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Lenders European Union Financial Services Industry

Cadwalader, Wickersham & Taft LLP

Summer Reading: CRD VI, August 2025 - What Fund Finance Lenders Need To Know About CRD VI

One of the aims of the European Union’s Capital Requirements Directive VI (CRD VI) is to harmonise the banking supervisory and access framework across the EU, including in relation to the provision of core banking services....more

Hogan Lovells

Italian MEF consults on the draft CCD2 Italian implementing decree

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The Italian Ministry of Economy and Finance (“MEF”) issued a public consultation on a draft legislative decree containing the Italian implementation of Directive (EU) 2023/2225 on credit agreements for consumers (“CCD2”) and...more

Cadwalader, Wickersham & Taft LLP

Getting All Your ‘Lux’ in a Row – a Lender Checklist!

Every deal has its quirks but, as anyone who has done a deal with a Lux entity will know, the EU brings its own set of regulatory considerations to the table (primarily AIFMD). In many cases when compared with parallel...more

White & Case LLP

European leveraged finance report: Revisiting the crystal ball

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At the beginning of 2024, the White & Case leveraged finance team made a series of predictions on how the leveraged loan and high yield bond markets would perform in 2024. After 12 months of softer markets in 2023, the...more

Cadwalader, Wickersham & Taft LLP

In the Lien of Sight November 2024 - Second Lien Loans in Subscription Finance

Although second lien loans in subscription line finance have been discussed with interest over the years, their use has been sporadic and it has only been very recently that we have started to see a real uptake in the use of...more

Goodwin

EU AI Act: Key Points for Financial Services Businesses

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The European Union (EU) Artificial Intelligence Act (AI Act), Regulation (EU) 2024/1689 of the European Parliament and of the Council of 13 June 2024 laying down harmonised rules on artificial intelligence and amending...more

White & Case LLP

High-profile deals in European regulators’ firing lines

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Dealmakers are learning to navigate a stricter regulatory environment as UK and EU authorities take an increasingly interventionist stance Global dealmaking experienced a slowdown in 2023 as the market battled headwinds on...more

White & Case LLP

Investors flock to investment grade debt markets

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Primary investment grade bond issuance surged in Q1 2024 as investors ramped up exposure to high-quality borrowers in a high interest rate environment. In the US, investment grade corporate borrowers secured US$429.7 billion...more

White & Case LLP

Governing law of loan agreements – why does it matter?

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Borrowers and lenders alike may be forgiven for running out of steam when, having negotiated ever more complex commercial grids, term sheets and loan agreements, one reaches the final line item – the governing law of the loan...more

Mayer Brown

CRD6: Implications for US Fund Finance Lenders

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The European Union’s new Capital Requirements Directive 6 (CRD6) introduces significant regulatory changes for non-EU banks operating within EU Member States. This update explores the impact of CRD6 on US lenders providing...more

Cadwalader, Wickersham & Taft LLP

Liquidity in a Challenging Climate May 2024 - Financing a Continuation Vehicle – Lender Considerations

A continuation fund is an entity fund set up by a sponsor in order to purchase an asset (or assets) from an existing fund managed by that sponsor. There are a number of reasons as to why a sponsor would want to pursue this...more

White & Case LLP

Side Letters: Just Paper Tigers, Or Do They Roar?

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Side letters document bespoke arrangements between all or certain parties to a financing transaction and supplement the terms of the principal documents thereto. Becoming increasingly popular with stakeholders, and with the...more

Cadwalader, Wickersham & Taft LLP

Shining a Light on “Security-Lite” March 2024 - Shining a Light on European “Security-Lite” Financings

NAV facilities come in all shapes and sizes and, unlike subscription facilities, there is no standardised collateral package for these kinds of transactions. In the European market, many lenders - particularly investment...more

White & Case LLP

Late rally softens leveraged loan landing

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A strong finish to 2023 helped to boost global leveraged loan issuance at the end of an otherwise rocky year for all key markets. The last 12 months were incredibly challenging for banks, investors and borrowers, as elevated...more

White & Case LLP

European leveraged finance enters new era

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High interest rates weighed down on deals, precipitating a drop in leveraged loan issuance in 2023. However, there are reasons to be optimistic that deal activity will pick up in 2024 - As our latest leveraged finance...more

McDermott Will & Schulte

Mobility@McDermott: Monthly Update (11/2023)

1. Proposal for EU directive for right to repair no longer covering motor vehicles - The European Parliament’s Internal Market and Consumer Protection Committee has voted on a draft report on the proposed EU directive...more

White & Case LLP

The 3rd Fintech Epoch: Europe’s first-movers drive M&A amid tightened purse strings

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UK & European Financial Services M&A: Sector trends H2 2022 | H1 2023 — Fintech - Whilst many European start-ups have struggled to successfully execute funding rounds at valuation levels of yesteryear, more mature fintechs...more

White & Case LLP

Subdued macro conditions shelve major loan activity

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Loan issuance across all major jurisdictions saw year-on-year double-digit declines during the first half of 2023, as high inflation and rising interest rates continued to weigh on loan activity The first half of 2023 has...more

Cadwalader, Wickersham & Taft LLP

How to Prepare for a Real Estate Enforcement in Europe, Part 2 – The Importance of Valuation in Enforcements

Former British Prime Minister Tony Blair once famously declared that “our top priority was, is and always will be education, education, education.” To adopt this mantra in an enforcement context, for lenders the top priority...more

Sullivan & Worcester

Fixed and Floating Charges: the Key is Control, but the Key to Control is Drafting

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In our April webinar “Risk Mitigation Techniques in Trade Financing Structures”, which I delivered with my colleagues Sam Fowler-Holmes and Maria Capocci, we discussed methods to mitigate risks all the way along the...more

Cadwalader, Wickersham & Taft LLP

How to Prepare for a Real Estate Enforcement in Europe, Part 1

This is the first article in our mini-series on European real estate enforcements and restructurings. Given the continued financial stress being experienced across the global economy, we expect that lenders in the real estate...more

White & Case LLP

Five factors that will influence leveraged finance in 2023

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European leveraged finance markets have been completely reconfigured in the past 12 months. Inflation, rising interest rates and geopolitical uncertainty have squeezed liquidity and seen high yield bond and leveraged loan...more

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden’s 2023 Insights – Five Critical Areas for the Year Ahead

The pandemic’s impact may be subsiding, but businesses are encountering new challenges across the globe, including the potential for an economic retrenchment, rising interest rates, shifting regulatory and litigation...more

White & Case LLP

A volatile situation: Europe versus the United States

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Leveraged finance activity slowed on both sides of the Atlantic in the first half of the year, as a tougher macroeconomic environment and events in Ukraine affected debt issuance in both Europe and the US....more

White & Case LLP

Sector trends - July 2022: Consumer Finance

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BNPL steals the show—20 successful European BNPL provider funding rounds in the past 12 months, covering the full spectrum from Seed through to late-stage.     New entrants and disruptors across Europe are likely to...more

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