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SORA transition in Singapore: challenges for intra-period events in loan documentation
On 27 October 2020, the Steering Committee for SOR Transition to SORA (SC-STS) released the SORA Market Compendium (Compendium), which serves as industry guidance on key issues that need to be considered for market participants’ existing or future Singapore dollar financial products. In the Compendium, the SC-STS recommends for compounding in arrears the use of a cumulative convention, rather than the daily non-cumulative convention. The use of a cumulative approach to the compounding of SORA may pose difficulties for intra-interest period events. This article sets out some of the approaches which may address these difficulties.
13 June 2024Updated guide to English opinion letters in financial transactions
The City of London Law Society (CLLS), whose members include some of the largest international law firms in the world, has updated its Guide on English law opinion letters in financial transactions. The aim of the Guide is to save time and costs spent in discussing which law firm should provide an opinion letter, what should it cover and who may rely on it. The Guide is widely consulted by practitioners and well respected. The unabridged version (including full footnotes) is available at www.citysolicitors.org.uk. This article sets out an abridged version.
13 June 2024Agent banks’ duties in the era of cov-lite loans and infinite liquidity
In this article Lisa Lacob considers whether the current cov-lite environment changes the analysis on the extent of agent banks’ duties, particularly where action or inaction may favour one side.
13 June 2024Fraud in commodity finance: identification, mitigation and resolution
Show’d mastership in floating
13 June 2024Arc of the (financial) covenant: issues for project and real estate finance
Outside of the leveraged finance market however, financial covenants remain a key feature of a wide range of loan financings. This article discusses the financial covenant packages used on project financings, and on real estate and development financings, together with some of the common structuring and negotiation points that arise.
13 June 2024Issues between creditors and debtors when restructuring listed debt
In this article, the authors explore certain key issues creditors and debtors face when restructuring listed debt (referred herein as “bonds”). There are administrative problems that can arise when dealing with a large number of disparate bondholders and the complexities of dealing with material non-public information (MNPI) during restructuring negotiations. The authors consider the different parties involved in these restructurings and how advisors can assist these parties in navigating these hurdles.
13 June 2024Pre-funding: the secret to a smooth closing or a minefield of risks?
Faced with a challenging deal-making environment, volatile geopolitical backdrop and rising cost of capital, dealmakers are increasingly concerned about risks inherent to closing mechanics of complex acquisitions. In acquisition finance there is scrutiny to ensure committed funds arrive on time and utilisation mechanics adapt to facilitate funds flow and not vice versa. In this article Nick O’Grady, Philippe Bernier-Cormier and Gabby White from Baker McKenzie’s leveraged finance team look at developments in pre-funding structures and documentation in both the syndicated and private credit markets.
03 June 2024Decentralised Artificial Intelligence
Decentralised machine learning (ML) (sometimes just referred to as Decentralised Artificial Intelligence) differs greatly from centralised ML (and other types of machine learning). This article seeks to explain those differences and explore the benefits, use cases and regulatory challenges faced by Decentralised Artificial Intelligence.
03 June 2024Private finance and financial assistance
In this article the authors consider the ban on the giving of financial assistance for the acquisition of a company’s own shares in the context of the rise in private finance and specifically large private companies benefitting from the ban.
03 June 2024The correct approach to findings of foreign law: precedent and policy
This article considers the recent Court of Appeal decision of Banca Intesa Sanpaolo SpA v Comune di Venezia [2023] EWCA Civ 1482 and focusses on some of the potential implications of that decision on the approach to findings of foreign law in English proceedings.
03 June 2024
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