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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...

Clifford Chance, in conjunction with the Asia Securities Industry & Financial Markets Association (ASIFMA), has conducted a survey of eight key Asian jurisdictions to obtain an overview of the insolvency regimes and resolution powers available in relation...

 We launched Russia Update last year to provide clients with a single guide to major legal and market developments in Russia. In this periodical publication, we will alert you to key legal changes as well as news highlights from the business sectors which...

High yield bonds have become increasingly attractive to sponsors in financings and, most importantly, refinancings. Sustained liquidity and growing investor demand, coupled with the reduced availability of new M&A credits, has driven the inclusion of flexible...

Earlier this week, the Court of Appeal upheld the first instance decision of Mr Justice Hamblen in Azevedo v Imcopa Importacao and others, confirming that payments of consent fees in exchange for votes in favour of amendments to the terms of debt securities were...

Clifford Chance has advised Emirates NBD PJSC ("ENBD") in relation to the issuance of US$750 million 4.875 per cent. subordinated reset notes due 2023 (the "Notes") under its US$7.5 billion European Medium Term Note Programme. The issuance of the Notes...

Since its submission to parliament, spring 2011, the proposal revising the Dutch Housing Act (Woningwet) to enhance the supervision of housing corporations (Herzieningswet toegelaten instellingen volkshuisvesting) has received ever increasing attention of Dutch...

This client briefing discusses the two Russian court cases involving UniCredit Bank Russia where Russian courts allowed a party to a swap to walk away from the transaction. Please note that this memorandum is not intended to provide a comprehensive analysis...

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...

European ECA support of capital markets funding of aircraft continues to develop; COFACE will be empowered to guarantee, instead of insure, non Airbus aircraft.