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Is there a Path through the Woods?
24 May 2013PublicationThere 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...
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Is Spring returning for European CLOs?
8 March 2013PublicationSince 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...
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More Flexible Approach Announced for Non-U.S. Issuers Seeking to Rely on the Section 3(c)(7) Exception Under the 1940 Act
19 March 2012PublicationNew commentary recognizes more flexibility on the procedures that non-U.S. issuers of equity securities should implement when seeking to rely on the Section 3(c)(7) exception under the 1940 Act. The authors of benchmark procedures related to an exemption under...
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US Covered Bonds – Senate Introduces Legislation to Encourage Market Development
15 November 2011PublicationOn November 9, 2011, Senator Kay Hagan (D-NC) and Senator Bob Corker (R-TN) and co-sponsors Chuck Schumer (D-NY) and Mike Crapo (R-ID) introduced the "The United States Covered Bond Act" to the United States Senate. The bi-partisan Senate bill is intended...
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Impact of the U.S. Sovereign Credit Rating Downgrade on ABS with U.S. Exposure and on Cross-Border ABS
11 August 2011PublicationOn 5 August 2011, Standard & Poor's ("S&P") lowered its long-term sovereign credit rating on the United States of America to "AA+" from "AAA" and affirmed its "A-1+" short-term rating. The outlook for the long-term...