On 23 February 2023, the Loan Market Association (LMA), the Loan Syndications & Trading Association (LSTA) and the Asia Pacific Loan Market Association (APLMA) published updated versions of Green Loan Principles and Guidance,...more
As we noted previously, against the backdrop of the European Green Deal and related sustainable finance initiatives, environmental, social and governance (ESG) factors are increasingly being incorporated into loan and...more
As regulators, shareholders, investors and wider society increasingly focus their attention on Environmental, Social and Governance (ESG) matters, they have crept up the boardroom agenda of large Turkish companies and...more
In February, Katten conducted a survey of 112 private credit industry professionals that showed how a large percentage of private equity investors and lenders in the private credit industry expect deal flow to increase in...more
On 5 March 2021, the UK Financial Conduct Authority (FCA) and the administrator of LIBOR, ICE Benchmark Administration (IBA) each made important announcements for parties to instruments or other contracts referencing LIBOR. ...more
Our Finance Group explains why the transition from the London Interbank Offered Rate remains an essential task amid COVID-19 and urges loan market participants not to wait on devising a transition plan. ...more
Recent updates from the Bank of England, the New York Federal Reserve, and the International Swaps and Derivatives Association and Bloomberg in connection with publication of IBOR fallback rate adjustments should be welcomed...more
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
Financial institutions continue to develop products to encourage Corporate Social Responsibility (CSR) goals. The Loan Market Association has recently published Sustainability Linked Loan Principles to guide the use of loan...more
Following the announcement that LIBOR is to be replaced, the process of finding a suitable replacement is proving troublesome. Financial Institutions will no longer be required by the FCA to provide LIBOR rates after...more
Article 55 of the Bank Recovery and Resolution Directive (BRRD) (2014/59/EU) requires Member States to ensure that a bail-in clause is included in agreements containing liabilities of a regulated Member State financial...more
The global dislocation in the financial markets which began in 2007 prompted a decrease in lending and an increase in regulation in the European and the US economies, amongst others. This paper looks at recent initiatives...more
LSTA publishes model provisions for use in US law-governed credit agreements to assist in adopting new EU bail-in rules. European Economic Area (EEA) financial institutions are now subject to a new set of regulatory...more
As predicted a year ago, the adoption of US-style covenant-lite terms in European leveraged deals continues apace. This is hardly surprising given that the existence of ultra-low interest rates are sparking intense...more