Ireland is the global hub for aircraft leasing and financing, with over 60%1 of the world’s leased aircraft being managed from there, and Dublin being home to more than 30 aircraft leasing companies2. This is thanks in no...more
If you are confused about the current state of play of insurance companies investing in CLOs, rated feeder structures and other NAV based loans, we are here to help. Let’s start with the basics: the National Association of...more
The scenario is common enough: following a slow quarter, a borrower misses a debt service coverage ratio (DSCR), fixed charge coverage ratio (FCCR), or other financial covenant test required under its revolving credit...more
As more subline lenders are beginning to cover asset based lending, banks are keen to create streamlined template documentation with the flexibility to accommodate the borrowing needs of their clients throughout a fund’s...more
Have hybrid facilities evolved from a niche product into a full-fledged market? This article considers the features of subscription facilities, NAV facilities and hybrid facilities and explores why hybrid facilities have...more
The Securities Exchange Commission (“SEC” or “Commission”) has taken action against Genesis Global Capital, LLC (“Genesis”) and Gemini Trust Company, LLC (“Gemini”) (collectively, “Defendants”) in a recently-filed complaint...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
In HDR v Shulev and Nexo, the High Court considered the entitlement to a cryptocurrency trading account, and the ownership of its contents, as part of stakeholder proceedings brought under CPR 86 by the operator of a...more
With a surge in asset-based lending to private equity funds since the start of the pandemic and a historic run of IPO fundraising, it is not surprising that we are increasingly seeing post-IPO shares being pledged as...more
COVID-19 split the retail financing market—players of scale with online capabilities thrived, while retailers reliant on brick-and-mortar stores for the bulk of their earnings came under increasing financial pressure - ...more
Recent events and the decline of the global economy have brought a raft of notices of late payments or no payments for creditors, lenders, landlords, and trade counterparties. In many instances there may be no notice at all,...more
In the midst of the unfolding COVID-19 pandemic, much like during the financial crisis, the banking laws and regulations are being changed as fast as they can be written. There are orders and new programs seemingly daily. ...more
The multiplicity of financing sources such as asset-backed security, insurance and leasing companies has been crucial for the sector. In this section, we reveal the origins and sources of expected funding in 2020. The...more
With a little more than a month to go until the UK is due to leave the EU, a number of leading retailers and wholesalers have announced that they are building up stock in case Britain exits without a deal. Companies such as...more
On 30 November 2018, the European Banking Authority, the European Securities and Markets Authority (“ESMA”) and the European Insurance and Occupational Pensions Authority (the “European Supervisory Authorities” or “ESAs”)...more
On 31 July 2018, the European Banking Authority (“EBA”) published its final draft Regulatory Technical Standards on the risk retention requirements (the “draft Risk Retention RTS”) under the EU regulation intended to lay down...more
Asset-based lending has historically provided to borrowers a number of benefits that are generally not available under cash flow loans, including lower pricing, a general lack of financial maintenance covenants (other than a...more
An asset based loan (“ABL”) is often the financing of choice for retail borrowers – and for good reason. In its simplest form, an ABL is a credit facility, usually in the form of a revolving line of credit, the availability...more
In this eight-week alert series, we are providing a broad look at current and emerging issues facing the energy sector. Attorneys from across the firm will discuss issues ranging from environmental disclosures and risk...more
On 30 September 2015, the European Commission (the “Commission”) published a proposal for a regulation (the “Proposed Regulation”)1 intended to harmonise existing EU laws applying to securitisations (including proposed...more
Asset-based lending continues to be an important financing tool in today’s market, and one that provides benefits to both lenders and issuers. Lenders benefit from their collateral position and low historical loss rate in...more