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Capital Markets › Collateral

Mayer Brown

The Spectrum of Loan Portfolio Backleverage Options: A Primer for Private Credit Funds

Mayer Brown on

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

McDermott Will & Emery

Growing Interest in Utilising Equity Commitment Letters in the Context of Sponsor Margin Loans

McDermott Will & Emery on

Equity Commitment Letters (ECL) are legal documents pursuant to which one party (typically the main fund or multiple funds managed by the sponsor) (the ECL Provider) commits to providing a certain amount of capital, usually...more

Cadwalader, Wickersham & Taft LLP

Going for Gold August 2024 - Credit Portfolio Finance – A Primer on Back-Leverage

Cadwalader, Wickersham & Taft LLP on

The combination of increased regulatory pressure and additional investor demand for higher yield has seen numerous banks gradually displaced by private debt funds in the corporate lending sector (particularly for mid-market...more

Cadwalader, Wickersham & Taft LLP

Different Yet Similar August 2024 - Borrowing Base/Coverage Ratio Approaches in Subscription Finance Facilities

Cadwalader, Wickersham & Taft LLP on

The key component of any subscription credit facility is the underlying capital commitments that are pledged to secure the facility. Virtually every lender will require some level of over-collateralization – meaning, investor...more

Stikeman Elliott LLP

OSC Addresses Use of Cash Collateral for Delayed Basket Securities in ETF Subscriptions

Stikeman Elliott LLP on

The Ontario Securities Commission (“OSC”) recently published OSC Staff Notice 81-735 Cash Collateral Use for Delayed Basket Securities in ETF Subscriptions (the “Staff Notice”) regarding the use of cash collateral for ETF...more

Cadwalader, Wickersham & Taft LLP

8th Annual European Fund Finance Symposium: The Latest From London May 2024 - Equity Commitment Letters – A Refresher

Cadwalader, Wickersham & Taft LLP on

We have recently seen a notable uptick in the usage of equity commitment letters (ECLs) in fund finance transactions and have been spending an increasing amount of time discussing their merits with our clients’ credit teams....more

White & Case LLP

Repos in Islamic Finance – 2

White & Case LLP on

1. Repos in the Islamic market - In our article titled "Repos in Islamic Finance"1 we concluded that Shari'ah-compliant repurchase transactions ("Repos") could play a useful role as a liquidity management instrument to...more

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