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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...

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...

The Basel Committee on Banking Supervision ("BCBS") published the finalised Liquidity Coverage Ratio ("LCR") on 7 January 2013. The finalised LCR is less onerous than the original formulation published in December 2010 and should therefore...

On 18 December 2012, the State Duma (the lower chamber of the Russian parliament) adopted in the final, third, reading the first set of amendments to the Civil Code of the Russian Federation. The adopted amendments represent only a small part of the amendments...

On 18 December 2012, the State Duma (the lower chamber of the Russian parliament) adopted in the final, third, reading the first set of amendments to the Civil Code of the Russian Federation. The adopted amendments represent only a small part of the amendments...

Holdout creditors who refused to take part in Argentina's two debt restructurings have won a major victory in the New York courts by relying on a pari passu clause, overturning the conventional wisdom as to the meaning of this clause. The courts decided that...

A new agreed form of model collective action clause for euro area member states to adopt (the Model CAC) in respect of their sovereign debt was published by the EFC Sub-Committee on EU Sovereign Debt Markets in March 2012. Following the publication, Germany is...

Mark Twain once said, “Never allow someone to be your priority while allowing yourself to be their option”. He had a point. Why commit to someone who’s sometimes there and sometimes not? Unfortunately for many business owners, particularly in...

It is common practice to insert into contracts unilateral choice-of-court clauses, granting to one party only the option to refer the dispute to one of several jurisdictions. Until now, the validity of this type of clauses did not seem problematic. However,...

En pratique, il est assez courant d’insérer dans les contrats des clauses attributives de juridiction asymétriques, permettant à l’une des parties seulement de bénéficier d’une option entre plusieurs tribunaux....