo activity on June 17th -18th reached unprecedented levels.
It was previously reported...more
It was previously reported that there were significant repurchase agreement (repo) disruptions with consequent disruptions in the Secured Overnight Financing Rate (SOFR).
Explained -
During the market turmoil...more
The CARES Act authorized the Secretary of the Treasury to make up to $500 billion in loans, loan guarantees, and other investments for eligible businesses, States, and municipalities. The term sheet released by the Federal...more
4/10/2020
/ Banks ,
CARES Act ,
Federal Loans ,
Federal Reserve ,
Financial Stimulus ,
Lenders ,
Money Market Mutual Fund Liquidity Facility (MMLF) ,
Municipal Liquidity Facility (MLF) ,
Municipal Securities Market ,
Small Business ,
State and Local Government ,
Tax Relief
Fed Liquidity – Recent Actual Infusions (1Q 2020) -
Week of February 3rd -
As recently reported, during the week of February 3rd, the New York Fed infused, through the repo market, an aggregate of $112.3 billion with...more
Previous Repos -
In the last Client Alert, it was reported that the New York Fed recently infused approximately $220 billion into the banking system – $70 billion of overnight repos and $150 billion in term repos....more
12/30/2019
/ Banking Sector ,
CFTC ,
Enforcement Actions ,
Federal Reserve ,
FOMC ,
Interest Rates ,
Libor ,
Liquidity ,
Market Manipulation ,
Secured Overnight Funding Rate (SOFR) ,
Swaps
The following is based upon the Fixed Income Market Structure Advisory Committee Panel meeting held on Monday, November 5 entitled ‘LIBOR Transition Update and SOFR Volatility,’ and related statements from the Federal Reserve...more
For a variety of reasons, as has been widely reported, LIBOR is to cease to be published by the end of 2021 and this expected elimination of the index upon which financing transactions are based raises serious tax and non-tax...more
11/4/2019
/ Alternative Reference Rates Committee (ARRC) ,
Capital Gains ,
Capital Gains Tax ,
Corporate Issuers ,
Credit Default Swaps ,
Disclosure Requirements ,
Federal Reserve ,
Financial Stability Board ,
Financial Transactions ,
Interest Rates ,
Internal Revenue Code (IRC) ,
ISDA ,
Libor ,
Proposed Regulation ,
Secured Overnight Funding Rate (SOFR) ,
Securities and Exchange Commission (SEC) ,
Swaps ,
Tax-Exempt Bonds ,
U.S. Treasury
Many conduit tax exempt revenue bonds bear interest at a floating rate, most typically a percent of USD 1-month LIBOR (here, LIBOR).
Many of these transactions have been synthetically “fixed” by the conduit borrower entering...more
10/15/2019
/ Bonds ,
Federal Reserve ,
Interest Rate Swaps ,
ISDA ,
Libor ,
New Guidance ,
Popular ,
Proposed Regulation ,
Secured Overnight Funding Rate (SOFR) ,
Tax-Exempt Bonds ,
U.S. Treasury ,
Variable Rates