News & Analysis as of

Interest Rate Swaps

Blank Rome LLP

ISDA and Clarus Publish the Final Risk-Free Rate Adoption Indicator

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January 29, 2024, marks the end of an era for the interest rate derivatives (“IRD”) markets, since on this date the International Swaps and Derivatives Association (“ISDA”) and Clarus Financial Technology (“CFT”) published...more

McNees Wallace & Nurick LLC

Bond Issue Fundamentals: A Guide to the Participants and the Process - Updated

A bond issue (a debt obligation of a local government) is often perceived as a mystery for many Pennsylvania local government officials and solicitors. The securities and tax regulations governing municipal bonds have grown...more

Latham & Watkins LLP

When Does an Event of Default Cease to Be Continuing

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The High Court’s decision in relation to an ISDA Master Agreement will likely guide interpretation of other English law-governed financing documentation. Prior to entering into administration, Lehman Brothers...more

Orrick, Herrington & Sutcliffe LLP

CELF – Focus: Tribunale Arezzo "Gli elementi essenziali del contratto di Interest Rate Swap alla luce dei recenti orientamenti...

1. Con la sentenza del 22 dicembre 2022 n. 1359, il Tribunale di Arezzo si è pronunciato su una controversia sorta a seguito della sottoscrizione di un contratto di Interest Rate Swap Multifase. Tale sentenza consolida,...more

A&O Shearman

English and Italian courts on opposite sides on the validity of IRS derivative contracts

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The debate of the conflicting trends of Italian lower courts’ case law on the validity of Interest Rate Swap (IRS) contracts following the decision by the Joint Divisions of the Supreme Court No. 8770/202 and following...more

Latham & Watkins LLP

“SOFR First” Initiative Takes Flight

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As the countdown to the LIBOR sunset enters its final six months, the CFTC staff is trying to help the market transition. With less than six months to go before the London Interbank Offered Rate (LIBOR) expires on December...more

ArentFox Schiff

Recommended Benchmarks or Credit-Sensitive Indices: The Best Path Forward?

ArentFox Schiff on

The best benchmark for a company or a bank primarily depends upon the entity’s debt/interest rate swap situation as summarized below. This analysis also touches on the rationale behind the derivatives market's recent embrace...more

A&O Shearman

IRS derivatives: the latest case law of January – March 2021 in Italy

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In our publication of 16 December 2020, we gave an overview of Italian case law in 2020 on the nullity of Interest Rate Swap (IRS) contracts: the majority of the decisions published at that time declared such contracts null...more

ArentFox Schiff

USD LIBOR Transition Period Extended Through 2023

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Everything you need to know to be prepared for the LIBOR-SOFR transition. What to Know - ed that the US Dollar (USD) London Interbank Offered Rate (LIBOR) be replaced by the Secured Overnight Financing Rate (SOFR) as a...more

A&O Shearman

The conflict between the views of the Italian case law on derivatives in 2020

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Serious risks of invalidity, restitution effects and possible defences. Italian Courts issued numerous rulings on derivatives in the last decade: but the year 2020 has been particularly dense of judgments and could mark a...more

ArentFox Schiff

Municipal VRDO Class Action Survives Banks’ Request for Dismissal

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Financial institutions should work with outside counsel to ensure that their internal policies and external actions minimize conduct that may violate state and Federal laws and regulations, and incentivize employees to reward...more

Robins Kaplan LLP

Financial Daily Dose 11.25.2020 | Top Story: Dow Jones Hits 30,000 Mark

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The official transition to a new administration and early Cabinet selections helped drive Wall Street to new highs on Tuesday, with the Dow topping 30,000 for the first time and the S&P 500 up 1.6% to another new high, too....more

ArentFox Schiff

Third Circuit Favors Cramdown’s ‘Flexibility’ and ‘Rough Justice’ Over Strict Enforcement of Subordination Agreements

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Eight years after the Delaware bankruptcy court confirmed the chapter 11 plan of Tribune Company and its affiliates, the United States Court of Appeals for the Third Circuit (the Court) affirmed the bankruptcy court’s...more

Dechert LLP

Subordination Agreement Ignored in a Cramdown — But What’s So Unfair About That?

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Recently, in In re Tribune Company, the Third Circuit affirmed that the Bankruptcy Code means exactly what it says and that the enforcement of subordination agreements can be abridged when cramming down confirmation of a...more

Greenbaum, Rowe, Smith & Davis LLP

The Clock Is Ticking Towards the End of LIBOR; What Borrowers Can Do Now to Mitigate the Risks

Since the end of 2017, we have been talking about the discontinuation of LIBOR as a reference rate for borrowers who finance with floating rate loans.  The December 2021 end date is fast approaching, but much work remains to...more

ArentFox Schiff

Swaps 101 and the Death of LIBOR

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There are many types of swaps: commodity swaps, foreign exchange swaps, but of primary interest to real estate lawyers are interest rate swaps. Interest rate swaps are colloquially thought of as contracts by which a naturally...more

Bass, Berry & Sims PLC

Demise of LIBOR: Overview of Possible Basis Risk for Swapped Floating Rate Loans

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Basis Risk of Floating Rate Loans - In connection with the likely cessation of LIBOR as a viable index at the end of 2021 or earlier, any borrower with floating rate loans based on LIBOR that has hedged, or plans to hedge,...more

ArentFox Schiff

The End of Libor – Proposed Helpful Guidance for Borrowers from the Treasury Department for Tax Exempt Bond Obligors – With Some...

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Many conduit tax exempt revenue bonds bear interest at a floating rate, most typically a percent of USD 1-month LIBOR (here, LIBOR). Many of these transactions have been synthetically “fixed” by the conduit borrower entering...more

Skadden, Arps, Slate, Meagher & Flom LLP

SEC Staff Encourages Proactive Approach to Libor Transition Issues

On July 12, 2019, the staff of the Division of Corporation Finance, Division of Investment Management, Division of Trading and Markets, and Office of the Chief Accountant (Staff) of the Securities and Exchange Commission...more

Katten Muchin Rosenman LLP

Bridging the Weeks - July 2019 #4

The Commodity Futures Trading Commission and the Securities and Exchange Commission brought separate enforcement actions against the portfolio manager of a hedge fund for mismarking valuations of interest rate swaps in order...more

McNees Wallace & Nurick LLC

Slate of Municipal Debt Reform Proposals Reintroduced in PA House, Senate

The bills that have been introduced in the 2019-2020 legislative session primarily consist of two packages – one in the House and one in the Senate. The package of reform proposals in the House can be found at House Bills...more

Holland & Knight LLP

Pennsylvania Proposes Restrictions on Municipal Interest Rate Swaps

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• New legislation has been proposed in Pennsylvania imposing specific restrictions and parameters on interest rate swaps entered into by certain cities, counties and municipal authorities in the Commonwealth, and imposing new...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Warner Bros. studio division chief—part of AT&T’s recently acquired media empire—has “stepped down after accusations surfaced that he had pushed for a woman with whom he had a sexual relationship to be considered for roles in...more

A&O Shearman

Swaps close-out costs: auditor not responsible for financial consequences of decision to enter into swaps

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Incorrect advice given by an auditor as to the accounting treatment of interest-rate swaps did not make it liable for the close-out costs of those swaps which became necessary, following the application of the correct...more

A&O Shearman

CFTC Declines To Appeal Ruling That It Failed To Prove Artificiality In Market Manipulation Action

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On February 27, 2019, the Commodity Futures Trading Commission (“CFTC”) announced that it would not appeal a November 2018 decision in U.S. Commodity Futures Trading Commission v. Donald R. Wilson, et al., No. 1:13-cv-07884...more

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