Mezzanine Lending Video Series (Episode 1)
Advancing Agriculture: Security Interests and Article 9 Challenges (Part 1)
On June 6, 2024 federal regulators published a final rule addressing Quality Control Standards for Automated Valuation Models. This was a collaborative rulemaking effort that included regulators from the Office of the...more
In light of the banking failures of Silicon Valley Bank, Signature Bank and First Republic (as well as Credit Suisse), this summer, the Federal Reserve and the FDIC proposed guidance and rules for larger banks to (i) develop...more
This is just a short note, with little actual utility, but it’s about something that’s really bothering me. Why are we so calm? What has anesthetized us?...more
Several weeks ago, I wrote a commentary called Funny Times in which I bemoaned the complete lack of coherent data, making the process of predicting the course of interest rates, cap rates and transactional velocity over the...more
Mining & metals companies can take advantage of low prices in the leveraged finance markets to manage their liabilities amid the expected recession. The current economic environment creates opportunities for the mining &...more
Here at Dechert, we have market-leading practices in CRE CLO as well as corporate CLOs, including broadly syndicated and middle market structures. So, every day that I peer into these two alternate universes, I’m astonished...more
The US Treasury Department and the Federal Reserve Bank of New York (the New York Fed) have announced the complete terms of a new Term Asset-Backed Securities Loan Facility (TALF) program, which is intended to address the...more
The Federal Reserve recently expanded its Main Street Lending Program (the “Program”) to three separate loan facilities: the Main Street New Loan Facility, the Main Street Priority Loan Facility and the Main Street Expanded...more
As of May 28, 2020 - The US Treasury Department and the Federal Reserve Bank of New York (the New York Fed) have announced the complete terms of a new Term Asset-Backed Securities Loan Facility (TALF) program, which is...more
Certain provisions of the coronavirus economic stimulus legislation are subject to the ongoing issuance of government regulations and other government action; thus, certain details regarding the legislation may be clarified,...more
In response to the economic consequences of the measures being taken to contain the spread of the novel coronavirus (COVID-19), the Board of Governors of the Federal Reserve System (the "Federal Reserve") revived the Term...more
On May 20, 2020, the Federal Reserve Board of Governors (the “Fed”) and the Federal Reserve Bank of New York (the “FRBNY”) announced the first subscription date of June 17, 2020 for funding under the Term Asset-Backed...more
On May 12, 2020, the Board of Governors of Federal Reserve System (the “Fed”) published a revised term sheet for the Term-Asset Backed Securities Loan Facility (the “TALF”)...more
On March 23 the Federal Reserve announced the creation of the Term Asset-Backed Securities Loan Facility, or TALF to support the asset-backed securities (ABS) market. The new facility (commonly referred to in the market as...more
Last week, the Federal Reserve announced additional actions to support the U.S. economy, which included expanding its Term Asset-Backed Securities Loan Facility (“TALF 2020”) to include legacy commercial mortgage-backed...more
TALF Extended to Legacy CMBS and CLOs - On April 9, 2020, the Federal Reserve unveiled an array of additional programs to bolster the U.S. economy in response to the COVID-19 pandemic. One of those programs is aimed at...more
Under the recently announced Term Asset-Backed Securities Loan Facility (the “2020 TALF”), the New York Federal Reserve will commit to lend on a recourse basis to a special purpose vehicle (the “TALF SPV”), which will...more
On March 23, 2020 the Federal Reserve Bank (the “Fed”) announced the establishment of the Term Asset-Backed Securities Loan Facility (the “TALF”) to “support the flow of credit to consumers and business” by facilitating the...more