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There had been much disquiet over the impact on managed CLOs of the "skin in the game" requirements. However, as arbitrage economics and investor sentiment become more favourable for European CLO issuance, structures were coming to market which sought...

The Supreme Court has unanimously affirmed the Court of Appeal's decision on the test for balance sheet insolvency under section 123(2) of the Insolvency Act 1986 finding that Eurosail was not balance sheet insolvent. Of practical importance to borrowers...

From 1 April 2013, a new financial regulation framework will be operative in the UK. The Financial Services Authority (FSA) is being replaced by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), the Bank of England is to have...

Since the onset of the financial crisis there has been a dearth of CLO issuance in Europe, while on the other side of the Atlantic the market has rebounded healthily. Now, at long last, green shoots are beginning to emerge in a European thaw. In this article...

The Basel Committee on Banking Supervision is proposing to significantly alter the Basel securitisation framework. This briefing provides an overview of the most significant proposals to make you aware of the proposals and help you begin the process of formulating...

Chinese domestic securitisation, after a few years of rapid growth from 2005 onwards under a variety of pilot schemes, was brought to a halt after the onset of the global financial crisis. Recent measures promulgated in May which promote the re-start of credit...

Securitisation markets have proved remarkably resilient since the Eurozone crisis re-ignited in the summer of 2011. Many financial institutions have found securitisation a key funding tool in markets where concern among investors about the possible failure of...

1 June 2012 marked the original closing date of the consultation on the EU Commission Green Paper on Shadow Banking. The Green Paper has generated a great deal of interest, perhaps explaining why the consultation period has been extended until 15 June. It represents...

While economic growth depends on the ability of companies to access finance, banks face new regulations that threaten to constrain lending. How to square this circle is a conundrum facing the UK Government. The challenge of raising capital for the real economy...

The Bank of England has released further details of eligibility criteria for CMBS, SME CLOs and ABCP in its Discount Window Facility. This briefing examines the terms of the notice.