While Ohio municipalities generally do not rely on voted ad valorem property taxes as a primary source of funding, such taxes can serve as a useful part of a municipality’s revenue base, and state law, principally in Ohio...more
The European Green Bond Standard seeks to be the “gold standard” for green bonds and reinforce the EU’s position as the leading market for sustainable finance. With the adoption of the EU green bond standard (the EU GBS),...more
Florida Gov. Ron DeSantis on May 2, 2023, signed into law CS/CS/HB 3, which passed the Florida Legislature during the 2023 regular session and becomes effective on July 1, 2023. CS/CS/HB 3 – now codified at 2023-28, Laws of...more
Issuers should consider the ambitiousness of their sustainability targets, any challenges in achieving the targets on schedule, and how they will prove their progress. The global market for sustainability-linked bonds ...more
INSIGHT: REVERSE YANKEES - In this briefing, we take a look at the basics of “Reverse Yankees” – offshore debt issuances by US issuers in a currency other than US dollars – when and why they might be an attractive funding...more
Bond issuers may wish to pursue an unmodified reverse Dutch auction for debt repurchases, an effective but underutilised transaction template that is gaining popularity. During the second half of 2022, amid ongoing...more
As we welcome 2023, and the final six months of certain London Interbank Offering Rates (“LIBOR”), issuers and borrowers of LIBOR-based tax-exempt bonds should evaluate whether changes to their financing documents are...more
This Client Alert examines the key issues that typically arise in non-convertible bond repurchase programs, before turning to the issues unique to repurchases of syndicated bank debt. It also looks at issues applicable to...more
The Colombian Financial Superintendence (Superintendencia Financiera de Colombia or SFC) established the specific conditions that must be incorporated by securities issuers at the time of issuing sustainability-linked bonds...more
With effect from 14 March 2022, a new model (the “New Model”) will apply for delivery versus payment (“DvP”) closings of syndicated bond issuances settling through Euroclear Bank SA/NV (“Euroclear”) and Clearstream Banking...more
The tax-exempt bond market is perennially under heightened scrutiny by various regulators, including the Internal Revenue Service (the "IRS"), the United States Securities and Exchange Commission (the "SEC") and the Municipal...more
Summary - On 14 March 2022, the ICSDs will introduce a new DVP settlement model for new-issue syndicated notes. The changes will impact the roles of the ICSDs, lead manager and common depositary in the payment flows and...more
In a significant judgment, a Hong Kong court has recognized the Beijing administrators of the commercial arm of the Peking University group but granted only a limited stay of proceedings which means that bondholders and...more
On November 16, 2021, the Internal Revenue Service (IRS) publicly previewed a draft of a revised Form 8038-CP (Return for Credit Payments to Issuers of Qualified Bonds), along with updated filing instructions and a new...more
As described in “Tax-Exempt Advance Refunding Bonds: History and Legislative Updates” by Caitlyn Smith Burchfield, the Tax Cuts and Jobs Act of 2017 bans the issuance of tax-exempt advance refunding bonds after December 31,...more
Chinese real estate lenders lift APAC high yield bond issuance after an active Q3 - Leveraged finance in APAC (excl. Japan) showed signs of recovery in Q3 2020. The high yield market drove the rebound, which was tempered...more
Two bills have recently been introduced in the U.S. Senate to help state and local bond issuers deal with the financial hardships caused by COVID-19. The Lifting Our Communities through Advance Liquidity for Infrastructure...more
On June 3, 2020, the Federal Reserve Board announced an expansion in the number and type of Eligible Issuers authorized to use the Municipal Lending Facility (MLF) program. Eligible Issuers now include “Designated Cities,”...more
COVID-19 has pushed healthcare systems around the world to the limit, but depending on the vertical, certain companies have been less affected than those in other sectors—and the availability of credit to battle the pandemic...more
The Federal Reserve Bank of New York (the New York Fed) has announced an expansion of its $500 billion Municipal Liquidity Facility to allow participation by designated cities and counties that do not meet the population...more
With the global spread of the coronavirus (COVID-19) pandemic and the lockdown measures imposed by governments across the world, international capital markets participants are looking for financings to address the social and...more
The coronavirus pandemic has had an unprecedented impact on many businesses, including those with outstanding high yield bonds. The incurrence covenant regime (and absence of any maintenance covenants) means that, provided...more
The Central Bank of the Russian Federation (CBR) has adopted new regulations for securities issues and disclosure obligations, as a result of amendments to the Russian Securities Market Law that came into effect on January 1,...more
The COVID-19 crisis has caused many disruptions in the municipal bond market. Over the course of the crisis, many issuers of tender bonds or tax-exempt commercial paper have been unable to remarket their tender bonds or...more
The impact of the coronavirus pandemic saw high yield bond issuances grind to a halt at the end of Q1, but markets started to revive in Q2. After enduring a steep and sudden decline at the end of Q1 that effectively shut...more