On April 24, 2024, the Loan Market Association (the “LMA”) published its Sustainability Coordinator Letter (the “LMA Letter”). According to the LMA, the LMA Letter is “intended to provide a starting point for a sustainability...more
In March 2024, a group of associations in the fund finance industry announced the release of the latest addition to the Sustainable Lending Library, A Guide to the Application of the Sustainability Linked Loan Principles in...more
While 2022 showed that the sustainable debt market is not impervious to overall economic slow-down (particularly in the capital markets), 2023 demonstrated its resiliency, even in a high-interest rate market. Notwithstanding...more
On March 2, 2024, the Loan Syndications and Trading Association (LSTA) announced the publication of the latest addition to its sustainable lending library — the Guide on Sustainability Linked Loan Principles (SLLP) in Fund...more
Un prêt lié à la durabilité s’entend de tout type d’instrument de prêt qui est structuré de façon à inciter l’emprunteur à atteindre des objectifs de rendement en matière de durabilité prédéterminés, ambitieux, importants et...more
Background On 29 June 2023, the UK’s Financial Conduct Authority (“FCA”) published a letter on the findings of its review of the sustainability-linked loans (“SLL”) market. SLLs aim to support sustainable economic activity...more
A sustainability-linked loan (SLL) is any type of loan instrument structured to incentivize the borrower to achieve ambitious, material and quantifiable predetermined sustainability performance objectives. The SLL market is...more
The LSTA and LMA hosted their Joint New York Conference recently. One of the panels focused on “Sustainable Finance: Maintaining Integrity” and featured an impressive line-up of industry leaders in this space, including...more
On February 23, 2023, the Loan Market Association (LMA), Loan Syndications and Trading Association (LSTA) and the Asia Pacific Loan Market Association (APLMA) published updates to the Sustainability-Linked Loan Principles...more
Cadwalader recently hosted a breakfast discussion with the Loan Market Association (“LMA”) and LSTA with the aim of “Unlocking Sustainability-Linked Loans”. During the session, Cadwalader partner Sukhvir Basran was joined by...more
Despite widespread deterioration in the US credit markets in 2022, sustainability-linked and green loan issuance held up strongly in the face of building macroeconomic uncertainty. Sustainability-linked loan (SLL)...more
On February 13, 2023, as part of the European Commission’s Strategy for financing transition to a sustainable economy, the European Banking Authority (EBA) launched an industry survey seeking input on green loans and...more
The real estate sector is heavily regulated and is no stranger to environmental, social and governance ("ESG")-related policies and requirements. One imminent ESG-focused change affecting the UK real estate sector relates to...more
ESG, sustainability, climate change adaptation and mitigation, social impact investing and related themes have become ubiquitous concepts that seem to be top of mind for every board director, financier and investor. While...more
The Intergovernmental Panel on Climate Change’s Sixth Assessment report, released most recently in spring 2022, sounded the alarm on the current state of the Earth’s climate. Today, with just 1.1 degrees Celsius in warming,...more
In our July edition of REF News and Views we began our deep dive into the Sustainability-Linked Loan Principles (“SLLP”) core components (“Core Components”). As a reminder, the SLLP set out a framework, with the aim to...more
Environmental, social and governance (ESG)-linked debt issuances have been negatively impacted in 2022 after reaching all-time global highs last year....more
In our May edition of REF News and Views, we provided an introduction to sustainability-linked loans (“SLLs”). As a reminder, SLLs emerged alongside green loans as a result of the movement towards greater awareness and...more
In our last few editions of REF News and Views, we featured the Green Loan Series of articles in which we discussed the emergence of “green loans” and the Green Loan Principles − those principles that form the proposed...more
The amount of money invested in Environmental, Social and Governance (ESG) funds has increased exponentially in the past year, and as banks and investors increasingly turn their attention to ESG factors, companies are also...more
As Environmental, Social and Governance (“ESG”) trends continue to evolve, the industry continues to publish best practices and guidance to aid in the development of this rapidly growing market. Most recently, the Loan...more
In our March edition of REF News and Views, we focused on the four core components to qualifying as a Green Loan Principles (“GLP”)-compliant green loan product. As a reminder, the GLP seeks to help facilitate and support...more
In our February edition of REF News and Views, we introduced the Green Loan Principles (“GLP”) that were published by the Loan Market Association (“LMA”). The GLP seeks to help facilitate and support environmentally...more
In our January edition of REF News and Views, we discussed some key recent ESG developments in Europe and the UK in the financial markets. We want to follow this up over the coming months with a series of articles where we...more
With ESG (Environmental, Social and Governance) funds on a dramatic incline, an incline expected to continue going forward, it seems inevitable that regulatory reform is on the horizon. Europe has been leading the charge in...more