NGE On Demand: Profits Interests: Granting & Receiving with Patty Cain and Josh Klein
Bracing For Change: A Look Ahead To 2021
Williams Mullen's COVID-19 Comeback Plan: Identifying IP Opportunities in Today’s Economy
Episode 021: Member Liquidity, Default Rules, and the Corporate-ization of LLCs: A Conversation with Dean Donald J. Weidner
Podcast: Credit Funds: 1940 Act Interval Funds
Regulators Tackle Board Effectiveness and Overdrafts
Part II: Ticket to Ride- With elevated interest rates and rising labor and supply costs, many U.S. companies are looking for additional sources of capital to continue growing their businesses. Companies with asset-based...more
Who may be interested: Registered Investment Companies; Boards of Directors; Investment Advisers - Quick Take: The staff of the SEC’s Division of Investment Management (“Staff”) has published a new report entitled...more
On 29 February 2024, the Central Bank of Ireland (the "Central Bank") published a new Regulatory & Supervisory Outlook Report outlining the key trends and risks which the Central Bank has identified as moulding the financial...more
Editor's Note The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically...more
Welcome to the latest edition of the Spectrum, covering hot-topic issues in the structured finance markets in the U.S. and UK. This edition features the shifting single-family rental landscape, what’s next for EDGAR, and...more
The Federal Reserve’s Bank Term Funding Program (BTFP) will sunset as planned on March 11, ending a program that helped calm the markets after last year’s collapses of Silicon Valley Bank and Signature Bank threatened a...more
A series of economic shocks from the onset of COVID-19 and significant supply chain disruptions to persistent inflation have marked the past few years. To get the latter under control, the Federal Reserve increased its target...more
Despite the protracted crypto bear market, innovators in non-fungible tokens (“NFTs”) are hard at work. Gone are the days when NFTs were merely profile pictures (“PFPs”) displayed on a pseudonymous social media account or...more
“GPs should remain thoughtful about employing leverage on their GP-led secondaries transactions given the higher interest rate environment. However, there are a variety of financing products on offer from lenders which can be...more
Net asset value based credit facilities (“NAV Facilities”) are credit facilities pursuant to which the availability thereunder is based on the net asset value of the investments of the borrower, typically a private fund. The...more
Recently, the Federal Deposit Insurance Corporation (“FDIC”) issued a report from its Chief Risk Officer entitled FDIC’s Supervision of First Republic Bank. The FDIC was First Republic Bank’s primary federal banking agency,...more
Distressed de-SPACed companies are increasingly turning to chapter 11 as a means of restructuring their debts and preserving going-concern value. Many de-SPAC mergers in 2020 and 2021 involved pre-revenue or...more
Today, the Securities and Exchange Commission, by a vote of 3 to 2, approved amendments to Rule 2a-7 and other rules that govern money market funds under the Investment Company Act of 1940 (Amendments). Among other things,...more
In its most simple form, a net asset value-based facility (“NAV Facility”) is a credit facility, whereby availability under the facility is based on the net asset value of the portfolio investments of the borrower, often a...more
At the start of June 2022, the prevailing rate for the sterling overnight index average (SONIA) was 0.94%. Just 12 months later, SONIA has risen to 4.43%, and comparable increases in the equivalent reference rates have been...more
As our latest leveraged finance report reveals, European leveraged finance markets saw significant inertia through the course of 2022 as high inflation, rising interest rates and cooling M&A activity put the brakes on...more
Three years after the outbreak of COVID-19, restrictions have finally eased in Asia. However, investors in the region are still feeling its effects as well as headwinds caused by higher interest rates, rising inflation,...more
With the take-over of Silicon Valley Bank and the bankruptcy filing of its parent, the closing of Signature Bank, and the $30 billion rescue package for First Republic Bank from eleven of the largest banks in the U.S. on...more
The decisive action will mitigate emerging liquidity and solvency risks, contain pressure on the banking system, and protect depositors. On March 12, 2023, the Board of Governors of the Federal Reserve System (Federal...more
European leveraged finance markets saw significant inertia through the course of 2022 as high inflation, rising interest rates and cooling M&A activity put the brakes on leveraged loan and high yield bond issuance. How will...more
Once again, we reflect on the prior year for restructuring trends impacting private credit lenders. Last year it was all about “liability management”—the latest trend in which the limits of sponsor-favorable loan documents...more
At the beginning of any new year, startup founders are faced with a choice: stay the course, grow or sell. With significant market headwinds, soaring inflation, and an interest rate environment that looks to be rising as far...more
The U.S. capital markets have experienced significant volatility since the arrival of COVID-19. After lockdowns resulted in a short recession in early 2020, the markets reopened in booming fashion, with M&A, equity and debt...more
Methodology - At the beginning of the third quarter of 2022, Mergermarket, on behalf of Dechert LLP, surveyed 100 senior-level executives at private equity (PE) firms based in North America (45%), Europe, the Middle East...more
On July 29, 2021, the Alternative Reference Rates Committee (“ARRC”) of the Federal Reserve formally announced and recommended1 CME Group’s forwardlooking Term Secured Overnight Financing Rate (“Term SOFR”) rates.2 Important...more