News & Analysis as of

Debt Securities

Hahn Loeser & Parks LLP

Using Private Capital for Commercial Real Estate Development

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The tightening in lending standards experienced over the last year is attributable to factors beyond credit quality of borrowers and lenders’ concentration in credit risk in CRE, namely: (1) lenders’ expectation...more

Paul Hastings LLP

An Eye on Insurance: Recent Developments in Insurance Regulation - UPDATED September 2024

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2024 has seen a significant amount of activity by state insurance regulators and the National Association of Insurance Commissioners (the “NAIC”) including the adoption of major revisions to the regimes governing investments...more

Goodwin

New Proxy Voting Reporting Requirements For Investment Managers For 2023-24 Annual Meeting Season

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On November 2, 2022, the U.S. Securities and Exchange Commission (SEC) announced the adoption of amendments to Form N-PX and related rules to extend public company stockholder vote disclosure filing requirements beyond...more

White & Case LLP

Italy – New Measures to enhance Italian debt capital markets

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The Italian legislators and CONSOB enacted new measures, as part of a general attempt to modernize the market infrastructure. The new rules relate to, inter alia, the following: The issuance of unlisted debt...more

BCLP

Issuance of Reverse Yankee Bonds Remains Active

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The sale of Reverse Yankee bonds by prominent US issuers – often with higher credit ratings – has recently continued at a rapid pace. Reverse Yankee bonds are debt securities issued by US issuers that are denominated in a...more

Mayer Brown

Infrastructure Financing: New Options and Incentives for Financing in Brazil

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New Law No. 14,801/2024 creates infrastructure debentures, changes rules for incentivized debentures and investment funds in the sector, including tax guidelines, and promotes incentives for raising funds through the issuance...more

Mayer Brown Free Writings + Perspectives

What’s the Deal? – Trust Indenture Act

What’s the Deal? The Trust Indenture Act of 1939 (the “Trust Indenture Act” or the “TIA”)1 is the federal statute regulating the offer and sale of certain debt securities. The TIA, which is closely integrated with the...more

Morrison & Foerster LLP - Government...

Venture Capital Investment In A Small Business? Know The SBA Rules First.

In recent months, there have been a number of articles about an increase in venture capital interest in entities that do business with the federal government. In fact, this interest is not new. Small entities with venture...more

Eversheds Sutherland (US) LLP

SEC adopts rules requiring the reporting of securities loans and the disclosure of short sales

On October 13, 2023, the Securities and Exchange Commission (SEC) adopted new Rule 10c-1a under the Securities Exchange Act of 1934, as amended (1934 Act), requiring certain persons to report securities loan information to...more

Skadden, Arps, Slate, Meagher & Flom LLP

SEC Grants Broker-Dealers Permanent Exemptive Relief From Rule 15c2-11 for Fixed-Income Securities Sold Under Rule 144A Safe...

On October 30, 2023, the Securities and Exchange Commission (SEC) issued an order granting broker-dealers exemptive relief from Rule 15c2-11 of the Securities Exchange Act of 1934 for fixed-income securities sold in...more

Skadden, Arps, Slate, Meagher & Flom LLP

Activists Assemble: Recent Trends in Activist Campaigns Targeting UK Investment Trusts

The United Kingdom has long been a target destination for activist investors. It is the venue for nearly half of all of recent activist campaigns in Europe. In previous articles, we have discussed how informed boards should...more

Goodwin

Second Circuit Rules that Syndicated Loans Are Not “Securities” Under State and Federal Law

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On August 24, 2023, the U.S. Court of Appeals for the Second Circuit in Kirschner unanimously  held that notes evidencing syndicated loans do not plausibly qualify as “securities” covered by state and federal securities laws...more

White & Case LLP

How CLOs are dealing with a post-SVB world

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Collateralized loan obligations (CLOs)—investment structures that buy up leveraged loans and debt securities, package them into tranches with varying levels of risk and return, and sell them to investors—had minimal direct...more

Seward & Kissel LLP

SEC Settles Charges Against Investment Adviser for Improper Fixed Income Securities Trading

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Quick Take: The SEC charged an investment adviser in connection with improper trading in certain fixed income securities. The SEC’s order alleges that the adviser improperly traded the securities between advised clients,...more

Orrick, Herrington & Sutcliffe LLP

Agencies propose Call Report revisions

On February 22, the FDIC, Federal Reserve Board, and the OCC announced the publication of a joint notice and request for comment proposing changes to three versions of the Call Report (FFIEC 031, FFIEC 041, and FFIEC 051)...more

Kramer Levin Naftalis & Frankel LLP

SEC Staff Provides Relief From Rule 15c2-11 Public Financial Statement Disclosure Through Jan. 5, 2025

On Sept. 16, 2020, the Securities and Exchange Commission (SEC) adopted amended Rule 15c2-11 (the Amended Rule) under the Securities Exchange Act of 1934, as amended (the Exchange Act). The Amended Rule, most of which became...more

Seward & Kissel LLP

U.S. Private Placements: Secured Notes for Vessel Owners

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Background - In recent years, one of the emerging financing methods for public and private vessel owners has been private placements of debt securities, wherein a company usually owning multiple vessels will sell...more

Mayer Brown Free Writings + Perspectives

FINRA Amends Rule 11880 to Revise the Settlement of Syndicate Accounts

On November 15, 2022, FINRA adopted amendments to revise the syndicate account settlement timeframe for offerings of corporate debt securities. The amendments to FINRA Rule 11880 establish a two-stage syndicate account...more

A&O Shearman

Debt Buyback and Liability Management Considerations in a Volatile Market

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In light of continued negative macroeconomic trends—including but not limited to meaningfully higher global inflation, tightening monetary policy by central banks, volatile energy prices, slowing consumption, continued supply...more

Goodwin

Private Equity Market Update - August 2022

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Market Overview - Q2 2022 - Downturn in Credit Markets: In its continued effort to combat rising inflation, the Federal Reserve Bank raised its benchmark interest rate in each of March, May, June and July of this year by...more

Latham & Watkins LLP

European Central Bank Announces Plans to “Green” the Debt Capital Markets

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The policy change integrates climate change considerations for the first time into the ECB’s quantitative easing and repo facilities. On July 4, 2022, the European Central Bank (ECB) announced that it would integrate...more

White & Case LLP

The JSE Continues its Trend to “Go Green”

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The Financial Sector Conduct Authority (the "FSCA") has approved amendments to the JSE Debt Listing Requirements (the "Requirements") so as to introduce a new issuance platform stemming from the JSE – known as the "Transition...more

Goodwin

SEC Brings First Ever Regulation Best Interest Litigation Against Broker-Dealer and Its Personnel

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The U.S. Securities and Exchange Commission recently charged a broker-dealer and five of its registered representatives with violating Regulation Best Interest (“Reg. BI”) related to recommendations and sales of an unrated,...more

Morgan Lewis

FINRA Seeks to Expand Reporting Requirements for Transactions in TRACE-Eligible Securities

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The Financial Industry Regulatory Authority recently filed two rule proposals—SR-FINRA-2022-011 and SR-FINRA-2022-013—with the US Securities and Exchange Commission and issued Regulatory Notice 22-12 in an effort to expand...more

Mayer Brown Free Writings + Perspectives

Top 10 Practice Tips: Debt Tender Offers

The following 10 practice points are intended to help you in assisting an issuer with a proposed debt tender offer for cash. Often, issuers of debt securities seek to manage their outstanding obligations through liability...more

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