EXECUTIVE SUMMARY - There is a spectrum of potential financing structures for a private credit fund (a “Credit Fund”) to obtain liquidity, including at various levels in the fund structure, such as at the fund level or by...more
Securitisation of subscription finance facilities is en vogue in fund finance. We have written previously on this topic, offering a primer on capital call securitisations and a Q&A regarding a first publicly rated cash...more
AT A GLANCE - The rise of the direct lending market has led to a dramatic rise in supporting liquidity strategies to optimize the market. These strategies include the use of financings to provide market participants with...more
The 2025 Fund Finance conference in Miami convened industry leaders, innovators, and experts to explore the latest trends and challenges in the rapidly evolving world of fund finance. Set against the backdrop of Miami's...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 a close look at business development companies, an introduction to project...more
Special purpose vehicles (SPVs) are commonly employed as a structuring tool in many cross-border and structured finance transactions, and collateralised loan obligation (CLO) transactions are no exception. The Cayman Islands...more
Matt Bisanz interviews Steve Gandy, formerly with Santander, about his long career designing innovative securitization structures around the globe....more
As the end of 2024 draws to a close, Luxembourg aims to introduce an interesting technical update that may globally be of interest for our clients with structures in Luxembourg. On 11 December 2024, the Luxembourg...more
When the Edinburgh Reforms were announced on 9 December 2022, they were billed as an ambitious set of reforms. Two years on, we assess which of the measures have been completed, which remain outstanding, and whether they have...more
The recent closing by Goldman Sachs of its highly innovative and market leading US$475 million “capital call” securitisation of subscription credit lines has generated a lot of interest in both fund finance and structured...more
Securitization has been a major focus in the fund finance industry as of late. Due to a confluence of factors, some of which are specific to fund finance, and some of which are features of the broader economic environment, it...more
This year is starting to feel a bit more normalized after the 2021-2022 record origination numbers followed by the 2023 market disruption. In many ways, Fund finance has passed the stress test and moved forward. What has 2024...more
Last week saw almost 1,140 registrants attend the FFA’s annual symposium at the Queen Elizabeth II Conference Centre in London. As ever, the event brought together a wide range of market participants from across the industry,...more
The energy transition received a transformative boost when European Union lawmakers approved new voluntary standards for companies that wish to issue "green" bonds. The European Green Bond Standard, which will be finalized on...more
The Luxembourg law on securitisation dated 22 March 2004 (the “Securitisation Law”) has been tremendously successful in providing a flexible and secure framework for Luxembourg securitisation vehicles (“SVs”), attracting a...more
Women in Fund Finance this week hosted “Fund Liquidity Solutions,” a virtual event that looked at some of the most innovative liquidity structuring and solutions being employed across the private markets. ...more
At the end of May 2021, the Luxembourg government submitted a bill of law (the Bill of Law) to the Parliament amending the Luxembourg law dated 22 March 2004 on securitization (the 2004 Law). This long-awaited update of the...more
Withholding tax rates on income derived from Eurobonds and lease certificates issued outside of Turkey, on interest payments of Tier II loans and securitization financings; as well as BITT applicable to securitizations backed...more
An innovative type of securitized asset is increasingly popular among fund managers, specifically bonds backed by commercial Property Assessed Clean Energy (C-PACE) special tax assessments. ...more
Circular of the Central Bank of Luxembourg on statistical data collection for non-regulated AIFs - The Central Bank of Luxembourg published circular BCL 2018/241 entitled “New statistical data collection for non-regulated...more
FCA Reports on Hard to Value Assets Review - The FCA has reported on its 2017 review into how asset management firms value so-called ‘hard to value’ assets, consisting of a short video with transcript into the risks, the...more
Global Regulators Increasingly Shifting Focus to Cryptocurrency - After years of allowing cryptocurrency transactions to fly under the radar, financial market regulators are beginning to turn their attention to virtual...more
The Situation: On October 4, 2017, ordinance no 2017-1432, which addresses the modernization of the legal regime of assets management and financing debt, was published. The Result: The reform introduces four new exceptions...more
Securitisation transactions have been receiving increased attention as attractive alternatives for Polish companies, especially those who can derive large pools of receivables from the debtors which are consumers or...more