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Loans European Union

King & Spalding

Haftungsbegrenzung für KVGen und andere Geniestreiche des Gesetzgebers

King & Spalding on

Entwurf eines Fondsrisikobegrenzungsgesetzes veröffentlicht - Anfang August 2025 hat das Bundesministerium der Finanzen den Referentenentwurf eines Gesetzes zur Begrenzung der Risiken durch Investmentfonds und zur...more

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

White & Case LLP

Loan markets rally following April tariff shocks

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After a sharp tariff-induced dip in loan issuance, markets in the US and Europe regained confidence and stabilized by the end of the first half of the year - US and European leveraged loan markets had a bumpy ride during...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

A&O Shearman

EBA final guidelines on ADC exposures to residential property under CRR

A&O Shearman on

The European Banking Authority (EBA) has issued its final guidelines, accompanied by a press release, on the treatment of acquisition, development and construction (ADC) exposures to residential property under Article 126a of...more

Proskauer Rose LLP

Private Credit Deep Dives – What to do following an Event of Default in a consensual setting (Europe)

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Over the past year, we have seen a significant increase in Events of Default (each, an “EoD”) arising from financial underperformance. This trend is largely driven by the high interest rate and inflationary environment, with...more

A&O Shearman

EC call for advice to EBA for second benchmarking of national loan enforcements frameworks

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The European Commission (EC) has published a call for advice to the European Banking Authority (EBA) together with a letter from John Berrigan, Directorate-General of Financial Stability, Financial Services and Capital...more

A&O Shearman

FMSB Statement of good practice on the governance of sustainability-linked products

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The Financial Markets Standards Board (FMSB) has issued a Statement of Good Practice (SoGP) on the governance of sustainability-linked products (SLPs), along with a press release. SLPs are products where the financial and/or...more

White & Case LLP

The Big Bang? European Commission unveils proposals to support surge in defence spending, reduce reliance on third countries

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On 19 March 2025, the European Commission unveiled new draft measures to help Member States ramp up defence spending by 2030 among mounting concerns about Europe's security. The proposals reflect a renewed push to coordinate...more

A&O Shearman

CJEU imposes limits on the validity of asymmetric EU jurisdiction clauses

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In a decision that may cause some concern, the CJEU has held that asymmetric EU jurisdiction clauses are only valid under EU law if they designate with sufficient precision the alternative jurisdictions in which proceedings...more

White & Case LLP

European leveraged finance: A market reawakened

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European leveraged finance markets back on track -European leveraged finance markets rallied strongly in 2024, with momentum for new deals and opportunities for borrowers and lenders alike in 2025 - Europe's leveraged...more

White & Case LLP

ERA Loans for Ukraine Initiatives

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In June and then October this year, the G7 announced an agreement to launch the 'Extraordinary Revenue Acceleration (ERA) Loans for Ukraine' initiative ("ERA Loans for Ukraine Initiative"), where the G7 members agree to...more

Walkers

ESMA consultation on open ended loan-originating AIFs under AIFMD II

Walkers on

On 12 December 2024, ESMA published its consultation paper containing draft regulatory technical standards ("RTS") pursuant to Directive (EU) 2024/927 ("AIFMD II") on requirements with which loan-originating AIFs ("LOAIFs")...more

Walkers

Department of Finance public consultation on exercise of AIFMD II national discretions

Walkers on

On 22 November 2024, the Department of Finance ("DoF") launched its public consultation on the exercise of the national discretions in Directive (EU) 2024/927 amending AIFMD (2011/61/EU) and the UCITS Directive (2009/65/EC),...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

A&O Shearman

Syndicated DDTLs: New territory for acquisition lines?

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We are increasingly seeing requests for a committed acquisition/capex facility – often referred to as a Delayed Draw Term Loan (DDTL) – to be included as part of the initial capital structure on European syndicated leveraged...more

McDermott Will & Schulte

ZuFinG II – Der nächste Schritt zur Stärkung des Finanzstandorts Deutschland?

Nach den ersten Schritten mit dem Zukunftsfinanzierungsgesetz („ZuFinG I„) legte das Bundesministerium der Finanzen am 27. August 2024 mit dem Entwurf eines Zweiten Gesetzes zur Finanzierung von zukunftssichernden...more

A&O Shearman

Cryptocurrency, Specific Performance and Damages: Ether you get it or you don’t

A&O Shearman on

The High Court has upheld a decision to refuse to grant specific performance in respect of a non-payment default under an oral cryptocurrency loan agreement, but questioned whether damages should be calculated from the date...more

White & Case LLP

Refinancing surge reenergizes US and European loan markets

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Leveraged loan activity in the US and Europe sprang back to life in H1 2024, with both markets enjoying near-triple-digit increases in issuance. In the US, overall issuance surged 95.7% from US$461 billion in H1 2023 to...more

White & Case LLP

Moving on up: Europe’s CLO market is making a strong comeback

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The first half of 2024 has been a bumper year for European Collateralized Loan Obligations and a mix of market and legislative catalysts could push the second half into record-breaking territory The European Collateralized...more

Cadwalader, Wickersham & Taft LLP

New EU Regulatory Technical Standards on Reporting of Sustainability Impacts of Securitisations Come Into Force

Implementation: The Regulatory Technical Standards (RTS) supplementing Regulation (EU) 2017/2402 (EU Securitisation Regulation) on Principal Adverse Impacts (PAI) of simple, transparent and standardised (STS)...more

A&O Shearman

An interest-ing question: when is a default interest rate a penalty?

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The Court of Appeal has affirmed a three-step test for penalty clauses: (1) is it a secondary obligation; (2) does the clause protect a legitimate interest; and (3) is it extortionate by reference to the legitimate interest?...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

Proskauer Rose LLP

Private Credit Deep Dives – Sponsor “Guarantees” (Europe)

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As borrowers continue to feel the squeeze caused by inflation and high interest rates, lenders in the European mid-market have seen a marked increase in covenant relief, waiver and amend and extend requests from borrowers on...more

Walkers

Transposition of Credit Servicers Directive in Ireland – Overview

Walkers on

On 29 December 2023, the Minister for Finance signed the European Union (Credit Servicers and Credit Purchasers) Regulations 2023 (the "Regulations") into law, thereby transposing the Directive on credit servicers and credit...more

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