With four major interest rate benchmarks ceasing to be published by the end of last year, we thought now would be a good time to provide a refresher on alternative currency rates. In this article we first discuss the key...more
Net asset value based credit facilities (“NAV Facilities”) are credit facilities pursuant to which the availability thereunder is based on the net asset value of the investments of the borrower, typically a private fund. The...more
El Ministerio de Hacienda y Crédito Público (MHCP) expidió el Decreto 455 de 2023, por medio del cual se crean nuevas modalidades de crédito cuyas tasas de interés deben ser certificadas por la Superintendencia Financiera de...more
As interest rates rise and a potential recession looms, we’ve seen a flight to quality as new entrants seek to participate in our fund finance market. While most deals on our books have just one lender and one fund as...more
This LIBOR transition update, directed primarily at private credit lenders, provides a recap of recent trends and reflects new developments on the eve of LIBOR transition for banks, including new SOFR issuance by private...more
Since the end of 2017, we have been talking about the discontinuation of LIBOR as a reference rate for borrowers who finance with floating rate loans. The December 2021 end date is fast approaching, but much work remains to...more
On 11 March 2020, the World Health Organisation (“WHO”) declared COVID-19 to be a pandemic, with the WHO "deeply concerned by the alarming levels of spread and severity" of the outbreak. In response, the financial markets...more
The three US federal banking agencies have taken steps to enable the financial system to continue functioning during the pandemic. During the course of this week, the three US federal banking agencies — the Board of...more
A Q&A guide to real estate finance law for borrowers and lenders in Massachusetts. This Q&A addresses state laws relating to security instruments, usury laws, limitations on personal liability, recording requirements and...more