Clifford Chance

Private debt funds are increasingly making use of “back leverage” to enhance internal rates of return on their lending positions and to enable them to write the sizeable loans that traditionally were the preserve of investment banks, reflecting developments in the commercial real estate market and elsewhere, including risk retention financing.

We have advised on a wide variety of back leverage structures in Europe and the US whether in the form of loan on loan, repo (both US and European), structured repos, total return swaps (TRS) and CRE collateralised loan obligations (CRE CLOs).

In this webinar, Clifford Chance lawyers Lee Askenazi, Fadzai Mandaza, Will Sutton and Will Winterton discussed their principal features and some of the key market issues and trends.