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Covenant-invisible priming in leveraged finance: the hidden risk of monetisation structures
This article examines covenant-invisible priming where groups generate immediate liquidity by converting future economic value into present cash, either through asset transfers or by delaying payment obligations, without triggering traditional covenant protections. It identifies key risks, flags practical considerations and offers potential solutions for creditors and practitioners.
23 May 2026Flipping out: changing the governing law of sovereign debt instruments
In this article the authors posit that the inclusion of a Flip Clause in emerging market sovereign bonds is a bad idea for at least three reasons.
23 May 2026Application of statutory limitation periods to consumer credit unfair relationship claims
Harry Hatwell analyses the recent UK Supreme Court judgment in Zedra v THG concerning the interpretation of the Limitation Act 1980. He addresses the decision from a consumer credit angle, looking at the court’s obiter comments seeking to apply their Lordships’ reasoning to the unfair relationship regime under the Consumer Credit Act 1974.
23 May 2026State-issued stablecoins in the EU: fiscal innovation or monetary encroachment?
This article examines whether EU member states may issue euro-referenced stablecoins without infringing the EU’s exclusive competence for monetary policy. It argues that the legal assessment depends on objectives and effects rather than on technological form. Where a digital token is structured as a redeemable liability, lacks legal tender status, and avoids systemic monetary impact, it may well fall within national fiscal autonomy.
23 May 2026The sale-versus-loan problem of receivables financing from a US perspective
In this article the authors set out and explain a framework to assist practitioners and judges in distinguishing between transactions in which a receivable secures an obligation and those in which the receivable has been sold outright. The framework seeks to mitigate recharacterisation risk.
23 May 2026Licence to aid: the legal and compliance challenges of UNSCR 2664 for UK-connected financial institutions
This article explores the legal and compliance challenges surrounding United Nations Security Council Resolution 2664 (2022). This resolution introduces a standing humanitarian exemption to asset freeze measures across all United Nations sanctions regimes marking a significant evolution in international sanctions law. This exemption is intended to safeguard the delivery of humanitarian assistance in sanctioned jurisdictions. This article argues that while United Nations Security Council Resolution 2664 (2022) is a positive development in facilitating humanitarian activities within sanctioned jurisdictions, its effectiveness is limited by its exclusion from the UK’s autonomous sanctions regime. In practice, this means that UK-connected financial institutions are unable to operationalise the humanitarian exemption to facilitate humanitarian activities undertaken by humanitarian actors.
23 May 2026The expanding role of back leverage: “loan-on-loan” for non-real estate assets
In this article, the authors examine the core structure of “loan-on-loan” transactions and consider how market practice may translate to financing lending and underlying asset classes beyond the real estate realm.
23 May 2026Stablecoins and the emerging financial crime toolkit
This article compares anti-money laundering and financial crime risk and regulation in traditional financial systems and emerging stablecoin ecosystems, examining the trade-offs policymakers face when designing financial crime frameworks for digital money.
22 May 2026Preparing for a liberalised UK securitisation framework
In this article, the authors consider how buy- and sell-side parties to securitisation transactions can prepare for the next phase of UK reforms, as the Financial Conduct Authority and Prudential Regulation Authority consult on a more principles‑based, flexible regime intended to enhance UK market competitiveness.
22 May 2026Governance-by-design for private markets: from funds to platforms
In this article, the authors diagnose a governance paradox in private markets: as operating models shift from fund-by-fund deployment to platform-level management, decision-making authority is centralised while fiduciary obligations remain fragmented across legally separate vehicles. Governance frameworks designed for episodic, vehicle-level decisions are structurally exposed to ad hoc retrofits that may not reliably balance competing investor interests.
22 May 2026
