Podcast - Credit Funds: Make-Wholes and Cramdowns: Understanding the Recent Second Circuit Momentive Decision
Podcast - Credit Funds: How Managers Can Avoid and Mitigate ERISA Conflicts
Selon la Cour administrative d'appel de Paris, la circonstance que des obligations aient été initialement souscrites par des sociétés tierces et indépendantes, avant d’être rachetées par la société mère de l’émettrice, ne...more
A Q&A guide to capital markets law in Germany. The Q&A provides a high-level overview of the main equity and debt markets/exchanges, and the main regulators and legislation that govern them. The prospectus/main offering...more
On March 5, 2026, the staff of the SEC’s Division of Investment Management issued updated frequently asked questions (FAQs) related to fund of funds arrangements under Rule 12d1-4 under the Investment Company Act of 1940...more
Welcome to Distressed Debt Legal Insights, Ropes & Gray’s periodic source of timely insights for professionals navigating the complex world of liability management and special situations finance....more
Hughes Hubbard advised United Airlines on the issuance of two series of senior notes, due in 2029 and 2031, for a combined principal amount of $2 billion. In the first transaction, United issued in a public offering $1...more
Saudi Arabia's domestic retail sukuk market is gaining depth and momentum as issuers seek to diversify funding sources and broaden investor reach within the Kingdom. Against the backdrop of Vision 2030 and the continued...more
The new UK prospectus regime, the Public Offers and Admissions to Trading Regulations 2024 (POATRs), came into force on 19 January 2026. Whilst many aspects of the previous prospectus regime have been carried over, there are...more
Recent changes to the UK public offer, admission to trading and prospectus regime from January 19, 2026 have implications for issuers and other parties involved in debt capital markets transactions offered, or listed on a...more
With much anticipation, the reforms to the prospectus requirements for public offers of bonds in the UK came into force on 19 January 2026 when the UK Prospectus Regulation was revoked and replaced by the new regulatory...more
The Staff statement provides a framework for broker-dealers seeking to maintain “physical possession” of digital asset securities, emphasizing operational security and risk mitigation....more
On 19 January 2026, the new UK prospectus regime, implemented under the Public Offers and Admissions to Trading Regulations 2024 (“POATRs”) and accompanying UK Financial Conduct Authority (“FCA”) rules, will come into effect....more
On 15 December 2025, an External Review Panel of the Determinations Committee of the International Swaps and Derivatives Association ("ISDA") delivered its determination of the first question referred to it by the committee...more
Overview Hybrid Capital instruments occupy a middle ground between debt and equity. While often legally structured as equity, Hybrid Capital instruments typically contain debt-like affirmative and negative covenants that...more
The US high yield bond market is on track for its busiest year since 2021 after posting double-digit gains in year-on-year issuance through the first nine months of 2025. In comparison, high yield markets in Europe and...more
On July 17, 2025, the New York Commercial Division dismissed all claims brought by a group of noteholders of women’s bodywear retailer Hunkemőller International BV against the participating noteholders in an uptiering...more
If you are involved in issuing or trading securities, you are familiar with CUSIP numbers, the ninedigit alphanumeric codes that identify specific securities in the United States and Canada. What you may not know is that...more
When award creditors for investor-state arbitrations think of an asset tracer’s arsenal of tools for enforcement of their awards, they may immediately think of chasing assets held by the state such as high-value properties, a...more
Following the making of a winding-up order by the Hong Kong Court, a provisional liquidator or a liquidator can decide whether to apply to the Hong Kong Court for appointment of certain creditors and contributories to form a...more
A bond is a debt obligation issued by a corporation or government for funding purposes. When investors buy a corporate bond, they are lending money to the corporation in return, in most cases, for the right to receive...more
On June 12, the OCC issued Interpretive Letter 1185 confirming that national banks may use certain debt securities as collateral in repurchase (repo) agreements. In the letter, the OCC responded to a December 19, 2024,...more
ESMA has recently provided some answers to questions from market participants on the new rules around incorporation by reference under the EU Prospectus Regulation. This follows the changes brought in under the EU Listing Act...more
On 12 June 2025, ESMA published its Final Report on the more detailed content requirements of the changes introduced by the EU Listing Act to the EU Prospectus Regulation, including in relation to the standardised format and...more
From a U.S. bankruptcy perspective, distressed debt investing is often based on two fundamental principles in the bankruptcy system: 1) a secured creditor is entitled to the value of its collateral in a given bankruptcy case...more
Private placement debt offerings offer a compelling alternative to traditional lending for many companies. The legal landscape governing these transactions involves key statutes, regulations, and the critical steps required...more
The Financial Conduct Authority (the FCA) has published a consultation on debt offerings to retail investors which proposes to introduce a single disclosure standard for debt prospectuses, removing the current distinction...more