Decision 2025/1734 of the European Central Bank (ECB) of 31 July on safeguards in relation to access by central counterparties (CCPs) to Eurosystem overnight credit in TARGET, has been published in the Official Journal. Under...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
Companies continue to face economic uncertainty caused by a variety of factors such as high interest rates, changing consumer spending habits, a tight debt and equity environment, labor market and inflationary pressures,...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
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
As a way to increase the availability of uncalled capital and deploy additional capital for new and existing investments, limited partnership agreements will typically permit the general partner to recall proceeds from...more
The Congressional Oversight Commission released its fifth report, which focuses on the Federal Reserve’s Municipal Liquidity Facility (MLF). The MLF was established to help state and local governments better manage cash flow...more
For private investment funds with limited or no remaining uncalled commitments, net asset value (NAV) and hybrid credit facilities can provide a useful source of liquidity to support underperforming assets or allow funds to...more
The onset of the novel Coronavirus pandemic (“COVID-19”) led to an abrupt shutdown of businesses worldwide and across numerous industries. The shutdown’s impact on the commercial real estate market generally, and on REITs...more
As the UK begins to emerge tentatively from lockdown, amendment and waiver processes continue on leveraged finance facilities for businesses which have been hit by COVID-19. ...more
In this dystopian environment we find ourselves in, the downturn in the U.S. economy will soon begin to ripple through the banking industry. Although the Federal Reserve appears to have acted prudently by establishing credit...more
As COVID-19 sends shockwaves through the global economy, many experts are predicting one of the deepest recessions in U.S. history. The hospitality, employment services, transportation, travel, leisure, mining, and oil...more
As a result of tax and other revenue deferrals and other Coronavirus-related stressors affecting state and local governments, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) announced on April 9,...more
On April 9, the Treasury Department and the Federal Reserve announced two new lending facilities to provide capital to small- and medium-sized businesses. The Main Street New Loan Facility (the “New Loan Facility”) will...more
On April 9, 2020, the Federal Reserve established new liquidity facilities to support lending programs authorized under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The Federal Reserve’s press release...more
On April 9, the Federal Reserve Board announced updated terms for two facilities to support corporate debt markets. The Primary Market Corporate Credit Facility (“PMCCF”) will serve as a funding backstop for corporate debt...more
To raise new debt at a time of low liquidity, leveraged and other sub investment grade companies must navigate restrictions in loan and bond documents. Many companies are seeking funding to survive the currently...more
On March 23, 2020, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) announced a series of actions intended to support the United States economy during the unprecedented financial crisis caused by...more
Prior to the open of markets in the U.S. on March 25th, the Federal Reserve announced that it is committed to using its full range of tools to address the coronavirus pandemic. The steps announced by the Federal Reserve...more
The three US federal banking agencies have taken additional steps to enable the financial system to continue functioning during the pandemic. The three US federal banking agencies — the Board of Governors of the Federal...more
Today, the Federal Reserve Bank announced several unprecedented emergency measures, including unlimited purchases of Treasury and agency mortgage-backed securities, three new lending facilities, and expansion of two programs...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