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
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
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
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 White & Case Capital Markets team updates its March 2018 publication on bond repurchases given the current environment where issuers may consider whether, if their bonds are trading at a discount to par, they should...more
2020 expected to be a spotlight year for ASEAN and South Asia Debt Capital Markets 2019 has been a busy year for the A&O ASEAN and South Asia Debt Capital Markets teams. With the arrival of two new partners, Pallavi...more
The Financial Oversight and Management Board for Puerto Rico (Oversight Board) announced Sunday that it had reached an agreement with bondholders regarding the terms of a plan of adjustment that would resolve $35 billion...more
Following the inaugural sovereign blue bond issuance by the Republic of Seychelles last October, there have been two recent blue bond announcements. First, The Nature Conservancy recently announced its ambitious “Blue Bonds...more
The new framework should simplify the path for issuers seeking to market European covered bonds to investors in the US. Key Points: ..The new framework will create minimum product and technical standards for covered...more
Treasury has released final regulations (the “Final Regulations”) relating to the public approval requirements for private activity bonds (aka the “TEFRA approval” process). The Final Regulations effectively track the...more
In a move designed to boost the issuance of Panda bonds and encourage foreign participation in the Chinese bond market, the People’s Bank of China (the Chinese central bank) and the Ministry of Finance jointly issued the...more
On May 14, a large coalition of stakeholders in the COFINA-Commonwealth litigation, announced a proposed settlement outline to resolve the long-running dispute over who owns the sales and use taxes pledged by COFINA to secure...more
Overview and Methodology - Welcome to this seventh edition of Proskauer’s Global High-Yield Bond Study, our analysis of market trends for high-yield bond offerings. Using analyses from our proprietary database of...more
On November 2, 2017, the “Tax Cuts and Jobs Act” was introduced in the House of Representatives. This act has immediate and far-reaching implications for tax-exempt finance. Among other things, the Tax Cuts and Jobs Act...more
On September 28, 2017, the Internal Revenue Service (IRS) withdrew previous proposed regulations and released new proposed regulations (the “Proposed Regulations”) relating to public approval requirements for tax exempt...more
Local government issuers of bonds and any conduit borrowers of the proceeds of such bonds need to be aware of California Senate Bill 450 (Hertzberg), signed into law by the Governor on October 9, 2017....more
Recently released proposed regulations (the “Proposed Regulations”) relating to the public notice and approval requirements for private activity bonds (the “Public Approval Requirement”) – sometimes referred to as the TEFRA...more
The purpose of this pamphlet, part of our Public Finance Green Book Series, is to assist conduit issuers in identifying issues and setting up policies and procedures related to their tax-exempt bond programs and their...more
On May 10, 2017, an ordinance was adopted by the French government ("Ordinance") in order to promote the use of bonds governed by French law as a financing instrument. The Ordinance seeks to modernize the French legal...more