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Show me the money: value leakage in European high-yield bonds
In this article, James McDonald, Kenneth Ryan and Michael Chern provide an overview of how high-yield bond covenants regulate the movement of a company’s cash and assets beyond the reach of creditors, or “value leakage”, and recent trends in these covenants, with a focus on the European high-yield market.
28 July 2025Mind the gap: UK stablecoin rules create uncertainty
The UK government’s recent decision not to proceed at this time with extending the payment services regulatory framework to fiat-referencing stablecoins marks a significant policy reversal. The previous government’s phased approach offered time and flexibility to address difficult boundary questions and ensure coherent treatment aligned with economic function. By collapsing regulation of cryptoassets into a single legislative phase for both fiat-referencing stablecoins and other cryptoassets, the current Draft Order risks a lack of functional differentiation between payment instruments and investment assets, as well as territorial ambiguity. This article explores the UK’s shift in approach, highlighting points of interpretive uncertainty and divergence from developments in the US.
28 July 2025A risky business: giving and receiving “free” advice
This article considers when an investment bank might (or might not) be entitled to payment for work performed in the hope of winning a mandate, and the risk to a client of accepting such services whilst remaining silent about whether it intends to pay.
28 July 2025The case for paying the costs of insolvency from fixed as well as floating charge assets
This article proposes that insolvency costs should be paid from both fixed and floating charge assets from a percentage cap of their joint value. It argues that doing so would increase the pool of assets from which to satisfy insolvency costs, whilst retaining the utility of charges as a form of security.
28 July 2025DeepSeek and the rise of financial AI: legal and regulatory perspectives from China
DeepSeek and artificial intelligence (AI) have been widely adopted in China’s financial markets, though their use also introduces significant technological risks. This article explores the financial application scenarios of DeepSeek, examines the gaps between China’s financial regulatory framework and emerging technological risks, and offers recommendations for improving financial regulation in the era of low-cost AI.
28 July 2025Financial crime reforms creating new risks and challenges for firms
The Economic Crime and Corporate Transparency Act has introduced a novel failure to prevent fraud offence, as well as extending the criminal attribution doctrine to hold large firms liable for the actions of a wider range of senior managers. In this article the authors consider these reforms as well as areas of uncertainty and new risks. They provide some practical guidance.
01 July 2025You can dip twice but can you only prove once? The insolvency implications of “double dip” transactions
In this article the authors consider the insolvency implications of “double dip” transactions, which are becoming increasingly prominent as a form of liability management exercise. The authors first outline some of the different forms of “double dip” transaction structures, before placing them within the existing English insolvency law framework. They conclude with some practical considerations.
01 July 2025Layering it on thick: the evolution of the super senior intercreditor agreement
It has been over five years since the Loan Market Association (LMA) published its form of super senior/senior intercreditor agreement for use on European direct lending transactions. While this document has become the starting point for intercreditor agreements on almost all of these transactions in Europe, there have been a number of evolutions to its terms during this period to reflect the requirements of financial sponsors as they look at more complex capital structures to meet the financing needs of their portfolio companies. This article tracks some of these developments and looks ahead to further changes which may be on the horizon.
01 July 2025The continuing inviolability of standby letters of credit
In this article the authors consider whether the English courts’ recent prioritisation of the inviolability of standby letters of credit has led to outcomes that can be perceived to be unduly kind to beneficiaries.
01 July 2025Atishoo, atishoo: we all fall down? Implications of business disposals upon cessation of business clauses
In this article Charlotte Eborall examines how a company considering a change in the entity’s structure or business by divestment of part or all of its business can avoid potential issues relating to the triggering of a “cessation of business” event of default clause. It also considers how the courts might approach the question of interpretation of such clauses should one proceed to trial.
01 July 2025
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