News & Analysis as of

Lenders Derivatives

Goodwin

OCC Proposes Rules for CRA Benchmarks and Fair Access

Goodwin on

In the News. The Office of the Comptroller of the Currency (OCC) issued a long-awaited rule seeking comment on its proposed approach to determine the Community Reinvestment Act (CRA) evaluation measure benchmarks, retail...more

Goodwin

SEC Adopts Broad Exempt Offering Reforms

Goodwin on

In the News. The Securities and Exchange Commission (SEC) adopted broad exempt offering reforms; the Department of Labor (DOL) finalized a rule, with significant revisions from the original proposal, on ESG investments; the...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

Orrick, Herrington & Sutcliffe LLP

Distress in Commercial Real Estate - Considerations for the CRE Warehouse Market

There has been increasing use in Europe by non-bank lenders of warehouse finance in the commercial real estate (CRE) lending market. These private financing structures are used by non-bank CRE lenders such as real estate debt...more

White & Case LLP

NYDFS Requires LIBOR Transition Plans by Early February

White & Case LLP on

On December 23, 2019, the New York Department of Financial Services (NYDFS) issued an Industry Letter instructing each institution it regulates, including banks and licensed Fintechs, to make submissions describing the...more

Kramer Levin Naftalis & Frankel LLP

Decoding Derivatives - Q4 2019

Thomas Cook Takeaways - For credit default swap (CDS) protection buyers with protection on Thomas Cook Group Plc,  a U.K. scheme of arrangement paving the way for a £1.6 billion debt-to-equity exchange imposed on all debt...more

White & Case LLP

LIBOR and the transition to SOFR: the multiple options to transition

White & Case LLP on

LIBOR, the reference rate for more than US$300 trillion of contracts globally and nearly US$200 trillion of US dollar contracts, is expected to cease after the end of 2021. In highlighting the limitations of the LIBOR reforms...more

White & Case LLP

LIBOR and the transition to SONIA: compounding the problem?

White & Case LLP on

In 2012, the Wheatley Review recommended reform rather than replacement of LIBOR, on the basis that a transition to a new benchmark would pose an unacceptably high risk of financial instability. Reform came in the form of a...more

Kramer Levin Naftalis & Frankel LLP

New Provisions Included in Credit Agreement to Sanitize the Vote of Net Short Lenders

In response to the increasingly aggressive activism by holders of net short positions that are in debt by way of credit default swaps, the leveraged loan market has responded with the inclusion in a recent market...more

WilmerHale

Opportunities and Risks in Municipal Underwritings and Derivatives

WilmerHale on

In the current economic climate, opportunities are expanding significantly for municipal underwriters and derivatives specialists as states and municipalities across the country clamor to pay for infrastructure and services,...more

Burr & Forman

Burr Alert: CFTC Issues New Guidelines Concerning Eligibility Of Swap Guarantors

Burr & Forman on

In secured lending transactions, lenders frequently allow, and even require, borrowers to enter into swap agreements and other financial derivatives to hedge against different business risks, including fluctuations in...more

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